Abstract The Fifth Anti-Money Laundering Directive of the European Union (EU) introduced broader disclosure obligations and expanded due diligence requirements for legal entities, trusts, and similar arrangements. Germany’s implementing law highlights both under- and over-compliance. The transposition was challenging regarding trusts, which are structurally foreign to Germany’s civil law system. The forthcoming EU Anti-Money Laundering Regulation will redefine beneficial ownership, access requirements, and transparency obligations and will apply directly across the EU. While aiming to harmonize practice, these developments raise legal questions about privacy, proportionality, and national compatibility, underscoring the difficulties of achieving regulatory convergence in a multi-jurisdictional legal landscape.
LL.M. et al. (Sat,) studied this question.