(1) Obliged entities must verify the identity of natural persons by one of the following procedures:
- appropriate examination of the document presented physically or
- another procedure suitable for verifying identity under anti-money laundering and counter terrorist financing law and having a security level equivalent to the procedure set out in no. 1.
(2) The Federal Ministry of Finance may, in consultation with the Federal Ministry of the Interior, Building and Community, by means of a statutory instrument not requiring the consent of the Bundesrat
- add more detail or further requirements to the procedure set out in subsection (1) or to the obliged entities using this procedure and
- define procedures that are appropriate for identification under anti-money laundering and counter terrorist financing law in accordance with subsection (1) no. 2.