To go or not to go: Grace period for goods traders when registering on the “goAML” reporting portal

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published on 21 February 2024 | reading time approx. 1 minute
 

Since 1 January 2024, there has been an obligation to register in the electronic reporting portal “goAML Web” of the Central Financial Intelligence Unit – FIU for obliged entities under the Money Laundering Act. Obliged parties under the Money Laundering Act are not only credit and financial institutions, real estate agents, lawyers, tax consultants and auditors, but also goods traders and others.  

 



Companies obliged to prevent money laundering are obliged to comply with certain customer due diligence obligations, to set up a risk management system and to submit a so-called money laundering report on the FIU's “goAML” electronic portal if they fear that they are being misused for money laundering purposes. There is a privilege for goods traders in that they are only obliged to comply with certain due diligence obligations under the Money Laundering Act for cash transactions of 10,000 Euro (2,000 Euro or more for high-value goods). However, this does not apply to the obligation to submit a suspicious activity report, which also applies to non-cash transactions and regardless of whether a threshold value is reached. 
  
As the submission of suspicious activity reports is to take place exclusively via this electronic portal in future, prior registration of all obliged entities is required. 
  
As the German Confederation of Skilled Crafts (ZDH) has now reported, the obligation to register has been postponed to 1 January 2027 for most traders in goods. However, this does not apply to the trade in so-called high-value goods, such as art, jewellery, watches, precious metals, gemstones, motor vehicles, ships and motorboats. These goods traders already have to register. However, there is a transitional regulation until 1 January 2027, according to which non-registration does not constitute an administrative offence for these goods traders either.
  
From a compliance perspective, early registration is desirable, as it sends a signal to the supervisory authorities that you take your due diligence obligations under money laundering law seriously and are also able to submit a suspected money laundering report immediately if required – because the following applies: No registration on the portal, no suspected money laundering report!

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