Risk Management

(1) Obliged entities must, for the prevention of money laundering and terrorist financing, have effective risk management appropriate to the nature and scale of their business.
(2) Risk management comprises a risk analysis under section 5 and internal safeguards under section 6.
(3) Responsibility for risk management and for compliance with the money-laundering-law provisions of this and other Acts, and of the statutory instruments issued under this and other Acts, lies with a member of the management body to be designated. The risk analysis and internal safeguards require the approval of that member.
(4) Obliged entities under section 2(1), no. 14 must have effective risk management, including group-wide procedures, in respect of 1. the intermediation of contracts of purchase, and 2. the intermediation of tenancy or lease contracts with a monthly net cold rent or net cold lease payment of at least EUR 10,000.
(5) Obliged entities under section 2(1), no. 16 must have effective risk management, including group-wide procedures, in respect of 1. as dealers in goods, the following transactions: a) transactions involving works of art with a value of at least EUR 10,000, b) transactions involving high-value goods under section 1(10), second sentence, no. 1 in respect of which they make or receive cash payments, themselves or through third parties, of at least EUR 2,000, or c) transactions involving other goods in respect of which they make or receive cash payments, themselves or through third parties, of at least EUR 10,000, and 2. as art intermediaries and art storage providers, transactions with a value of at least EUR 10,000.