Neuerungen und offene Fragen der revidierten Geldwäschereivorschriften im Bereich des Nachmeldeverhaltens von Finanzintermediären

The current revision of the anti-money laundering provisions introduces changes in the area referred to as subsequent reporting that have not undergone much examination thus far. However, these changes also have significant implications for financial intermediaries: With the removal of the time limit for analysis, the maximum time limit for executing client orders following a suspicious activity report has doubled. This, in turn, exposes financial intermediaries over a longer period of time to the risk of making incorrect decisions when executing client orders, as the paper trail must of course be maintained for transactions involving significant assets. It also extends the deadline for a financial intermediary to terminate a business relationship that is the subject of a report. This therefore exposes the financial intermediary to the more intensive monitoring required for reported business relationships and the associated risks (e.g. breach of the duty to report any new suspicious…