Point in time of identity verification

By way of derogation from section 11(1) of the Anti-Money Laundering Act, verification of the identity of the contractual partner, of a person acting for the contractual partner, and of the beneficial owner may also be completed without delay after an account or securities account is opened. In this case it must be ensured that no funds can be disposed from the account or securities account before verification of identity is completed. In the case of a repayment of funds received, these may be paid out only to the person who paid them in.