What does money laundering mean?
Money laundering is the smuggling of illegally generated profits into the legal economic cycle. Money laundering is a criminal offense according to § 261 StGB. Goods traders are not only obliged to carry out money laundering prevention, but it also serves the interests of our customers. The prevention of money laundering is also a major concern for Teutoburger Münzauktion GmbH. Teutoburger Münzauktion GmbH wants to be sure that the legal requirements are fully met so that our customers have the security of being protected from unfair business practices.
Is Teutoburger Münzauktion GmbH subject to the Money Laundering Act?
Teutoburger Münzauktion GmbH is a goods dealer (§ 1 Para. 9 GwG and § 2 Para. 16 GwG) that offers high-quality goods (§ 1 Para. 10 GwG) in auctions. It is therefore subject to the obligations of the Money Laundering Act.
Are the employees of Teutoburger Münzauktion GmbH regularly trained?
Yes, our employees are trained regularly and are obliged to implement the legal and internal guidelines for money laundering prevention. Our employees are committed to reliability (§ 1 Para. 20 GwG).
What duties of care does Teutoburger Münzauktion GmbH have to fulfil?
To prevent money laundering, Teutoburger Münzauktion GmbH maintains a risk management system (Section 4 GwG) with various internal security measures (Section 6 GwG) and is obliged to exercise due diligence in relation to customers, such as identifying the contractual partner (Section 10 GwG ).
What duties of care does Teutoburger Münzauktion GmbH have to fulfill towards its customers?
The top priority is the „Know Your Customer“ principle. Both when buying coins, medals or precious metals and when selling them, Teutoburger Münzauktion GmbH is obliged to question the background of its customers. The statutory duty of care in relation to customers can be found under Section 10 of the GwG. This includes in particular the identification of the business partner (section 10 (1) no. 1 GwG).
When is there an identification requirement?
For Teutoburger Münzauktion GmbH there is an identification obligation depending on certain value limits (§ 10 Para. 6a GwG). Certain data must be collected for identification (Section 11 (4) GwG). The accuracy of the information is checked using an identification document (Section 12 GwG), which must also be copied. If circumstances arise during or before the conclusion of the transaction which, regardless of a value limit, could justify the suspicion of money laundering, identification must be requested regardless of the value.
As a customer, am I obliged by Teutoburger Münzauktion GmbH to provide data on request?
Yes, Teutoburger Münzauktion GmbH is obliged to identify the customers and to check the data collected using an ID card. A copy of the ID card must also be made and saved (section 8 (2) sentence 2 of the GwG). You are legally obliged to make this data available to employees upon request (Section 11 (6) GwG).
What consequences can the refusal to identify trigger?
If identification is refused, this is an indication of suspected money laundering and Teutoburger Münzauktion GmbH may be obliged to submit a suspicious activity report (Section 43 GwG) to the Financial Intelligence Unit (FIU). A possible legal transaction can also be rejected on our part. Our contact person, Mr. Volker Wolframm, will be happy to answer any questions you may have.
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