Money laundering - Reporting by trade professionals

In terms of precautionary action to prevent, as far as reasonably practicable, any attempt at money laundering or terrorist financing on the one hand, and to facilitate the tracking down of criminals and their networks on the other, the existing provisions of criminal law are supplemented by regulations which actively involve the participants of the economic and financial circuit in the fight against money laundering and terrorist financing.

Traders are obliged to inform the national Financial Intelligence Unit of any suspicion of money laundering or terrorist financing.

The provisions of the Gewerbeordnung place a strong emphasis on the "know your customer principle" designed to remove the benefit of anonymity behind which offenders may hide. Due diligence thus includes, inter alia, the following obligations:

• Identification of the customer as well as of the beneficial owner
• Ongoing monitoring of the business relationship
• Retention of records

See Description of contents.

No special deadlines need be observed.

The Financial Intelligence Unit [ Geldwäschemeldestelle ] of the Ministry of the Interior and the trade authority locally competent for the business location in question.

Sections 365m and following of the Gewerbeordnung (GewO)

I have noted that the data provided by me, as well as any data received by the administration over the course of the preliminary investigation, will be automatically processed as per article 6, para. 1 lit. c and e of the General Data Protection Regulation in accordance with the underlying material laws of the legal process. Furthermore, I am aware that this is for the purpose of executing the legal procedure initiated by me, the granting of regulatory approval and also for the purpose of review. I have read the general information regarding: