With the start of the new year, a registration obligation will be introduced as part of money laundering prevention. Registration will take place via the reporting portal “goAML WEB” of the Financial Intelligence Unit (FIU).

All actors who fall under the scope of the Money Laundering Act (GwG) as so-called obligated parties are affected by the registration obligation. Via the reporting portal goAML WEB, registered persons receive information to identify money laundering transactions. At the same time, they can submit a report via the portal if they suspect money laundering.

The parties obliged to register

The group of companies required to register extends beyond companies in the financial sector, such as banks. Certain insurance companies, lawyers, dealers in valuable goods such as art dealers or real estate agents are also required to register. The same applies to certain providers of games of chance. -> complete listing of all those affected (german).

So far, failure to comply with the registration requirement has had no consequences. However, a fine is being planned.

For more information on the goAML WEB reporting portal and money laundering prevention, visit the FIU website.

Source: IHK Swabia (german language)