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Table of contents

• The Case of Danske Bank and Money Laundering
• The Complete Guide to Money Laundering: Money Laundering 101:
• Recent Developments in EU Anti-Money Laundering
• View The Complete Guide to Money Laundering: Money Laundering online - video dailymotion

You will learn about money laundering schemes and understand the principles and the methods used. The course shows you how to comply with regulations, what is required from you and how to report laundering.

Juan Carlos Venegas is an accountant, certified forensic consultant, fraud examiner and counter fraud specialist based in the UK and has been in accountancy practice since He is a course writer and a tutor for Oxford College and also works in fraud and forensic investigation cases and tax investigations. He is also a Finance Trainer for different international organisations based in the UK and abroad. ACCA partner with accountingcpd.

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This course will enable you to: Understand what money laundering is Be aware of international controls Know what customer due diligence is required Create effective anti-money laundering policies Know when to report laundering activities. Introduction What is money laundering?

How do people launder money? What international controls exist? In the cases set out in section 12 1 sentence 1 no. When the verification of identity is carried out by means of a qualified signature pursuant to section 12 1 sentence 1 no. Where data and information are gathered by consulting electronically managed registers or directories pursuant to section 12 2 , a printout qualifies as a record of the data or information contained therein.

The obliged entities must ensure that the stored data. Other legal provisions on record-keeping and retention requirements remain unaffected. In the case under section 10 3 sentence 1 no. On the basis of this risk analysis they are to take the following measures on a group-wide basis:. They are to ensure that the obligations and measures set out in sentences 1 and 2 are effectively implemented by their subordinated companies, branches and branch offices insofar as these are subject to obligations under anti-money laundering and counter terrorist financing law.

Where the measures laid out in subsection 1 are not compatible with the law of the third country, the parent companies are under obligation to. In cases where the measures taken do not suffice, the supervisory authority orders that the parent companies ensure that the subordinated companies, branches and branch offices in this third country do not initiate or continue a business relationship or carry out any transactions. Where a business relationship exists, the parent company is to ensure that it is terminated or otherwise ended, regardless of any other statutory provisions or contractual terms.

The obliged entities pay particular attention in this context to the risk factors specified in Annexes 1 and 2. In addition, in evaluating the risks the obliged entities are to take into account at least. Obliged entities must demonstrate to the competent authorities upon request that the extent of the measures they have adopted is adequate based on the risk of money laundering and terrorist financing. The obliged entities must fulfil the general due diligence requirements for all new customers. In cases of existing business relationships, they must fulfil the general due diligence requirements at an appropriate time on a risk-sensitive basis, particularly at times when the relevant circumstances of a customer change.

Section 25i 2 and 4 of the Banking Act apply mutatis mutandis. Where a business relationship already exists, the obliged entity is to terminate or otherwise end it regardless of any other statutory provisions or contractual terms. Sentences 1 and 2 above do not apply to obliged entities under section 2 1 nos. The identification may also be completed while the business relationship is being established if this is necessary in order to avoid interrupting the normal course of business and there is a low risk of money laundering or terrorist financing.

If external circumstances leave the obliged entity no choice but to doubt that the information obtained during the earlier identification is still correct, the obliged entity is to carry out a new identification. The obliged entity is to satisfy itself of the veracity of the information gathered for the identification by taking risk-adequate measures; in doing so, the obliged entity must not rely exclusively on the information from the transparency register. If any changes arise in the course of the business relationship, the contracting party is to notify the obliged entity of these changes without delay.

The Case of Danske Bank and Money Laundering

The contracting party is to disclose to the obliged entity whether it intends to establish, continue or conduct the business relationship or the transaction on behalf of a beneficial owner. When identity is to be verified by means of a qualified electronic signature pursuant to sentence 1 no. In such a case, the obliged entity is also to ensure that a transaction is executed directly from a payment account within the meaning of section 1 3 of the Payment Services Supervision Act which is held in the name of the contracting party, with an obliged entity under section 2 1 sentence 1 no.

Before applying simplified due diligence requirements, obliged entities must ascertain that the business relationship or transaction actually entails a lower risk of money laundering or terrorist financing.

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For the demonstration of adequacy, section 10 2 sentence 4 applies mutatis mutandis. In each instance, the obliged entities must ensure the scrutiny of transactions and business relationships to an extent that enables them to recognise and report unusual or suspicious transactions. The risk factors specified in annexes 1 and 2 are to be taken into account in such a decision.

The obliged entities determine the specific extent of measures to be taken in accordance with the respective higher risk of money laundering or terrorist financing. If, in the case of subsection 3 no. The balance in the gambling account must not bear any interest. Section 2 2 sentence 3 of the Payment Services Supervision Act applies to funds received mutatis mutandis. The obliged entity may be exempted from fulfilling the requirements set out in sentence 1 no.

