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25.September.2025
News

Recipient verification for transfers

From 9 October 2025, all banks and savings banks will be required to check whether the recipient name and IBAN match for transfers. This recipient verification is intended to prevent incorrect transfers and fraud. Until now, banks have not generally checked whether the recipient name provided matches the name stored with the IBAN for transfers. How the verification works All transfers in EUR within the SEPA area will be checked. If there is a complete match, the payment will be executed as usual. In the event of minor discrepancies (e.g. typing errors), you will receive a notifica…
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11.September.2025
News

BGH: Reference to GTC available online in paper contracts is invalid

In its ruling of 10 July 2025 (Ref. III ZR 59/24), the Federal Court of Justice (BGH) strengthened consumer protection with regard to the inclusion of general terms and conditions (GTC). According to the ruling, it is not sufficient for a company to simply refer to GTC that are available online in a written contract form. Facts A telecommunications provider sent contract documents for a DSL tariff by post. The application form stated: "The General Terms and Conditions (available at www.…/agb) apply." A consumer protection association filed a lawsuit seeking an injunction. The Highe…
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3.September.2025
News

FIU Annual Report 2024 – Suspicious activity reports: fewer, but more targeted

The Financial Intelligence Unit (FIU) has presented its 2024 annual report. The number of suspicious activity reports has fallen significantly, while the quality of reports and output for law enforcement purposes has increased. What is the FIU, and what does the annual report offer? The FIU is the German central office for financial transaction investigations at customs. It receives suspicious activity reports in accordance with Section 43 of the GwG, analyses them in a risk-oriented manner and forwards analysis reports to law enforcement and security authorities. The annual report compiles…
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2.July.2025
News

Discontinuation of the EU Online Dispute Resolution Platform on 20 July 2025 – Essential Information and Actions for Businesses

As of 20 July 2025, the European Commission will permanently discontinue the Online Dispute Resolution (ODR) platform. From that date forward, the platform will no longer be available and access will be deactivated. Background Launched in 2016, the ODR platform was intended to provide consumers and businesses with a simple and centralized means of resolving disputes out of court. However, despite its EU-wide applicability, the platform was rarely used in practice. For reasons of efficiency and cost, the European Commission has therefore decided to discontinue the platform. This decision …
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19.March.2025
News

Suspicion of money laundering: Bank does not have to pay a customer’s legal fees even if there is a delayed repayment when suspicious activity is reported (OLG Frankfurt am Main)

On February 25, 2025, the Higher Regional Court of Frankfurt am Main ruled (Case No. 10 U 18/24) that a bank that does not disburse a customer's funds for several days due to a suspicious activity report filed under money laundering law is not obliged to reimburse the customer's legal fees. Background to the case Within a few days, the plaintiff's account was credited with two large amounts (totaling EUR 1 million). Due to these unusually high amounts, the bank reported the transaction to the Financial Intelligence Unit (FIU) in accordance with Section 43 of the German Money Laundering A…
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4.March.2025
Audit, News, Mandates

Uncertainties of CSRD adjustment: The VSME reporting standard as a way forward?

Background: Uncertainties of CSRD adjustment Last week, the EU Commission presented its proposals for revising the Corporate Sustainability Reporting Directive and other legal acts (see our previous post for more on this). Since it is unclear at this stage which simplifications will pass through parliament, large companies (according to the German Commercial Code, i.e. HGB) with fewer than 1000 employees are facing a great deal of uncertainty. Even if a two-year postponement to 2028 (report on the 2027 financial year) is considered likely, companies could receive data requests from large bu…
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4.March.2025
News

Federal Court of Justice ruling on data reporting to SCHUFA – Non-material claim for damages in the event of impermissible reporting of disputed or non-enforceable claims

In its judgment of January 28, 2025 (Case No. VI ZR 183/22), the 6th Civil Senate of the Federal Court of Justice ruled that the defendant is entitled to non-pecuniary damages in the amount of 500 € under Art. 82 (1) GDPR as the plaintiff had reported the defendant's personal data to SCHUFA without authorization. This report was inadmissible because the plaintiff's claims were disputed and not legally enforceable. The unjustified entry affected the defendant's creditworthiness and made it more difficult for her to participate in economic life. In this case, a mobile phone provider had arran…
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27.February.2025
Audit, News

European Commission’s omnibus proposal on sustainability reporting

On 26 February, the European Commission published its proposals to relieve the burden on businesses by adapting several sustainability regulations. The proposals for the so-called Omnibus Directive address the Corporate Sustainability Reporting Directive (CSRD), EU Taxonomy, Corporate Sustainability Due Diligence Directive (CSDDD) and the Carbon Border Adjustment Mechanism (CBAM). In the following, we summarise the far-reaching proposed changes for CSRD, CSDDD and Taxonomy. Changes to the scope of application and shifts First of all, the thresholds are to be aligned and increased. The in…
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5.February.2025
News

AML: New BaFin interpretation and application notes (AuAs)

On February 1, 2025, the amended interpretation and application notes (AuAs) on the german Anti-Money Laundering Act (GWG) published by BaFin on November 29, 2024 came into force. This revision of the AuAs brings important changes for supervised companies: Significant innovations Shortened update periods for customer data: Annual review for enhanced due diligence, every five years for medium risk Guidelines for verifying beneficial owners: Data must be collected directly from the contractual partner. Collection solely with the help of publicly accessible sources, credit agencies or f…
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31.January.2025
News

Audit opinion on sustainability reporting CSRD: IDW turns to EU Commission

Background In November 2024, the EU Commission published an FAQ on sustainability reporting (see: FAQ of the European Commission). In a letter to the EU Commission, the Institute of Public Auditors in Germany (IDW) has expressed its concerns regarding the contents of the FAQ. What are the IDW's concerns and what are the consequences for companies? Assistance yes, but additional requirements must not arise In view of the challenges involved in interpreting the CSRD and the ESRS, the IDW considers the FAQs to be a valuable source of guidance. However, the IDW emphasises that the rights …
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