Anti-Money Laundering Registration

Obliged entities under the Anti-Money Laundering Act (GwG) - including real estate agents, goods dealers accepting cash payments of 10,000 EUR or more, financial service providers, and gambling operators - must register with the competent supervisory authority and establish an anti-money laundering prevention system.

Registration is with the relevant supervisory body depending on your sector, such as the IHK, district government, or BaFin. You must prepare a risk analysis, carry out customer identification (KYC), and report suspicious transactions to the Financial Intelligence Unit (FIU). Violations can result in significant fines.

Requirements

  • Risk assessment and internal safeguards
  • Appointment of a money laundering reporting officer (above certain size)
  • KYC checks (Know Your Customer) for business relationships
  • Reporting obligation to FIU for suspicious transactions
  • Documentation and retention obligations (5 years)

Procedure

  • Registration with competent supervisory authority (IHK, state authority, or BaFin)
  • Establishment of internal safeguard system
  • Regular updating of risk analysis