Account terminated over a money laundering suspicion: the three working days cover only the transfer

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.On October 20, BaFin warned about job offers under which other people's money is to be exchanged for crypto assets through your own account. Those who go along with it often lose their bank account: this guide separates an account block, a termination and the three-working-day deadline in Germany's Money Laundering Act.When your own account stops executing transfers without warning and a termination letter from the bank lands in the post shortly afterwards, one very practical question comes first: how long does this take, and who decides? The short answer is that two entirely different clocks are running. For a single reported transfer, Germany's Money Laundering Act (Geldwäschegesetz, GwG) sets a hard deadline of three working days. For a block on the whole account and for termination of the contract, that deadline does not apply, because both rest on different legal grounds. Confuse the two clocks and you are waiting for a date that never comes for your account. The occasion f...