The ECJ has now ruled that this part of the Anti-Money Laundering Directive constitutes a severe interference with the fundamental rights to respect for private and family life (Art. 7 EU Charter of Fundamental Rights) and to the protection of personal data (Art. 8 EU Charter of Fundamental Rights). This interference was not justified, because it was not limited to what was absolutely necessary and it was disproportionate. In particular, a potentially unlimited number of persons could gain access to sensitive data, such as the state of the individual’s wealth or investment preferences. This possibility exists irrespective of whether there are reasons for this which are related to the objective of the measure.
The ruling on the Anti-Money Laundering Directive is likely to have implications for the German transparency register. In order to protect personal data, the rights of public access will have to be restricted. The foundation register, planned for 2026, will possibly be affected as well, because it can be accessed by the general public.