• Mehr als 3 Millionen Wörter Inhalt
  • |
  • info@itmedialaw.com
  • |
  • Tel: 03322 5078053
Rechtsanwalt Marian Härtel - ITMediaLaw

No products in the cart.

  • en English
  • de Deutsch
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Kurzberatung
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Rechtsanwalt Marian Härtel - ITMediaLaw

Payone GmbH: BaFin prohibits transactions due to high money laundering risks and inadequate security systems

7. September 2023
in Other
Reading Time: 2 mins read
0 0
A A
0
R
Key Facts
  • BaFin prohibits Payone GmbH from carrying out transactions for certain high-risk customers on July 26, 2023 due to money laundering risks.
  • A ban on new customers was ordered to prevent abuse for money laundering.
  • Compliance with AML requirements is challenging in the Web3/blockchain area.
  • Serious deficits in the prevention of money laundering were identified in a special audit.
  • Payone GmbH created a conspicuous high-risk portfolio due to inadequate hedging systems.
  • Traders in the high-risk portfolio are often involved in fraudulent activities.
  • Electronic money institutions must strictly prevent money laundering and terrorist financing.

As a rule, I do not publish notifications from BaFin, which reach me daily via e-mail. However, since I also advise or have advised blockchain providers and providers of financial services, including on issues of dealing as an e-money institution and how burdensome it is to implement BaFin requirements, I am making a distinction for once in this message. On July 26, 2023, BaFin prohibited namely Payone GmbH from conducting transactions for certain business customers belonging to the high-risk portfolio due to high money laundering risks and serious deficits in money laundering prevention. BaFin has also ordered a ban on new customers in this area. The ban on transactions and new customers is intended to prevent the e-money institution from being misused for money laundering.

The problem of compliance with AML (anti-money laundering) requirements is a huge one, especially in the web3/blockchain space.

How did the ban come about? In a special audit ordered by BaFin, which has not yet been completed, it was determined that Payone GmbH had serious deficits in complying with and implementing the required enhanced due diligence requirements under the German Money Laundering Act(GwG). As a result of inadequate anti-money laundering safeguards, Payone GmbH had built up a conspicuous high-risk portfolio in its e-commerce business. The business customers of this high-risk portfolio are probably merchants who operate their business models almost exclusively online via websites. Consumers can purchase products and services there and pay for them using credit cards. These credit card transactions are processed by Payone GmbH. Findings from ongoing oversight activities indicate that merchant websites are linked to fraudulent subscriptions, phishing, and fake stores, among other things.

The serious deficiencies identified relate to the measures Payone GmbH undertakes to assess merchants’ business models in the customer acceptance process. The deficiencies also relate to the ongoing monitoring of traders. In particular, the anomalies in the risk assessment by Payone GmbH did not result in merchants being rejected or ongoing business relationships being terminated.

Background

Payone GmbH holds a permit as an e-money institution pursuant to Section 1 (1) No. 2 of the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz– ZAG). It provides payment services by accepting and settling payment transactions (acquisition business).

Electronic money institutions must ensure that they are not abused for money laundering or terrorist financing. Money laundering is the smuggling of funds from criminal sources into the legal financial and economic circuit in order to disguise their origin.

If there are increased risks of money laundering or terrorist financing, e-money institutions must comply with enhanced due diligence requirements. If the respective enhanced due diligence requirements cannot be met, the termination obligation pursuant to Section 15 (9) GwG shall apply.

Marian Härtel
Author: Marian Härtel

Marian Härtel ist Rechtsanwalt und Fachanwalt für IT-Recht mit einer über 25-jährigen Erfahrung als Unternehmer und Berater in den Bereichen Games, E-Sport, Blockchain, SaaS und Künstliche Intelligenz. Seine Beratungsschwerpunkte umfassen neben dem IT-Recht insbesondere das Urheberrecht, Medienrecht sowie Wettbewerbsrecht. Er betreut schwerpunktmäßig Start-ups, Agenturen und Influencer, die er in strategischen Fragen, komplexen Vertragsangelegenheiten sowie bei Investitionsprojekten begleitet. Dabei zeichnet sich seine Beratung durch einen interdisziplinären Ansatz aus, der juristische Expertise und langjährige unternehmerische Erfahrung miteinander verbindet. Ziel seiner Tätigkeit ist stets, Mandanten praxisorientierte Lösungen anzubieten und rechtlich fundierte Unterstützung bei der Umsetzung innovativer Geschäftsmodelle zu gewährleisten.

Tags: Money laundering

Weitere spannende Blogposts

BaFin and the regulation of e-money (including computer games)

BaFin and the regulation of e-money (including computer games)
11. December 2022

What is BaFin? BaFin is the Federal Financial Supervisory Authority and is the German supervisory authority for credit institutions, insurance...

