AML – CFT – German Version – §1 Definitions
Further information about AML-CFT – German Version you find direct here:
- § 1 – Definitions – AML – CFT – German Version
- § 2 – Obliged entities – authority to issue regulations – AML German Version
- § 3 – Beneficial Owner – AML German Version
- § 4 – Risk management – AML German Version
- § 5 – Risk Analysis – AML German Version
- § 6 – Internal Safeguards – AML German Version
- § 7 Anti-money Laundering Officer – AML German Version
- § 8 – Obliagtion – Recording and Retention – AML German Version
- § 9 – Compliance with obligation – AML German Version
- §10 – Due Diligence Obligations with Respect to Customers – AML German Version
- §11 – Identification – AML German Version
- §12 – Verification of Identity – Authority to Issue Regulations – AML German Version
- §13 – Procedure for verification
- §14 – Simplified Obligations
- § 15 – Authority to Issue Regulations
- Annex 1 – Factors of Potentially Lower Residual Risk
- Annex 2 – Factors of Potentially Higher Residual Risk
- § 43 – Reporting Obligation of Obliged Entity
- § 44 – Reporting Obligation of Supervisory Authorities
- § 45 – Authority to Issue Regualations
- § 46 – Excecution of Transactions
- § 47 – authority to issue regulations
- § 48 – Release from Responsibility
- § 49 – Access to Information and Protection of Reporting Employees
- § 56 – Provisions Governing Fines
- § 57 – Publications of Final Measures
Definitions and Obliged Entities – AML – CFT – German Version – §1 Definitions
§ 1 Definitions – Definitions and Obliged Entities – AML – CFT – German Version – §1 Definitions
(1) Money laundering within the meaning of this Act means a criminal offence pursuant to § 261 of the Penal Code.
(2) Terrorist financing within the meaning of this Act means
1. the provision or collection of assets in the knowledge or intention that these assets are used or to be used, in full or
in part, to commit one or several of the following criminal offences:
a) a crime as defined in § 129a, also in conjunction with § 129b of the Penal Code, or
b) any other of the criminal offences circumscribed in Article 1 to 3 of the Council Framework Decision 2002/475/JI of 13 June 2002 on combating terrorism (OJ. L 164 of 22 June 2002, p. 3), last amended by the Council Framework Decision 2008/919/JI of 28 November 2008 (OJ. L 330 of 9 December 2008, p. 21);
- committing a criminal offence as defined in § 89c a of the Penal Code; or
- instigating to or assisting in the commitment of a crime as defined in Number 1 or 2.
Definitions and Obliged Entities – §1 Definitions
(3) Identifying within the meaning of this Act comprises
- identifying the customer by collecting information, and
- establishing the identity.
(4) Business relationship within the meaning of this Act means any relationship which is directly maintained in connection with the business or professional activities of the entities obliged by this Act, and which is expected, at the time when the contact is established, to have an element of duration.
(5) Transaction within the meaning of this Act means one or, to the extent that a connection seems to exist among these, several actions the purpose or effect of which is a transfer of money or another movement of assets.
(6) Trust within the meaning of this Act means a legal structure which was established as trust, if the legal institute of a trust is provided for in the law applicable to the institution. In the event that the law applicable to the establishment provides for a legal institute which is formed after a trust, also legal structures which were established by use of this legal institute shall be deemed as trust.
Definitions – Asset – Gambling – Trader of goods – AML – CFT – German Version – §1 Definitions
(7) Asset within the meaning of this Act means
- any financial asset, be it material non-material, movable or immoveable, tangible or intangible, and
- legal titles and deeds in any form, including electronic and digital form, which incorporate the property right or other rights in financial assets as defined in Number 1.
(8) Gambling within the meaning of this Act means any game in which a gambler pays a consideration for acquisition of a chance to win and where the occurrence of a profit or loss depends, entirely or predominantly, on coincidence.
(9) Trader of goods within the meaning of this Act means any person who sells goods on a commercial basis, irrespective of in whose name and on whose account it acts.
Definitions – High-value goods – Real estate broker – AML – CFT – German Version – §1 Definitions
(10) High-value goods within the meaning of this Act means any objects
- which stand out from consumer goods of daily use due to their quality, market value or intended use, or
- do not qualify as daily life acquisition due to their Price.
High-value goods include, in particular,
- precious metals such as gold, silver and platinum,
- jewellery and watches,
- objects of art and antiquities,
- motor vehicles, vessels and motorboats and aircraft.
(11) Real estate broker within the meaning of this Act means any person who procures, on a commercial basis, the purcase or sale of real estate or rights equivalent to real estate.
