Applying for exemption from the obligation to appoint an anti-money laundering officer

As a financial company and as an organizer and broker of games of chance, you are obliged to appoint an anti-money laundering officer and a deputy.

Goods traders who trade in high-value goods are obliged by general decree in the state of Bremen to appoint an anti-money laundering officer, provided the following requirements are met:

1. You trade commercially in high-value goods such as precious metals (for example gold, silver and platinum), precious stones, jewelry and watches, works of art and antiques, motor vehicles, ships or motorboats and aircraft, regardless of in whose name or on whose account you are trading,
2. trade in these goods accounts for more than 50% of total turnover in the previous financial year (main activity)
3. on December 31 of the previous financial year, your company employed a total of at least 10 employees in the areas of acquisition, cash register, customer accounting, sales and distribution, including management staff (in particular management) and
4. you must have an effective risk management system in place in accordance with Section 4 (4) of the Money Laundering Act (GwG).

Under certain conditions, you can be exempted from the obligation to appoint an anti-money laundering officer upon request. It must be ensured that all obligations specified in the Money Laundering Act are complied with even without an anti-money laundering officer.

This includes that you, as an obligated party under the Money Laundering Act, prove that

• all relevant areas of your company are provided with the necessary information to prevent money laundering and that there is no risk of information being lost, especially in the case of a division of labor structure
• following a risk-based assessment, other precautions are taken to prevent business relationships and transactions related to money laundering or terrorist financing.

Both requirements must be met.

Requirements

• Obligated parties under the Money Laundering Act: Only natural or legal persons who are obliged by law or by order of the competent authority to appoint a money laundering officer as obligated parties under the Money Laundering Act are eligible to apply.
• Clear internal communication: The flow of information on the topic of money laundering prevention within the company must be guaranteed. Staff must be adequately informed, instructed and monitored.
• Other security measures: Other precautions must be taken to prevent business relationships and transactions that may be related to money laundering or terrorist financing.