Financial Regulatory News
Financial Regulatory News

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Payment Services

ZAG-MaRisk

by on Jun 17, 2024
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On May 27, 2024, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) published the final version of the Circular on the Minimum Requirements for Risk Management of Payment Institutions (“ZAG-MaRisk“). As a result, payment institutions are subject to payment specific minimum requirements for the first time and may not rely on the Minimum Requirements for Risk Management for Credit Institutions (“MaRisk (BA)“) anymore. The ZAG-MaRisk specifies the requirements for the proper business organization of institutions on the basis of Section 27 (1) of the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – “ZAG“). In addition, it [...]

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From payment service providers to professional football clubs: New EU regulations to combat money laundering adopted

by on Apr 30, 2024
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On April 24, 2024, the European Parliament adopted a new anti-money laundering legislative package to strengthen the EU’s tools to combat money laundering and terrorist financing.

The package includes

• the sixth Anti-Money Laundering Directive (“AMLD6”) as well as
• the EU Regulation on a Single Rulebook and
• a new central supervisory authority.

Extended access to beneficial ownership data

A key aspect of the new legislation is to ensure that persons with a legitimate interest – including journalists, civil society organizations, supervisory authorities and other relevant stakeholders – have direct and unhindered access to beneficial ownership [...]

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PSD3 on the horizon?

by on Aug 17, 2022
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The European Commission is currently consulting on the revision of the Payment Service Directive 2 („PSD2“).

PSD2 regulates uniform EU-wide requirements for payment service providers and the provision of payment services. In Germany, the regulatory requirements of PSD2 are implemented by the Payment Services Supervision Act (“ZAG“).

In this regard, the European Banking Authority (“EBA“) submitted proposals to amend PSD2 to the European Commission in a 126-page opinion on June 23, 2022.

The proposals include:

  • Adjustments to the catalogue of payment services, e.g., streamlining and clarification to enable clearer delineation between individual payment services as well [...]

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