Procedure for Verifying Information for the Purpose of Identification; Authorisation to Issue Statutory Instruments

(1) Obliged entities shall verify the information collected for the purpose of identification of natural persons using one of the following procedures: 1. by appropriate examination of the document presented in person, or 2. by means of some other procedure suitable for money-laundering-law identity verification and offering a level of security equivalent to the procedure referred to in no. 1.
(2) The Federal Ministry of Finance may, in agreement with the Federal Ministry of the Interior, Building and Community, by statutory instrument not requiring the consent of the Bundesrat, 1. lay down clarifications or further requirements as to the procedure referred to in subsection (1) and as to the obliged entities relying on that procedure, and as to the recording and retention obligations applicable when using that procedure, 2. determine procedures suitable for money-laundering-law identification under subsection (1), no. 2, and 3. determine procedures whose suitability for money-laundering-law identity verification is to be trialled, and in respect of which it is to be established whether they offer a level of security equivalent to the procedure referred to in subsection (1), no. 1. In the case of procedures under no. 3, the supervisory authorities under section 50 may be authorised to permit the use of the procedures for a limited period, subject to revocation and subject to conditions. Electronic procedures under no. 3 may be approved only where the Federal Office for Information Security has, on a prior review of the procedure, established the level of security necessary for the trial.