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Policy Statement on the Money Laundering Video Identification Draft Regulation

The members of our Committee on Legal and European Affairs responded to the German Federal Government's consultation on a draft regulation on Money Laundering Identification by Video Identification.

The draft regulation continues a German single-handed approach by BaFin, which has already prevented various digital business models for German obliged entities operating across borders. Our aim is to enable cross-border identification in the single market for customers in Germany as well. Therefore, the German legislator should adapt the requirements to the standards already established and proven in other EU member states now – before European regulations on the implementation of due diligence obligations under money laundering law become directly applicable.

Please find our statement here.


Fotocredits: Karlheinz Pape on Pixabay