Anti-money laundering and beneficial ownership

Money laundering prevention and transparency registers concern different obligations. Not every company is obliged to pay money laundering; nevertheless, its legal form may be subject to notification obligations relating to the transparency register. We help with the classification and design of comprehensible inspection, documentation and reporting processes.

Typical counseling events

• They start a new activity and need to clarify whether the Money Laundering Act is applicable.
• A supervisory authority shall request documents on risk analysis, identification or internal safeguards.
• The ownership or control structure of a counterparty is unclear.
• Participations, voting rights or entities shall change and register details shall be checked.
• Unusual payments or contradictory information raise the question of a suspicious report.

Who is obliged under the GwG?

§ 2 GwG lists the occupational and business groups covered. Under the respective conditions, these include companies in the financial sector, real estate agents, certain legal and tax consulting professions as well as goods dealers. The actual activity and the legal requirements are decisive; a trade name alone is not sufficient.

Risk management, internal safeguards and customer due diligence shall be determined on the basis of the relevant rules. Special thresholds, exceptions and official orders may be relevant. The statement that each company had to appoint a money laundering officer or examine each customer transaction identically would be too flat-rate.

Risk-based business relations

A suitable process clarifies who is a contractual partner, who acts for him and which natural person is economically justified. The purpose and intended nature of the business relationship as well as special risks are taken into account. A risk classification shall be comprehensible and reviewed in the event of relevant changes. Politically exposed persons, unusual structures or certain country receipts can trigger additional measures.

A register extract is an important document, but does not replace each individual check. Inconsistencies and lack of information must be processed on the basis of legal obligations. At the same time, identification data may not be collected or stored indefinitely without purpose and legal basis.

Check transparency registers separately

§§ 20 and 21 GwG regulate communications on economic beneficiaries for the respective associations and legal arrangements. § 3 GwG contains the relevant criteria. In particular, capital shares, voting rights and other control play a role in companies; multi-stage holdings and special rights require close scrutiny. The determination of a fictitiously economically entitled person presupposes the legal requirements and is not a substitute for an injunction.

A trade register entry does not generally replace the transparency register requirement. Changes must be taken into account in the respective prescribed procedure. We examine participation documents and control rights and assist in the legal preparation of initial and amending communications.

Suspected reports and confidentiality

In the case of facts which comply with a legal notification, the competent central agency for financial transaction investigations shall be informed immediately. A final criminal-law proof is not required for § 43 GwG. Special regulations for legal professions must be observed separately. A criminal complaint does not automatically replace the money laundering notification.

The statutory requirements must be reviewed before a transaction is continued. The information disclosure ban of § 47 GwG may prevent the information of the contractual partner concerned. Internal clarification, responsibility and documentation must therefore be prepared before a suspected event occurs.

Preparing new European regulations

Regulation (EU) 2024/1624 shall apply in principle from 10 July 2027 and later dates shall apply to individual groups of obliged persons. For the implementation, a distinction must be made between currently applicable German law and the upcoming directly applicable EU requirements. Existing processes should be reviewed with a realistic adjustment plan.

Our services and work results

• verification of the obligation status and applicable organisational requirements.
• Legal review of risk analysis, identification and control processes.
• Assessment of complex participation structures for the transparency register.
• Design of responsibilities and processes for abnormalities and suspicious reports.
• Preparation for supervisory audits and training of responsible employees.

Common questions

Does the GwG only concern banks?

Nope. The statutory group of obliged entities includes many other activities. However, it is important to examine in a differentiated manner what obligations exist within the specific company.

Is an economically eligible person sufficient from a register extract?

Not in every case. Plausibility, topicality and the actual control structure must be taken into account. In case of conflicting information, further examination steps may be required.

Can a customer be informed about the suspicious report?

In principle, the legal information disclosure ban must be observed. Exceptions are closely linked to the legal requirements and should be checked before information is provided.

What documents are required for a register check?

In particular, current register extracts, shareholder lists, participation tables and agreements on voting or control rights. In the case of multi-stage structures, the relevant levels of participation shall be recorded.

Legal basis and further official information

• Money laundering law
• § 2 GwG – Obligations
• § 20 GwG – Transparency obligations
• § 43 GwG – Reporting obligation
• § 47 GwG – Information disclosure ban
• Regulation (EU) 2024/1624

Legal status: 1 November 2026. The classification of concrete facts requires an examination of the applicable regulations and circumstances.

Related topics and next steps

• Sanctions and export controls
• Supply chains and business partners
• Compliance management systems
• Training and workshops

Request advice on the contact page. Briefly describe your request and, if necessary, specify existing deadlines. Scope and remuneration will be agreed prior to commissioning.