# E-money business

- Canonical URL: https://www.gerhardmerk.de/e-money-business
- Post ID: 592734
- Modified: 2023-07-25T21:02:07+00:00
- Language: en

## Definition

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). Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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