Register as a service provider within the scope of money laundering supervision

Service providers for companies and for trust assets or trustees who do not also belong to the professions listed under Section 2 (1) Nos. 10 to 12 of the German Money Laundering Act (GwG) must register with the competent supervisory authority if they are not already subject to registration, entry, authorization or approval under other regulations.

This obligation only applies to service providers who provide certain services listed under "Requirements" for third parties.

Note: Unless authorized to do so under other regulations, the supervisory authority may remove members of the management and executive level of the obliged entity if there are reasonable grounds to assume that they do not possess the required suitability or reliability.

The supervisory authority may prohibit obliged entities where there are reasonable grounds to assume that the beneficial owner does not possess the necessary aptitude or reliability from providing the aforementioned services.

Requirements

• Formation of a legal entity or partnership, or
• exercising the management or executive function of a legal entity or a partnership, exercising the function of a partner in a partnership or exercising a comparable function, or
• providing a registered office, a business, administrative or postal address and other related services for a legal entity, for a partnership or for a legal arrangement pursuant to Section 3 (3) of the German Money Laundering Act (GwG), or
• performing the function of a trustee for a legal arrangement in accordance with Section 3 (3) of the Money Laundering Act (GwG), or
• performing the function of a nominal shareholder for another person who is not a company listed on an organized market pursuant to Section 2 (11) of the German Securities Trading Act (Wertpapierhandelsgesetz) that is subject to the transparency requirements corresponding to Community law with regard to voting rights or equivalent international standards, or
• creating the possibility for another person to exercise the functions referred to in letters b, d and e.