The fresh provisions introduced from 1 January 2024 impose additional obligations on sellers of luxury items in accordance with the anti-money laundering law. They introduce the request to registry all companies active in the sale of jewellery, watches, antiques or cars in a peculiar study portal. This initiative aims to combat money laundering more effectively by enabling suspicious transactions to be tracked quickly.
Registration on the reporting portal will become a mandatory step for all companies that sale luxury goods. This will enable law enforcement authorities to have better access to transaction information, which in turn will enable them to monitor suspicious financial operations more effectively.
New responsibilities for sellers of luxury items
Older car models, exclusive watches and unique antiques – there is simply a suspicion that any of these luxury items can be utilized in money laundering processes. In Germany, companies specialising in offering specified exclusive products are obliged to actively counter money laundering. Interestingly, the same rules imposing obligations in this respect besides apply to banks and real property intermediaries.
The latest solution is to introduce a registration work that will enter into force from 1 January 2024. According to the information provided by the Central Association of German Crafts (ZDH), companies dealing with the sale of these exclusive goods will be required to registry in the electronic reporting portal “goAML Web”, operated by the Central Office for Financial Transaction Investigations (FIU). It is worth noting that the registration work will be independently of any suspicious transaction being reported.
The fresh rules introduce an additional layer of control and monitoring to effectively reduce money laundering in the luxury goods sector. This is besides a step towards greater transparency in the market, which will contribute to strengthening customers' assurance in the fairness of transactions in the luxury industry. Different from erstwhile procedures, fresh registration rules are an crucial component of the global strategy to combat money laundering and to keep safety in the marketplace for exclusive goods.
Anti-money laundering Act
The fresh regulations that have been in force since the fresh year are the consequence of the Money Laundering Act (AMLA), which aims to effectively prevent illegal usage of companies for money laundering and terrorist financing. Under German law, companies obliged to fight money laundering must not only respect their client due diligence obligations, but besides conduct effective hazard management. In case of suspected money laundering, in accordance with applicable regulations, they are required to study the incidental to the national Office of Investigation for Financial Transactions (FIU), utilizing a dedicated reporting portal.
According to the information provided by the Central Association of German Crafts (ZDH), the anticipation of reporting suspicious transactions will be available only to companies that have previously registered with FIU. Therefore, many entrepreneurs decided to registry early in the goAML WEB platform to study the incidental rapidly and efficiently, if necessary. From 1 January 2024, however, registration on the reporting portal will become a mandatory step for all companies operating in the sectors covered by the fresh regulations, which will increase the effectiveness of anti-money laundering activities and guarantee consistency in the approach to reporting suspicious transactions.
Ignacy Michałowski
OSINT investigator with experience in global journalism projects. It has been publishing materials for over 20 years for the largest releases. In social activities he engaged in various projects and initiatives aimed at improving the quality of life of people, especially those of mediocre communities. He was besides active in the fight for human rights. Contact: [email protected]
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Jewellery, antiques and cars vendors with fresh regulations from 1 January 2024.:
