Financial Services

Obliged entities under the Anti-Money Laundering Act (GwG) - including real estate agents, goods dealers accepting cash payments of 10,000 EUR or more, financial service providers, and gambling operators - must register with the competent supervisory authority and establish an anti-money laundering prevention system.Registration is with the relevant supervisory body depending on your sector, such as the IHK, district government, or BaFin. You must prepare a risk analysis, carry out customer identification (KYC), and report suspicious transactions to the Financial Intelligence Unit (FIU). Violations can result in significant fines.

Issued by: Competent Supervisory Authority (IHK / BaFin)

Working as an insurance broker or insurance agent in Germany requires a license under Section 34d of the Trade Regulation Act (GewO). Insurance advisers who provide fee-based consulting also need a separate license under the same provision. The license is issued and registered by the competent IHK (Chamber of Industry and Commerce).Requirements include passing the IHK professional competence exam (Sachkundeprüfung) consisting of a 160-minute written test and a 20-minute practical simulation, personal reliability (verified through a police clearance), orderly financial circumstances (no insolvency), and professional liability insurance. Qualified insurance professionals such as insurance salespeople (Versicherungskaufleute) or certified specialists are exempt from the exam. Once licensed, you are entered into the national intermediary register (Vermittlerregister) and must comply with ongoing obligations including documentation, advisory protocols, and continuing education of 15 hours per year.

Issued by: Chamber of Commerce and Industry (IHK)

Brokering financial investment products in Germany, including open-ended investment funds, closed-end funds, and other financial assets, requires a license under Section 34f of the Trade Regulation Act (GewO). The license is issued by the competent IHK (Chamber of Industry and Commerce) and covers specific product categories that you select in your application.Requirements include passing the IHK professional competence exam (Sachkundeprüfung) with a written and practical component, personal reliability, orderly financial circumstances, and professional liability insurance with minimum coverage of 1,276,000 euros per claim (1,919,000 euros annually). Holders of equivalent financial qualifications may be exempt from the exam. Once licensed, you are entered into the intermediary register and must comply with conduct rules under the Financial Investment Intermediation Ordinance (FinVermV), including documentation duties, investment-appropriate advice obligations, and annual compliance audits.

Issued by: Chamber of Commerce and Industry (IHK)

If you advise clients on financial investments for a fee (rather than earning commissions from product providers), you need a license as a fee-based financial adviser (Honorar-Finanzanlagenberater) under Section 34h of the Trade Regulation Act. Unlike commission-based brokers under Section 34f, you may not accept any payments from fund companies or other product providers.The license is issued by the local trade office or IHK. You must pass the IHK competence examination (Sachkundeprüfung), demonstrate personal reliability, show orderly financial circumstances, and carry professional liability insurance. After licensing, you must register in the intermediary register maintained by the DIHK. Continuing education of 15 hours per year is mandatory.

Issued by: Chamber of Commerce and Industry (IHK)

If you commercially broker or advise on residential mortgage credit agreements, you need a license under Section 34i of the Trade Regulation Act (GewO). This applies to mortgage brokers, independent credit advisers, and anyone arranging property loans for consumers.The license is issued by the competent trade authority. You must pass the IHK competence examination (Sachkundeprüfung) for mortgage credit intermediaries, demonstrate personal reliability and orderly financial circumstances, and hold professional liability insurance. Certain professional qualifications (listed in Section 4 of the ImmVermV) are accepted in place of the exam. After licensing, you must register in the intermediary register. Continuing professional development of 15 hours per year is required.

Issued by: Chamber of Commerce and Industry (IHK)

Businesses providing debt collection services (out-of-court collection of third-party claims) must be registered in the Legal Services Register (Rechtsdienstleistungsregister) under the Legal Services Act (RDG). Without registration, collecting debts on behalf of others is prohibited.Since January 2025, registration is handled by the Federal Office of Justice (Bundesamt für Justiz), which replaced the previous state-level registration authorities. You must demonstrate specialized theoretical and practical knowledge in debt collection law, personal reliability (clean criminal record), and orderly financial circumstances. The register is publicly searchable, so clients and debtors can verify your authorization. Registration also covers related activities such as debt purchasing and receivables management.

Issued by: Bundesamt für Justiz (BfJ)