KYC checks must be carried out by all obligated parties according to the German Money Laundering Act if the specific requirements for their respective industry are met.
Real estate agents, for example, are only required to identify their clients if they broker rental contracts of 10,000 euros or more per month and/or purchase contracts. Car dealers are only obliged to do so from cash transactions of 10,000 euros. In the gaming sector, the limit for stakes or winnings is already 2,000 euros. These specifications are regulated in §10 GwG.
Irrespective of the above-mentioned thresholds, however, obligated parties are always obliged under the Money Laundering Act to comply with the general due diligence obligations vis-à-vis their contractual partners - i.e. also to conduct KYC checks - if there are facts indicating that the assets are related to terrorist financing or money laundering. Due diligence obligations must also be observed if there are doubts regarding the accuracy of the information on the identity of the parties involved in the transaction. This is regulated by §10 par. 3 nos. 3 and 4.