Expanding virtual asset account inquiries... Germany to retain records for 10 years after closure

Germany’s Federal Ministry of Finance on Oct. 28 released a draft bill to fold crypto accounts into the country’s automated account-retrieval system used for anti-money-laundering checks, with crypto service providers such as exchanges required to supply account holders’ identities, account identifiers, and opening and closing dates, and to retain related records for 10 years after an account is closed. The draft is not yet law. The move matters because it would give German authorities the same automated lookup access to crypto accounts that they already have for bank accounts, tightening AML oversight of exchanges and their customers. Watch for the draft’s progress through the legislative process and whether the 10-year retention and reporting requirements survive intact.