Read moreDetails

BGH decides again on keyselling

ECJ: Advocate General assesses sampling as copyright infringement
14. May 2019

The topic of keyselling is diverse and also peppered with countless false (legal) information. In addition, some law firms, which...

Read moreDetails

Draft bill on the FinmadiG

Draft bill on the FinmadiG
10. January 2024

The Financial Market Digitization Act (FinmadiG) marks a turning point in the regulation of digital financial markets in Germany. It...

Read moreDetails

Smart Contracts, DeFi and AI: Innovative Business Ideas and their Legal Challenges in IT Law

Blockchain in the supply chain
17. October 2023

In a recently published LinkedIn post, it was announced that the interface between smart contracts, decentralized financial systems (DeFi) and...

Read moreDetails

The MiCAR regulation is coming

744528b528e546596171b3d29c620a26
26. June 2024

The new EU Markets in Crypto-Assets Regulation (MiCAR) was published in the Official Journal of the European Union on June...

Read moreDetails

Bitcoin and NFTs are just the beginning: Why Blockchain / DLT can do so much more!

Bitcoin and NFTs are just the beginning: Why Blockchain / DLT can do so much more!
3. February 2023

Blockchain technology has attracted a lot of attention in recent years, especially with the introduction of Bitcoin as a digital...

Read moreDetails

Beware of fraudulent emails with transparency registry

Beware of fraudulent emails with transparency registry
7. November 2022

Currently, fraudsters under the name "Organization Transparency Register e.V." are sending out E-mails in which recipients are informed of the...

Read moreDetails

Startup financing through tokenized profit participation rights and related financing options.

Startup financing through tokenized profit participation rights and related financing options.
7. November 2022

Introduction In Germany, startups still try to finance themselves in the classic way: Business Angel, capital from Friends & Family,...

Read moreDetails

The Future Finance Act and its significance for crypto equities

The Future Finance Act and its significance for crypto equities
8. January 2024

With today's publication of the Future Financing Act in the Federal Law Gazette, Germany is entering a new era of...

Read moreDetails
Contractual regulations for no-code/low-code software development
Other

Contractual regulations for no-code/low-code software development

21. May 2025

No-code and low-code platforms enable rapid software development without extensive manual programming. Applications are increasingly being developed on the basis...

Read moreDetails
Erotic content on OnlyFans: Copyright and personality rights protection for creators

Erotic content on OnlyFans: Copyright and personality rights protection for creators

20. May 2025
Goodbye hustle culture? Startup life between 24/7 grind and work-life balance

Goodbye hustle culture? Startup life between 24/7 grind and work-life balance

19. May 2025
Startup buzzwords 2025: Bullshit bingo in marketing German Introduction: Bullshit bingo in marketing German

Startup buzzwords 2025: Bullshit bingo in marketing German Introduction: Bullshit bingo in marketing German

18. May 2025
From the metaverse boom to AI euphoria – a tech lawyer in the hype cycle

From the metaverse boom to AI euphoria – a tech lawyer in the hype cycle

17. May 2025

Podcastfolge

247f58c28882e230e982fa3a32d34dea

Digital sovereignty: Europe’s path to a self-determined digital future

8. December 2024

In this exciting episode of the itmedialaw.com podcast, we take a deep dive into the highly topical subject of digital...

Read moreDetails
4f3597d5481e0f38e37bf80eaad208c7

The IT Media Law Podcast. Episode No. 1: What is this actually about?

26. August 2024
8315f1ef298eb54dfeed2f5e55c8b9da 1

First test episode of the ITMediaLaw Podcast

26. August 2024
Looking to the future: How technology is changing the law

Looking to the future: How technology is changing the law

18. February 2025
da884f9e2769f2f96d6b74255be62c27

The role of the IT lawyer

5. September 2024

Video

My transparent billing

My transparent billing

10. February 2025

In this video, I talk a bit about transparent billing and how I communicate what it costs to work with...

Read moreDetails
Fascination between law and technology

Fascination between law and technology

10. February 2025
My two biggest challenges are?

My two biggest challenges are?

10. February 2025
What really makes me happy

What really makes me happy

10. February 2025
What I love about my job!

What I love about my job!

10. February 2025
  • Privacy policy
  • Imprint
  • Contact
  • About lawyer Marian Härtel
Marian Härtel, Rathenaustr. 58a, 14612 Falkensee, info@itmedialaw.com

Marian Härtel - Rechtsanwalt für IT-Recht, Medienrecht und Startups, mit einem Fokus auf innovative Geschäftsmodelle, Games, KI und Finanzierungsberatung.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
  • en English
  • de Deutsch
Kostenlose Kurzberatung