Regulatory Alerts2017-01-23
Regulation on Savings Associations (Sparverein-Verordnung - SpVV)
The Financial Market Authority issued this regulation to permit credit institutions to apply simplified due diligence measures for identifying members of savings associations. These lesser identification requirements apply only when the association poses a low money laundering risk, all members are natural persons, and individual annual contributions do not exceed EUR 1,500. If contributions exceed this threshold, standard identification under the Banking Act must be performed upon the payment causing the limit to be breached.
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