Anyone who is told by their bank, a payment service provider, insurer, notary, Real estate agent or another obliged company suddenly additional questions about a payment and the origin of it Funds or a business relationship is often the case unsettled. Many of those affected then ask themselves: Can the bank do that? at all? Do I have to provide information? And what happens if a... Is there a suspicion of money laundering? In fact, certain ones are Companies undergo extensive audits in accordance with the Money Laundering Act obliged. This includes in particular credit institutions, payment and electronic money institutions, insurance companies and others Professional groups and companies that the law expressly considers Obligated parties recorded.

Why Are banks and other companies suddenly asking questions?

Banks and other obliged entities must identify their customers determine the beneficial owner, check the information Clarify the purpose of the business relationship and the business relationship monitor continuously. This is not just an internal precaution, but required by law. If the risk is higher, they have to even carry out increased due diligence obligations. That's why it can be lawful that customers ask for identification documents, information about the person or to the company, to the beneficial owner or be asked about the background of a transaction.

Means a query already that there is a suspicion?

Not mandatory. Additional questions or document requirements mean initially often just that the company is complying with its legal requirements Testing obligations fulfilled. A suspicious transaction report to Financial Intelligence Unit (FIU) must only be surrendered when Facts suggest that assets were obtained from a crime could come from, be related to terrorist financing or Information about the beneficial owner is incorrect be disclosed. That also means: a suspicious transaction report does not require reliable proof of a crime. Already one Legally significant suspicion may be sufficient for a report.

What happens when a suspicious transaction report is made?

Will If a suspicious transaction report is submitted, the transaction concerned may be processed generally cannot be carried out immediately. After that According to the Money Laundering Act, it can usually only be carried out if the FIU or the public prosecutor's office agrees or the third working day after the message has been sent has passed without the transaction was prohibited. For customers this can mean that transfers, Payouts or other transactions are temporarily delayed. Only in special exceptional cases, for example if a postponement is not possible is possible or would hinder prosecution, the Transaction can exceptionally be carried out in advance; the message must then be made up immediately.

Why Does the bank often not say what exactly is going on?

Many Customers find it particularly stressful when the bank or a other service providers do not provide clear information. That's what it's for However, there is a legal reason: the Money Laundering Act contains one Prohibition of dissemination of information. The reporting company may As a rule, customers are not informed that one Suspicious activity report has been submitted or is to be submitted. This The so-called “tipping-off ban” is intended to prevent this Investigations thwarted or assets discarded become. That's why there are brief or evasive answers in such Situations are often not harassment, but rather legally prescribed

What should those affected do now?

Who is contacted by his bank or another obliged party, should take the request seriously and quickly, completely and react comprehensibly. Often a situation can be Clarified more quickly if requested documents are presented in an orderly manner and queries can be answered precisely. At the same time, it is important not to provide any unconsidered or contradictory information. If Larger assets are already affected and payments are blocked or there are additional criminal law issues in the room early legal classification often makes sense.

Which Rights and risks exist for customers?

Off From the customer's perspective, it is important to know: Not every test and not every one A suspicious transaction report automatically means that at the end a Criminal proceedings follow or a crime can be proven. At the same time, a suspicion of money laundering can have significant practical implications There are other consequences, such as delays in transactions Examinations or involvement of investigative authorities. Since the FIU Suspicious activity reports are analyzed and, if necessary, reported Law enforcement should report the situation be taken seriously from a legal perspective, even if initially just questions from the bank or another company.

Our Conclusion

If a bank or another party obliged under the Money Laundering Act Service provider asks questions or stops a transaction This is often not arbitrary, but rather a legal obligation Money laundering prevention. The most important thing for customers is to understand that companies have to check certain information must report a legally relevant suspicion to the FIU and In most cases, people are not allowed to speak openly about such a report. Anyone affected should react prudently and document carefully put together and, if in doubt, the legal consequences at an early stage have checked.

You have problems with a blocked transaction or questions Your bank?

We check for you what obligations the bank or the The service provider actually has what rights you have as a data subject and which steps make sense now.