Anti Money Laundering Officer – AML in Germany
(1) Obliged entities as defined in § 2 paragraph 1 Number 1 to 3,6,7,9 and 15 have to appointment an anti-money laundering officer and a deputy.The anti-money laundering officer is responsible for compliance with anti-money laudering provisions. He/She is a direct subordinate to the senior management.
(2) The supervisory authority may exempt an obliged entity from the obligation to appoint an anti-money laundering officer, if it is ensured that
- no danger of losses of and deficiencies in information due to a decentralised corporate structure exists, and
- other arrangements are made on a risk based evaluation in order to prevent business relationships and transactions linked with money laundering or terrorist financing.
(3)The supervisory authority may order that obliged entities as defined in § 2 paragraph 1 Number 4, 5, 8, 10 to 14 and 16 have to appoint an anti-money laundering officer if it considers this as appropriate. In case of obliged entities as defined in § 2 paragraph 1 Number 16, this order should be given if their main activity consists in trading high-value goods.
(4) Obliged entities have to notify the appointment of an anti-money laundering officer and his/her deputy to the supervisory authority in advance. An appointment of a person as anti-money laundering officer or his/her deputy has to be revoked upon request of the supervisory authority if the person lacks the required qualification or reliability.
§ 7 Anti-money Laundering Officer – AML German Version – AML German Version
(5) An anti-money laundering officer has to perform his activity in Germany. He/she has to act as contact person for criminal prosecution authorities, the public authorities responsible for detection, prevention and removal of dangers, for the Central Office for Reporting of Suspicious Transactions and for the supervisory authority with respect to compliance with the relevant provisions. An anti-money laundering officer has to be granted sufficient competencies and the means necessary for an orderly performance of his/her function. In particular, he/she has to be granted or procured unrestricted access to all information, data, records and systems which may be of relevance in the scope of fulfilment of his/her tasks. The anti-money laundering officer has to directly report to the senior management. To the extent that the anti-money laundering officer intends to make a report pursuant to § 43 paragraph 1 or answer on a request to provide information of the Central Office for Reporting of Suspicious Transactions pursuant to § 30 paragraph 3, he/she is not subject to the senior management’s right to give instructions.
(6) Data and information may be used by an anti-money laundering officer only for fulfilment of his/her tasks.
§ 7 Anti-money Laundering Officer – Anti Money Laundering Officer – AML in Germany
(7) No disadvantage in the employment relationship may arise for an anti- money laundering officer and his/her deputy as a consequence of the fulfilment of their tasks. A terminatron of the employment relationship is illegal, unless facts exist which entitle the responsible entity to termination for good reason without having to observe a notice period. After dismissal as anti- money laundering officer or as deputy anti-money laundering officer, a termination is illegal within a period of one calendar year following on the termination of the appointment, unless the responsible entity is entitled to termination for good reason without having to observe a notice period.
§ 7 Anti-money Laundering Officer – Anti Money Laundering Officer – AML in Germany – Further information
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
Compliance & Geldwäschebeauftragter – § 7 Anti-money Laundering Officer – Anti Money Laundering Officer – AML in Germany
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