In Germany, certain companies and industries are required by the Money Laundering Act (GWG) to appoint a money laundering officer. These include
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Credit institutions (banks, savings banks, cooperative banks)
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Financial services institutions (e.g. securities firms, financial investment brokers)
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Insurance companies
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Casinos
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Dealers in goods (e.g. dealers in precious metals, art and antiques)
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Real estate agents and managers
These companies must appoint a money laundering officer to monitor and ensure the implementation of legal requirements in the area of money laundering prevention. The money laundering officer must have appropriate knowledge and experience and be independent of management.
It should be noted, however, that companies that do not fall under the aforementioned industries may also be required to appoint a money laundering officer under certain circumstances. This may be the case, for example, if the company is exposed to a high risk of money laundering or terrorist financing due to its business activities. A careful risk analysis can help in deciding whether an anti-money laundering officer should be appointed.