(1) The supervisory authorities exercise supervision over the obliged entities.
(2) 1The supervisory authorities may, as part of the functions assigned to them by law, take the appropriate and necessary measures and issue orders to ensure compliance with the requirements stipulated under this Act and under regulations adopted on the basis of this Act. 2In particular, the supervisory authorities can ensure in this context by means of necessary measures and orders that the obliged entities comply with these requirements, including on a case-by-case basis, and do not establish or continue business relations or carry out transactions contrary to these requirements. 3To this end, they may also exercise the powers granted to them for other supervisory functions. 4Objections to and actions for annulment of these measures have no suspensory effect.
(3) 1The supervisory authority under section 50 no. 1, if its supervisory activity concerns the obliged entities specified in section 50 no. 1 (g) and (h), and the supervisory authorities under section 50 nos. 3 to 9 may conduct inspections at the obliged entities to review compliance with the requirements laid down in this Act. 2The inspections may be conducted without a specific reason on-site and elsewhere. 3The supervisory authorities may delegate the conduct of the inspections to other persons and institutions by contract. 4The frequency and intensity of the inspections must be based on the risk profile of the obliged entities with regard to money laundering and terrorist financing; this risk profile is to be re-evaluated at regular intervals and when important events or developments occur in relation to the obliged entity’s senior management and business activity.
(4) The supervisory authority under section 50 nos. 8 and 9 may charge costs for the measures and orders pursuant to this provision in order to cover the administrative expenses.
(5) 1The supervisory authority under section 50 no. 1, if its supervisory activity concerns the obliged entities specified in section 50 no. 1 (g) and (h), and the supervisory authorities under section 50 nos. 3 to 9 may temporarily prohibit an obliged entity whose activity requires a licence, which has been granted by the supervisory authority, from conducting the business or practising the profession, or revoke the licence if the obliged entity, wilfully or negligently,
- has contravened the provisions of this Act, regulations adopted to implement this Act or orders issued by the competent supervisory authority,
- continues such conduct despite a caution from the competent supervisory authority and
- the contravention is sustained.
2Where a member of senior management or another employee of an obliged entity has, wilfully or negligently, committed a contravention under sentence 1, the supervisory authority under section 50 no. 1, if its supervisory activity concerns the obliged entities specified in section 50 no. 1 (g) and (h), and the supervisory authorities under section 50 nos. 3 to 9 may impose on the contravener a temporary prohibition on occupying a senior management position with obliged entities under section 2 (1). 3In the event that the supervisory authority is not the authority that issued the obliged entity with a licence for conducting its activity, the authority that issued the licence performs the procedure in accordance with sentence 1 or 2 at the request of the supervisory authority that has established that a contravention under sentence 1 has been committed.
(5a) 1If the authority responsible for supervising an obliged entity under section 50 no. 1 (g) and (h) is an authority in another member state of the European Union or another signatory state to the Agreement on the European Economic Area, the supervisory authority under section 50 no. 1 can, if the foreign authority does not itself take measures or if the measures it has taken prove to be inadequate and an immediate remedy is required, take the measures necessary to remedy a serious infringement after informing the foreign competent authority. 2Where necessary, it can prohibit new transactions from being carried out in Germany. 3In urgent cases, the supervisory authority under section 50 no. 1 may take the necessary measures before the notification. 4The measures must be temporary and appropriate with regard to their intended purpose, namely to address serious infringements of the requirements of this Act, regulations enacted in order to enforce this Act or orders by the competent supervisory authorities. 5They must be terminated when the identified serious infringements have been addressed. 6In urgent cases referred to in sentence 3, the foreign authority must be notified about the measures taken without undue delay.
(5b) 1Obliged entities under section 2 (1) no. 13 must register with the supervisory authority, stating their specific activity, unless they are already subject to application, registration, licence or authorisation requirements under other provisions. 2Insofar as there is no authorisation to do so under other provisions, the
supervisory authority can dismiss members of the obliged entity’s senior and executive management if there is evidence justifying the assumption that they are not fit and proper persons. 3If there is evidence justifying the assumption that the beneficial owner is not a fit and proper person, the supervisory authority may ban obliged entities from providing the service under section 2 (1) no. 13. 4Subsection (5) sentences 1 and 2 apply, with the necessary modifications.
(6) In addition, the competent supervisory authority under section 50 no. 9 exercises the supervision delegated to it under Article 55(1) of Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community (OJ L 302 of 18 November 2010, page 1).
(7) The competent supervisory authority for obliged entities under section 2 (1) no. 15 under section 50 nos. 8 and 9 may, for the performance of its functions, request information in individual cases from an obliged entity under section 2 (1) no. 1 or no. 3 on payment accounts as defined in section 1 (3) of the Payment Services Supervision Act and on payment transactions
- of organisers and brokers of online games of chance, irrespective of whether they are in possession of a gambling licence and
- of a player executed through such accounts.
(8) 1The supervisory authority regularly provides the obliged entity with up-to-date interpretation and application guidance on implementing the due diligence requirements and the internal safeguards in accordance with the legal provisions for preventing money laundering and terrorist financing. 2It may also fulfil this obligation by approving such guidance compiled by associations of obliged entities.
(9) 1To document their supervisory activity, the supervisory authorities are to retain the following data in the form of statistics:
- data on the supervisory activity per calendar year, in particular:
a) the number, measured in full-time equivalents, of persons employed in the supervisory authority who are entrusted with supervising the obliged entities under section 2 (1);
b) the number of on-site inspections and other inspection measures taken, broken down according to the obliged entities under section 2 (1) that they concerned;
c) the number of measures under letter (b) in which the supervisory authority found a breach of duties under this Act or to a regulation adopted on the basis of this Act, as well as the number of cases in which the supervisory authority gained knowledge of such a breach by other means, and
d) the nature and extent of legally binding measures taken by the supervisory and administrative authority in response; this includes the number
aa) of cautions issued,
bb) of fines imposed, including the respective amount, broken down according to whether, and to what extent, a publication under section 57 was made,
cc) of orders for the removal of money laundering officer or members of senior management,
dd) of withdrawals of licences ordered,
ee) of other measures taken;
e) the nature and extent of measures taken to inform the obliged entities under section 2 (1) of the due diligence requirements and internal safeguards that they are required to comply with;
- the number of suspicious transaction reports pursuant to section 44 filed by the supervisory authority per calendar year, broken down according to the obliged entities under section 2 (1) that they concerned.
2The supervisory authorities are required to transmit the data specified in sentence 1 to the Federal Ministry of Finance in electronic form, giving the state of affairs on 31 December of the year in question, by 31 March of the following year. 3The Federal Ministry of Finance and the German Financial Intelligence Unit can designate a common form for this purpose. 4The supervisory authorities notify their contact data, information about their area of responsibility and changes in the data to the German Financial Intelligence Unit without undue delay.
(10) 1The competent supervisory authorities notify the Federal Ministry of Finance before ordering or applying the measures referred to in section 15 (5a). 2The Federal Ministry of Finance notifies the European Commission before the measures referred to in section 15 (5a) are ordered or applied by the competent supervisory authorities and about the enactment of a statutory instrument under section 15 (10) sentence 1 no 2.