Source: https://sp-consulting.co.uk/%C2%A710-due-diligence-obligations-with-respect-to-customers-aml-german-version/
Timestamp: 2020-08-04 16:16:20
Document Index: 240438520

Matched Legal Cases: ['§10', '§ 11', '§ 12', '§ 11', '§ 2', '§ 1', '§ 2', '§ 2', '§25', '§ 2', '§ 2', '§ 2', '§ 2', '§10', '§10']

§10 - Due Diligence Obligations with Respect to Customers - AML German Version
(1) General due diligence obligations include:
Verification of the identity of the customer and, where applicable, of the person acting for the customer subject to § 11 paragraph 4 and § 12 paragraph 1 and 2 and examination of the entitlement of the person acting for the customer to do so;
clarification whether the customer acts for a beneficial owner and, to the extent that this is the case, identification of the beneficial owner subject to § 11 paragraph 5; in cases in which the customer is no natural person, this comprises the obligation to detect the ownership and control structure of the customer by appropriate means;
collection and evaluation of information on the purpose and intended nature of the business relationship, to the extent that this information is not already unequivocally revealed through the business relationship in the specific case;
ascertainment by appropriate riskoriented procedures whether the customer or the beneficial owner qualifies as a politically exposed person, a fam-ily member or a person known to be a close associate; and
on-going monitoring of the business relationship, including scrutiny of transactions undertaken throughout the course of such relationship, for ensuring that the transactions correspond with
a) the documents and information available at the obliged entity on the customer and, if applicable, the beneficial owner, on their business activity and client profile;
b) to the extent necessary, the knowledge available at the obliged entity on the source of the funds;
within the scope of on-going monitoring, the obliged entities have to ensure that the respective documents, data or information held are updated in appropriate intervals under consideration of the respective risk.
(2) The concrete scope of measures pursuant to paragraph 1 Number 2 to 5 has to correspond with the respective risk of money laundering and terrorist financing, in particular, the risk with respect to the customer, the business relationship or transaction. Doing so, the obliged entities shall take into account, in particular, the risk factors referred to in Annexes 1 and 2. Furthermore, they shall take into consideration in their risk assessment at least
the purpose of the account or business relationship;
the amount of the assets paid in by the customer or the scope of the executed transactions, and
the regularity or term of the business relationship.
Upon request of the supervisory authorities, the obliged entities have to demonstrate to these that the scope of the measures taken by them is appropriate with respect to the risks of money laundering and terrorist financing.
(3) General due diligence obligations have to be fulfilled by the obliged entities:
at the establishment of a business relationship,
when carrylng out transactions executed outside of an existing business relationship, if they concern
a) money transfers as defined in Article 3 Number 9 of Regulation (EU) 2015/847 of the European Parliament and the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation No. 1781/2006 (OJ. L 141 of 5 June 2015, p. 1), and the amount of this money transfer is Euro 1,000 or more;
b) the execution of any other transaction with a value of Euro 15,000 or more;irrespective of any exceptions, exemptions or threshold amounts pursuant tothis Act or any other acts, if facts exist which indicate that
a) the financial assets which are related to a transaction or business relationship are the object of money laundering, or
b) the financial assets are linked with terrorist financing;
Due Diligence Obligations with Respect to Customers – AML German Version
4. in cases of doubt about the correctness of the information gathered on the basis of the provisions of this Act concerning the identity of the customer, a person acting for the customer or the beneficial owner.
General due diligence obligations are to be fulfilled by the obliged entities for all new customers. In case of already existing business relationships, the general due diligence obligations are to be fulfilled by them at a suitable time and based on risks, in particular in case in case of a change of relevant circumstances of a customer.
(4) In case that obliged entities as defined in § 2 paragraph 1 Number 3 to 5 accept cash in the course of performance of payment services as defined in § 1 paragraph 2 of the Payment Services Supervisory Act, they have to fulfil the general due diligence obligations pursuant to paragraph 1 Number t and 2.
(5) Obliged entities as defined in § 2 paragraph 1 Number 15 have to fulfil the general due diligence obligations in case of profits or stakes of a gambler in an amount of Euro 2,000 or more, unless the gaming is offered or brokered on the internet. The obligation to identify may also be complied with by identifying the gambler already when he enters the casino or the other local place of gambling, provided that the obliged entity additionally ensures that each transaction with a value of Euro 2,000 or more, including the acquisition or exchange of gambling chips, is attributable to the respective client.
(6) Obliged entities as defined in § 2 paragraph 1 Number 16 have to fulfil due diligence obligations in cases covered by paragraph 3 sentence 1 Number 3 and in transactions in which they make or accept cash payments in an amount of at least Euro 10,000.
(7) §25i paragraph 1of the Banking Act shall apply to obliged entities as defined in § 2 paragraph 1 Number 4 and 5 who are active in the distribution of e-money, subject to the proviso that merely the obligations pursuant to paragraph 1 Number 1 and 4 have to be fulfilled. 25i paragraph 2 and 4 of the Banking Act shall apply analogously.
(8) Insurance intermediaries as defined in § 2 paragraph 1 Number 8 collecting premiums for an insurance undertaking as defined in § 2 paragraph 1 Number 7 have to inform this insurance undertaking if premium payments are made in cash and exceed an amount of EUR 15,000 within a calendar year.
(9) If the obliged entity is unable to ful the general due diligence obligations pursuant to paragraph 1 Number 1 to 4, the business relationship may not be established continued any longer and no transaction, may be executed. To the extent that a business relationship already exists, it has to terminated by the obliged entity by way terminatron or by other means irrespeection of any other statutory or contractual regulations. Sentences 1 and 2 do not apply obliged entities as defined in § 2 paragraph Number 10 and 12, if the customer wants achieve legal advice or representarion in judicial proceedings, unless the obliged entity knows that the customer deliberately making use of the legal advice for purposes money laundering or terrorist financing.
§10 – Due Diligence Obligations with Respect to Customers – Further information
Compliance & Geldwäschebeauftragter – §10 – Due Diligence Obligations with Respect to Customers – AML German Version