422. Regulation of the financial market authority (FMA) on more cases of increased money laundering or terrorism financing risk (money laundering and terrorism financing risk regulation 2016 - GTV 2016)
On the basis of § 40b para. 1 of the law on banking - Banking Act, Federal Law Gazette No. 532/1993, as last amended by Federal Law Gazette I no. 117/2015, and 131 para 1 of the insurance supervision law 2016 - VAG 2016, Federal Law Gazette I no. 34/2015, as last amended by the Federal Act Federal Law Gazette I no. 112/2015, is with the consent of the Federal Minister of finance prescribed:
Scope of application
§ 1. This regulation more cases of increased risk of money laundering or terrorist financing lays down BWG and section 131, paragraph 1 VAG 2016 b paragraph 1 within the meaning of section 40, where enhanced due diligence and monitoring obligations apply are.
Increased risk of money laundering or terrorist financing
§ 2 (1) a higher risk of money laundering or terrorism financing exists when 1 a) the customer or b) for him within the meaning of section 40 para 1 Banking Act or section 129, paragraph 1 VAG 2016 representation authorised person or c) a person to which the customer maintains a substantial business relationship, has residence or seat in one of the States listed in paragraph 2 , 2. the settlor or the beneficial owner of his domicile or seat in one which has countries listed in paragraph 2 or 3. an account handled the transaction, which is decorated with a credit institution in one of the States listed in paragraph 2.
(2) States that where in any case, an increased risk of money laundering or financing of terrorism, the Islamic Republic of Iran, 2. are 1 the Democratic People's Republic of Korea, 3. the Republic of the Union of Myanmar, 4. the Republic of Yemen, 5. the Islamic Republic of Pakistan, 6 the Republic of Somalia and 7 the Syrian Arab Republic.
Entry into force
§ 3. This Regulation shall enter into force 1 January 2016.
Ettl Kumpf Müller