Report money laundering or terrorist financing Outsourcing of internal safeguards

As an obligated party under the Money Laundering Act (AMLA), you must create appropriate business and customer-related internal security measures to manage and mitigate the risks of money laundering and terrorist financing through appropriate policies, procedures and controls. You can also transfer the implementation of internal security measures to a third party within the framework of contractual agreements. However, you must first notify the competent supervisory authority of the intended outsourcing. The AMLA contains examples of rules for the precautionary measures to be created (§ 6 paragraph 2 GwG). This list is not exhaustive. Further internal security measures may be required in individual cases. The internal security measures still require the approval of the member of the management level in your company responsible for money laundering prevention. As an obligated party, you may have the internal security measures carried out by an (external) third party within the framework of contractual agreements if you have previously notified the supervisory authority of this. The supervisory authority may prohibit the transfer if: the third party does not guarantee that the security measures will be carried out properly. the control possibilities of the obliged entities are impaired, or the supervision by the supervisory authority is impaired. For you as an obligated party, this means that you must demonstrate in your notification that the conditions for prohibiting the transfer are not met. You must also indicate in the notification which internal security measures are the subject of the outsourcing. The notification must be made by the obligated party himself or, if applicable, by the appointed money laundering officer.

Notification of the outsourcing of internal security measures The notification must clearly state which internal security measures are the subject of the outsourcing. In the case of the notice of outsourcing, it must also be demonstrated in full and in writing that all conditions are met and that there is no reason for prohibiting the intended outsourcing. Proof of display authorization Proof of appointment as a money laundering officer or contract for the outsourcing of internal security measures, or Proof that the person making the report is a member of the management level of the company (e.B extract from the commercial register or shareholders' agreement) Contract with the third party Copy of the contractual agreement with the third party to whom the security measures are to be outsourced. Note: The authority may require proof of the suitability of the service provider these could be, for .B, CVs, course certificates or references that explicitly refer to anti-money laundering obligations and experience.


Forms: yes Online procedure possible: no Written form required: no Personal appearance required: no

Preconditions
V under the Money Laundering Act Only natural or legal persons who are obligated persons under the AMLA are entitled to report. The person making the report must be a member of the company's management or internal/external money laundering officer. In order to carry out the internal security measures, the third party must: be sufficiently qualified and reliable, provide assurance that the precautionary measures are properly implemented, and the control possibilities of the obliged entities and the supervision of the supervisory authority must not be impaired by the outsourcing.

Hints
Important note: The responsibility for the fulfilment of the internal security measures remains with the obliged entities. If the third party does not properly fulfil the contractually assigned obligations, e.B., you remain responsible for non-compliance with the internal security measures.
The notification must be submitted by the obliged entity itself or, if applicable, by the appointed money laundering officer to the competent supervisory authority Your notification will be checked by the competent authority After notification, the internal security measures can be carried out by a third party, a prior consent of the authority is not required. The supervisory authority may prohibit the transfer to a third party if: the latter does not guarantee that the precautionary measures will be carried out properly, the control possibilities of the obliged entities are thereby impaired, or supervision by the supervisory authority is impaired

Responsible for the content
Add

Last update or date of publication
02.03.2021