Section 7 GwG – Money laundering officer

Section 7 GwG – Money laundering officer

(1) 1Obliged entities under section 2 (1) nos. 1 to 3, 6, 7, 9 and 15 are required to appoint a money laundering officer at senior management level and a deputy. 2The money laundering officer is responsible for compliance with the provisions under anti-money laundering and counter terrorist financing law; this does not affect the responsibility of the management. 3The money laundering officer is directly subordinate to the top management level.

(2) The supervisory authority may exempt an obliged entity from the obligation to appoint a money laundering officer if it is guaranteed that

  1. there is no risk of information loss or deficits on account of a separation of duties in the company structure and
  2. other provisions are made, after a risk-based evaluation, to prevent business relationships and transactions related to money laundering and terrorist financing.
    (3) 1The supervisory authority may order that obliged entities under section 2 (1) nos. 4, 5, 8, 10 to 14 and 16 are required to appoint a money laundering officer if it deems such an appointment appropriate. 2In the case of obliged entities under section 2 (1) no. 16, the order should be issued if the main activity of the obliged entity consists in trading in valuables.
    (4) 1The obliged entities are required to give prior notification to the supervisory authority of the appointment or dismissal of the money laundering officer or their deputy. 2The appointment of the money laundering officer or the deputy must be revoked on the instruction of the supervisory authority if the appointee does not fulfil the requirements with regard to qualification or reliability.
    (5) 1The money laundering officer must carry out their function in Germany. 2They must be the point of contact regarding compliance with the relevant provisions for the law enforcement agencies, for the authorities responsible for the detection, prevention and elimination of threats, for the German Financial Intelligence Unit and for the supervisory authority. 3The money laundering officer must be granted sufficient powers and the means necessary to carry out their function properly. 4In particular, they must have or be given unrestricted access to all information, data, records and systems which could be of importance in the performance of their functions. 5The money laundering officer reports directly to the top management level. 6If the money laundering officer intends to submit a report under section 43 (1) or is responding to a request for information from the German Financial Intelligence Unit under section 30 (3), they are not subject to the right of the top management level to issue instructions.
    (6) The money laundering officer may use data and information solely for the purpose of performing their functions.
    (7) 1The money laundering officer and the deputy must not suffer any disadvantage in their employment as a result of the performance of their functions. 2The termination of their employment is inadmissible unless facts exist that entitle those responsible to terminate the employment for good cause without observing a notice period. 3Following the end of the appointment of the money laundering officer or deputy, a termination of their employment is inadmissible within a year of the appointment end date, unless those responsible are entitled to terminate the employment for good cause without observing a notice period.