Enhanced Due Diligence

Enhanced Due Diligence

This tab will only appear if a high money laundering risk has been identified based on the risk factors. If an increased risk of money laundering has been determined, you may only establish the business relationship if you can execute the enhanced due diligence. Documents that you collect in the course of the enhanced due diligence can be filed under the “Documents” tab.

Only those risk factors are shown for which an increased risk was previously identified under the “Check due diligence” tab.

Consequently, there are the following reasons for increased due diligence:

Internal risk

If an internal company risk has been identified, enhanced due diligence requires you to also describe the facts of the case and verify and substantiate the source of funds. In addition, approval of the business relationship by a supervisor is required.

High Risk Transaction

If you have identified a high-risk transaction, you may first distinguish between (1) a complex or large-volume transaction, (2) an unusual transaction, or (3) a transaction with no apparent economic purpose. In addition, describe the transaction.

High Risk State

If your contractual partner is domiciled in a high-risk third country, the Money Laundering Act stipulates that the source of funds of the person must be verified and substantiated. Again, approval of the business relationship by a supervisor is required.

Namescreening

If the name screening of your contractual partner has revealed that this person is a politically exposed person (PEP), the origin of the funds must be checked and documented. In addition, a release of the business relationship by the supervisor is required. If the person is on a sanctions/embargo list, you may not enter into the business relationship.


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