🇩🇪Germany

Verbotswidriger Umgang mit Kundengeldkonten gemäß ZAG § 17 – Verwahrungsrisiken bei Treuhandkonten

Updated: Feb 20261 verified sources

Definition

As of 9 April 2025, German law (§ 17 ZAG) requires client funds in trust setups to be held in 'separate accounts' (gesonderte Konten) rather than open trust accounts. The revised law explicitly protects these funds from PI/EMI creditors. However, BaFin practice still mandates that client funds are transferred directly from clients without being tainted by temporary commingling with firm proprietary funds. Manual processes introduce timing delays and fund flow misalignment, creating audit exposure. Violations can result in license suspension, fines, and loss of deposit protection for client assets—turning a trust setup into a creditor claim against the PI/EMI.

Key Findings

Financial Impact: €5,000–€50,000 per BaFin audit finding for fund segregation violations; total client fund loss if insolvency occurs due to commingling (range: €100,000–€10M+ depending on AUM). Typical remediation cost: €20,000–€100,000 in legal/compliance consulting.
Frequency: Annual BaFin inspections; triggered on every fund transfer if manual processes delay segregation.
Root Cause: Manual fund transfer workflows; lack of real-time audit trail linking client payments to trust account deposits; absence of automated fund flow validation against contractual segregation requirements.

Why This Matters

This pain point represents a significant opportunity for B2B solutions targeting Trusts and Estates.

Affected Stakeholders

Compliance Officers, Fund Accountants, Payment Institution Operators, E-Money Institution Managers, Trust Setup Coordinators

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Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

https://financialregulation.linklaters.com/post/102k08d/new-german-rules-on-safeguarding-accounts-what-psps-need-to-know

Related Business Risks

Erbschaftsteuer- und Schenkungsteuerrisiken bei unsachgemäßer Treuhandstruktur

€10,000–€100,000+ per trust in unexpected tax liabilities; gift tax: 19–30% on transferred assets (depending on relationship and exemption use); inheritance tax: 7–30% on estate value (depending on tax class); CFC tax: up to 26.375% on deemed distributions. Typical professional remediation: €5,000–€25,000 per trust in tax advisory + amended returns.

Mangelhaftes Treasury Management und Liquiditätskontrolle bei Treuhandkonten – fehlende Echtzeit-Transparenz

€20,000–€150,000 annually in: (1) reconciliation labor (50–200 hours/year at €100–150/hour = €5,000–€30,000), (2) delayed investment opportunity cost (2–5% of AUM if cash sits undeployed due to reconciliation uncertainty = €10,000–€100,000+ for mid-size AUM), (3) interest expense from unintended overdrafts or temporary bridge financing (1–3% on average float balance).

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