The Complete Guide to Money Laundering: Money Laundering 101:

The obliged entity is to specify the payment reference in the transaction in such a manner that the reason for the payment transaction is transparent to an outside observer. The competent authorities may designate standard wordings to be used by the obliged entities for the payment reference. The provisional identification may be based on an electronic copy or a copy sent by post of a document under section 12 1 sentence 1 no.

A full identification is to be conducted subsequently without delay.

Both the provisional and the full identification may also take place on the basis of the requirements regarding identification and authentication under gambling law. Third parties must only be. The responsibility for fulfilling the general due diligence requirements remains with the obliged entity.

An exemption from this applies to. In addition, the obliged entity is to take appropriate steps to ensure that, at its request, the third parties, without delay, present copies of the documents relevant for establishing and verifying the identity of the contracting party and, where applicable, the beneficial owner as well as other relevant documents.

The third parties have the right to make copies of and pass on identity documents for this purpose. Delegation requires a contractual agreement. Subsection 3 applies mutatis mutandis. During the course of the cooperation, the obliged entity must satisfy itself, by means of spot checks, of the appropriateness and propriety of the measures adopted by the person or company. Subsection 7 does not apply in this case. Data stored in the transparency register will be organised as a chronological collection of data. This applies mutatis mutandis to notifications from legal arrangements under section On request, the registrar entity certifies that transmitted data correspond to the contents of the transparency register.

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Certification does not guarantee that the information regarding the beneficial owner is accurate and complete. An application for a printout of data which are merely made accessible via the transparency register under section 22 1 sentence 1 nos. This applies mutatis mutandis to the transmission to the operator of the company register of an application for a printout of data made accessible under section 22 1 sentence 1 nos.

With regard to determining the beneficial owner of legal arrangements under section 21 and foundations with legal capacity, section 3 1 and 3 apply mutatis mutandis. The notification is to be made electronically in a format that allows it to be made electronically accessible. With regard to the information on the nature and extent of the beneficial interest as referred to in section 19 1 no. The obligation to notify the transparency register is always deemed to be fulfilled for companies that are listed on an organised market under section 2 5 of the Securities Trading Act or subject to transparency obligations equivalent to community law with regard to voting rights percentages or to comparable international standards.

No separate information regarding the nature and extent of the beneficial interest under section 19 1 sentence 4 is required if the documents and entries specified in section 22 1 show the reason for the status of beneficial owner under section 19 3.

Recent Developments in EU Anti-Money Laundering

If the beneficial owner changes after the transparency register has received a notification under subsection 1 1 , such that the information on the beneficial owner can now be seen from the registers specified in sentence 1, the registrar entity is to be informed of this without delay under subsection 1 in order to include it in the transparency register.

If a member of an association or a cooperative society controls more than 25 percent of the voting rights, the obligation under sentence 1 applies to this member. In the case of foundations, the obligation applies to the persons specified in section 3 3. The same applies to persons subject to a notification obligation within the meaning of sentences 2 and 3 which are under the direct control of a beneficial owner.

If persons subject to a notification obligation under sentences 1 to 3 are under the indirect control of a beneficial owner , the obligation under sentence 1 applies to the beneficial owner. The trust is to be unambiguously identified in the notification.

The documents and entries specified in sentence 1 nos. The operator of the company register transmits the index data for the original data under subsection 1 sentence 1 nos. The state justice administrations Landesjustizverwaltungen transmit the index data for the original data under subsection 1 sentence 1 nos. The index data serve only to mediate access and may not be made accessible. Derogations from the procedural rules by the law of a federal state are inadmissible. In the case of sentence 1 no.

Legitimate interests are deemed to exist if:. The beneficial owner is not deemed to have legitimate interests if the data are already accessible from other public registers. The same applies to the production of printouts, confirmations and certifications under section 18 4. Section 7 nos. They are deemed to provide the required guarantee if. It should not be shorter than five years.

View The Complete Guide to Money Laundering: Money Laundering online - video dailymotion

The possibility of terminating the conferral before the expiry of the period if an important reason exists is to be provided for. If the conditions for conferral have not been fulfilled or are no longer fulfilled, it should be possible to terminate the conferral at any time. It is to be ensured that, on termination of the conferral, all software programs and data needed to continue the proper administration of the transparency register be made available, without delay, to the Federal Ministry of Finance or an institution appointed by it and that the rights to these software programs and to the internet address used by the transparency register are transferred to the Federal Ministry of Finance or the institution appointed by it.

It is made available by the Federal Ministry of Finance. The small Bundessiegel may only be used to certify printouts from the transparency register and to issue confirmations under section 18 4. The fee revenue collected belongs to the conferee.