(1) 1Obliged entities that establish that, taking into account the risk factors specified in annexes 1 and 2, certain areas present only a small risk of money laundering or terrorist financing, particularly with regard to customers, transactions and services or products, are only required to fulfil simplified due diligence requirements. 2Before applying simplified due diligence requirements, obliged entities must ascertain that the business relationship or transaction actually entails a lower risk of money laundering or terrorist financing. 3For the demonstration of adequacy, section 10 (2) sentence 4 applies, with the necessary modifications.
(2) 1Where simplified due diligence requirements may be applied, obliged entities may
- reduce the extent of the measures to be taken to fulfil general due diligence requirements to an appropriate extent and
- in particular, by way of derogation from sections 12 and 13, carry out the verification of identity on the basis of other documents, data or information which originate from a credible and independent source and are suitable for the purpose of verification.
2In each instance, the obliged entities must ensure the scrutiny of transactions and business relationships to an extent that enables them to recognise and report unusual or suspicious transactions.
(3) In cases where the obliged entity is not in a position to fulfil the simplified due diligence requirements, section 10 (9) applies, with the necessary modifications.
(4) 1The Federal Ministry of Finance may, by means of a statutory instrument not requiring the consent of the Bundesrat, in consultation with the Federal Ministry of the Interior, Building and Community, designate types of cases which can present a lower risk of money laundering or terrorist financing, particularly with regard to customers, products, services, transactions or delivery channels, and in which the obliged entities are only required to fulfil simplified due diligence requirements in relation to customers, under the conditions laid out in subsection (1). 2The risk factors specified in annexes 1 and 2 must be taken into account in such a decision.
(5) Directive (EU) 2015/847 does not apply to domestic transfers of funds to a payment account of a beneficiary to which only payments for the delivery of goods or services can be made, if
- the beneficiary’s payment service provider is subject to the requirements of this Act,
- the beneficiary’s payment service provider is able, using a unique transaction reference number, to trace the transfer of funds via the beneficiary back to the person who concluded an agreement with the beneficiary about the delivery of goods or services, and
- the amount transferred does not exceed €1,000.