Erscheinung:01.04.2020, Stand:updated on 27.05.2020EXPIRED: Money laundering: Which requirements under the German Money Laundering Act (Geldwäschegesetz – GwG) apply to the identification of natural persons when granting state-aided loans to ease the coronavirus crisis?
BaFin will raise no objections if, for the purpose of granting state-aided loans, institutions carry out identification procedures that are based on section 14 of the German Money Laundering Act (e.g. by carrying out the verification of identity based on a copy of an identity document) and if any risk of money laundering or terrorist financing is addressed by means of appropriate and ongoing client and transaction monitoring during the business relationship.
If information indicating a higher risk emerges after the business relationship is established, additional appropriate measures must be taken subsequently at a suitable point in time. This may include subsequent personal identification procedures based on identity documents, for instance.
It is important to ensure that crime, especially money laundering and terrorist financing, is effectively tackled, even during the coronavirus crisis.
