The e-money Directive 2000/46/EC combined the “cash card business” and “network money business” to form the new “e-money business” category. Accordingly, “electronic money institutions” were included in the KWG as a separate category. – Section 1 (1) sentence 2 no. 11 KWG defines e-money business as “the issuance and administration of electronic money.” According to section 1(14) of the KWG, electronic money is units of value in the form of a claim against the issuing entity that – are stored on electronic data carriers, – are issued in return for the acceptance of a sum of money, and – are accepted by third parties as a means of payment without being legal tender. – See network money, network money business, redemption obligation. – Cf. Deutsche Bundesbank Monthly Report of June 1999, p. 41 et seq. (e-money is making inroads), Deutsche Bundesbank Monthly Report of December 2006, p. 93 et seq. (developments in electronic payment procedures), Deutsche Bundesbank Annual Report 2011, p. 100 (EU e-money directive and its implementation; supervisory consequences), BaFin Annual Report 2012, p. 220 (the Act on the Optimization of Money Laundering Prevention [GwOptG], which entered into force in December 2011, standardizes due diligence and organizational requirements for e-money transactions), BaFin Annual Report 2013, p. 91 f. (due diligence requirements for e-money transactions; BaFin fact sheet).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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