Definitions – political exposed person – AML – CFT – German Version – §1 Definitions
(12) Politically exposed person within the meaning of this Act means any person who exercises or exercised a prominent public function on international, European or national level or a public function beyond the national level the political significance of which is comparable. Politically exposed persons include, in particular,
- heads of State, heads of government, ministers, members of the European Commission, deputy ministers and assistant ministers;
- members of a parliament and members of comparable legislative bodies;
- members of governing bodies of political parties;
- members of supreme courts, of constirurional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, exept in exeptional cirumstances;
- members of the management bodies of courts of auditors;
- members of the management bodies of central banks;
- ambassadors, chargés d’affaires and high-ranking officers in the armed forces;
- members of the adminisrrarive, senior management or supervisory bodies of State-owned undertakings;
- directors, deputy directors, members of the senior management body or other leaders with a comparable function in an intergovernmental international or European organisation.
(13) Family member within the meaning of this Act means any person who is a close associare of a politically exposed person, in particular,
- the spouse or registered partner;
- a child and his/her spouse or registered partner, and
- each parent.
(14) A person known to be a close associate within the meaning of this Act means a natural person with regard to whom the obliged entiry has reasons to believe that this person,
- jointly with a politically exposed person
- a) is the beneficial owner of an association as defined in § 20 paragraph 1, or
- b) is the beneficial owner of a legal
structure as defined in § 21;
- maintains other close business relations with a politically exposed person, or
- is the sole beneficial owner
- a) of an association as defined in 20 paragraph 1, or
- b) of a legal structure as defined in § 21, with regard to which the obliged entity has reasons to assume that the structure was factually established in favour of a politically exposed person.
(15) Member of the senior management means an officer or senior employee of an obliged entity with sufficient knowledge of money laundering and terrorist financing risk the obliged entity is exposed to and sufficient seniority to take decisions insofar.
Definitions – group of undertakings – AML – CFT – German Version – §1 Definitions
(16) Group within the meaning of this Act means a group of undertakings which consists of
- a parent;
- the subsidiary of the parent;
- the undertakings in which the parent or its subsidiaries hold an interest;
- undertakings which are linked to each other by a relation within the meaning of Article 22 paragraph 1 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain
types of undertakings, amending Directives 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ. L 182 of 29 June 2013, p. 19).
(17) Third state within the meaning of this Act means any state
- which is no Member State of the European Union, and
- which is no Contracting State of the Agreement on the European Economic Area.
(18) E-money within the meaning of this Act means e- money as defined in § 1a paragraph 3 of the Payment Services Supervision Act.
(19) Supervisory authority within the meaning of this Act means the responsible supervisory authority as defined in § 50.
Definitions – reliability of an employee – AML – CFT – German Version – §1 Definitions
(20) Reliability of an employee within the meaning of this Act exists if the employee provides assurance that he
- carefully observes the duties under this Act, other duties arising from anti-money laundering legislation and the strategies, controls and procedures in place at the obliged entity for the prevention of money laundering and terrorist financing,
- reports facts as defined in § 43 paragraph 1 to the superior or anti-money laundering officer, provided that an anti-money laundering officer is appointed, and
- does neither actively nor passively personally participate in dubious transactions or business relationships.
(21) Correspondent relationship within the meaning of this Act means a business relationship in the frame of which the following services are performed:
- Bank services, such as maintenance of a current account or other payment account and performance of services related thereto such as management of cash funds, execution of international money transfers or foreign currency transactions and execution of cheque clearances through obliged entities as defined in § 2 paragraph 1 Number 1
(correspondents) for CRR credit institutions or for undertakings in a third state which purport activities that are equivalent to those of such credit institutions (respondents), or
- services other than bank services to the extent that these other services may be performed pursuant to the respective statutory provisions through obliged entities pursuant to § 2 paragraph 1 Number 1 to 3 and 6 to 9 (correspondents)
- a) for other CRR credit institutions or financial institutions within the meaning of Article 3 Number 2 of Directive (EU) 2015/849 or
- b) for undertakings or persons in a third state which purport activities that are equivalent to those of such credit institutions or financial institutions (respondents).
(22) Shell bank company within the meaning of this Act means
- a CRR credit institution or financial institution pursuant to Article 3 Number 2 of Directive (EU) 2015/849, or
- an undertaking
- a) that purports actrvities which are equivalent to those of such a credit institution or financial institution, and which is registered in a commercial register or a comparable register in a country in which the actual management and administration are not carried out, and
- b) which is not associated to a regulated group of credit or financial institutions.
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