Group-Wide Obligations

(1) Obliged entities that are the parent undertaking of a group shall carry out a risk analysis for all branches, subsidiaries and group-affiliated undertakings under section 1(16), nos. 2 to 4 that are subject to money-laundering-law obligations. On the basis of that risk analysis they shall, on a group-wide basis, take the following measures: 1. the establishment of uniform internal safeguards under section 6(2), 2. the appointment of an anti-money laundering officer responsible for developing a group-wide strategy to prevent money laundering and terrorist financing and for coordinating and monitoring its implementation, 3. the establishment of procedures for the exchange of information within the group to prevent money laundering and terrorist financing, and 4. the establishment of arrangements for the protection of personal data. They shall ensure that the measures they have taken under the second sentence, nos. 1, 3 and 4 are effectively implemented by their branches, subsidiaries and group-affiliated undertakings under section 1(16), nos. 2 to 4, insofar as these are subject to money-laundering-law obligations and to the controlling influence of the parent undertaking. Section 7(4) to (7) applies correspondingly to the appointment of an anti-money laundering officer under the second sentence, no. 2.
(2) Obliged entities that are the parent undertaking of a group shall ensure that subsidiaries and group-affiliated undertakings under section 1(16), nos. 2 to 4 that are majority owned by them and that are established in another Member State of the European Union, and that are subject under the law of that state to obligations to prevent money laundering and terrorist financing, comply with the national provisions in force there implementing Directive (EU) 2015/849.
(3) Obliged entities that are the parent undertaking of a group shall ensure that branches and group-affiliated undertakings under section 1(16), nos. 2 to 4 that are majority owned by them and that have their registered office in a third country in which the minimum requirements for the prevention of money laundering and terrorist financing are lower than the requirements applicable to undertakings established in Germany, comply with the requirements of this Act, insofar as the law of the third country permits this. Insofar as implementation of the measures referred to in subsection (1), second sentence, nos. 1, 3 and 4 is not permitted under the law of the third country, the parent undertakings are obliged to 1. ensure that their branches and group-affiliated undertakings referred to in the first sentence that are majority owned by them take additional measures to counter effectively the risk of money laundering and terrorist financing, and 2. inform the supervisory authority competent under section 50 of the measures taken. Where the measures taken are insufficient, the supervisory authority competent under section 50 shall order that the parent undertakings ensure that the branches and group-affiliated undertakings under section 1(16), nos. 2 to 4 referred to in the first sentence neither establish nor continue a business relationship, nor carry out transactions, in that third country.
(4) Subsections (1) to (3) apply correspondingly to obliged entities 1. that are group-affiliated undertakings under section 1(16), nos. 2 to 4, insofar as at least one other undertaking under section 1(16), nos. 2 to 4 is subordinate to them and subject to their controlling influence, and 2. whose parent undertaking is not required to take group-wide measures either under subsection (1) or under the law of the state in which it is established.
(5) Obliged entities that are group-affiliated undertakings under section 1(16), nos. 2 to 4 of a parent undertaking within the meaning of subsection (1) shall implement the measures referred to in subsection (1), second sentence, nos. 1, 3 and 4. All other group-affiliated obliged entities must implement the measures referred to in subsection (1), second sentence, nos. 3 and 4. The obligations under the first and second sentences apply without prejudice to the obliged entities' own statutory obligation to comply with other money-laundering-law provisions.