Report suspected money laundering or terrorist financing
The Money Laundering Act (AMLA) obliges you, as an economic operator operating in Germany, to cooperate in the prevention of money laundering. The persons and companies subject to the obligation to cooperate are therefore also referred to as "obliged entities". These include, but are not limited to,
- Credit institutions, financial undertakings,
- Insurance companies
- Casinos
- Lawyers, notaries,
- auditors, tax advisors,
- real estate agents,
- goods traders,
- Art educators.
Regardless of the value of the asset concerned or the amount of the transaction, you are obliged, under certain conditions, to immediately submit a suspicious transaction report to the Financial Intelligence Unit (FIU). The FIU is a directorate within the General Directorate of Customs.
The reporting obligation applies independently
- the value of the asset or the amount of the transaction
- and the method of payment (cash or non-cash).
The threshold of EUR 10,000 (or EUR 2,000 in certain cases) listed in the Money Laundering Act refers to the general due diligence obligations for goods dealers and art educators and not to the reporting obligation.
Failure to prevent money laundering, including the prevention of terrorist financing, can have serious consequences for you. For breaches of duty under the Money Laundering Act that constitute an administrative offence and that do not require a direct connection to a money laundering offence,
- fines of up to EUR 150,000 can be imposed for intentional violations, and fines of up to EUR 100,000 for reckless violations, depending on individual cases.
- In the case of serious, repeated and systematic violations, the amount of the fine can even be up to EUR 5 million or up to 10 percent of the previous year's turnover.
Process flow
You must always send suspicious transaction reports to the Financial Intelligence Unit (FIU) electronically via the "goAMLWeb" application program. It serves as a reporting portal for you.The submission of a report on the official form by fax is permissible from a two-hour disruption of the electronic transmission of a suspicious transaction report as well as in the case of an initial report.
The use of "goAML Web" requires that you register once in advance:
- The obligation to register obliged entities for the electronic procedure exists regardless of the submission of a suspicious transaction report - only with the commissioning of the new FIU information network, but no later than 01.01.2024.
- To register, select the "Register" tab, enter the required information in the input fields, upload the necessary documents and press the "Submit registration" button.
- Subsequently, the registration will be checked by the FIU and access will be activated. You will be informed about all steps of the registration process by e-mail to the address provided during registration.
After submitting a suspicious transaction report, you are initially not allowed to execute the underlying transaction. Once a report has been sent, a related transaction may only be executed at the earliest if:
- the FIU or the Public Prosecutor's Office have given their consent, or
- the third working day has elapsed after you have sent the suspicious transaction report without a prohibition by the FIU or the public prosecutor's office.
Requirements
If you have indications that assets are of illegal origin or if assets may be related to terrorist financing, or if a contractual partner has not disclosed to you whether it is acting on behalf of a beneficial owner, you are obliged to report this matter to the FIU immediately.
Which documents are required?
- Verification document (e.g. copy of ID card or passport)
- Depending on the type of obligated party, further documents are required:
- Verification in the case of a legal entity/partnership: written confirmation of the identity of the main responsible person to be registered by the body authorised to represent the company
- Verification of obliged entities with anti-money laundering officers: digital registration application and certificate of appointment
- Verification of natural persons: digital registration application with certified signature
What are the fees?
There is no cost to you.
What deadlines do I have to pay attention to?
If money laundering and terrorist financing are suspected, you must immediately send a suspicious transaction report to the Financial Intelligence Unit (FIU).
Processing duration
Typically, it takes 1 to 2 business days for your goAML Web registration application to be reviewed.
It may take different amounts of time to review your report. You will not receive direct feedback.
Legal basis
Section 30 (1) and (2) of the Basic Money Laundering Act (AMLA)
Section 40 of the Basic Money Laundering Act (AMLA)
§§ 43 Money Laundering Act (GwG)
§§ 44 Money Laundering Act (GwG)
Section 45 of the Money Laundering Act (AMLA)
Section 46 (1) of the Money Laundering Act (AMLA)
Applications / forms
- Forms: yes
- Online procedure possible: yes
- Written form required: no
- Personal appearance required: no
Appeal
If the FIU has indications that a transaction is related to money laundering or serves the financing of terrorism, it may prohibit the execution of the transaction (immediate action). Since this is an administrative act, you can appeal against the order.
Further information on the prevention of money laundering, suspected cases and reporting obligations can be found on the website of the Customs Administration
Technically approved by
Federal Ministry of Finance
Professionally released on
06.04.2021
Author
The text was automatically translated based on the German content.
