Question 1

5AMLD/6AMLD and KYC/KYB

Accepted Answer

The EU-wide Anti-Money Laundering Directive (6AMLD) defines the requirements that fintechs must also meet in order to ensure KYC- and KYB-compliant identification of both business and private customers — helping to prevent money laundering, terrorist financing, and other forms of financial fraud.

With the 5th EU Anti-Money Laundering Directive (5AMLD) introduced in 2020, the original 2005 directive on Enhanced Due Diligence was expanded and clarified, requiring EU member states to implement extended screening and monitoring of politically exposed persons (PEPs) into national law. The 6th EU Anti-Money Laundering Directive (6AMLD), in effect since 2021, focuses on establishing harmonized procedures across the EU to prevent money laundering and financial fraud.

AMLD in the WebID Glossary

Question 2

GwG and BaFin circulars

Accepted Answer

Based on the EU-wide 6AMLD, the German Money Laundering Act (GwG) also requires fintechs to ensure their processes comply with KYC and KYB regulations. In addition, they must meet the requirements defined in BaFin Circular 3/2017. With WebID’s identification solutions, they can achieve this seamlessly.

Question 3

eIDAS Regulation

Accepted Answer

The eIDAS Regulation (EU No. 910/2014), introduced in 2014, governs and defines the standards for the implementation of electronic signatures across Europe, including SES, AES, and QES.

Under eIDAS 2.0, citizens across the EU will in the future be able to identify themselves using a digital wallet. In addition to secure identification and authentication via this wallet, the regulation introduces expanded provisions for electronic trust services. These include electronic signatures, seals, and timestamps, all of which must be designed to be interoperable and secure according to eIDAS 2.0 requirements — ensuring smooth functionality across different national identification systems.

Question 4

MiCA

Accepted Answer

Fintechs that provide services and solutions for the crypto market are required to comply with the provisions of the EU-wide crypto regulation set out in the MiCA Regulation (Markets in Crypto-Assets).

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Question 5

DORA

Accepted Answer

The Digital Operational Resilience Act (DORA), which becomes mandatory in July 2025, aims, among other things, to strengthen the security and resilience of the European financial market against cyberattacks.

Question 6

(EU) GDPR

Accepted Answer

Of course, fintechs are also subject to the requirements of the General Data Protection Regulation (GDPR), adopted by the EU in 2016 and mandatory in Germany since 2018. Compliance must be ensured, among other things, through the appointment of a data protection officer. At its core, the regulation focuses on the handling of personal data.

Question 7

Specific regulations for fintechs in the UK

Accepted Answer

In the United Kingdom, the prevention of money laundering is governed not by the 6AMLD but primarily by the Proceeds of Crime Act and the regulations on electronic identification and trust services for electronic transactions.

In the UK, regulatory requirements for fintechs are defined by the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Proceeds of Crime Act 2002. The UK’s equivalent to the European eIDAS Regulation is the “Electronic Identification and Trust Services for Electronic Transactions Regulations”.

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