Under the Money Laundering and Terrorist Financing (Prevention) Act, you have the obligation to carry out thorough and risk-oriented screening of the party with whom you are conducting business. As a trader, you conduct client screening with every cash payment of € 10,000 or more. It is not permitted to provide services to anonymous clients. Client screening comprises, among other things, establishing and recording the client's identity. Client screening enables you to supply the identity information and other information of the client involved in the transaction when you report an unusual transaction.
For more information on how to conduct client screening, please contact the Supervision Office of the Tax and Customs Administration. This supervisory body monitors compliance with the Money Laundering and Terrorist Financing (Prevention) Act among traders and it has drawn up guidelines for identification and verification of clients.