Declaration on combating money laundering / USA Patriot Act
Confirmation of measures to prevent money laundering and Global Certificate regarding Correspondent Accounts of NORD/LB
We, Norddeutsche Landesbank Girozentrale (NORD/LB), confirm that we are a bank authorised by the German Federal Financial Supervisory Authority and are subject to the regulatory provisions of the Federal Financial Supervisory Authority.
We further confirm that our bank has available the means and the internal procedures to detect and prevent money laundering activities that involve profits arising from terrorist operations, organised crime or other serious crimes.
The German Money Laundering Act has been in force since 1993 and has been amended on several occasions, in particular on the basis of the "40 recommendations" of the "Financial Action Task Force on Money Laundering" (FATF) and EU Directive 91/308/EC (last amended by EU Directive 2006/70/EC) of the European Council on the prevention of the use of the financial system for the purpose of money laundering. The legal obligations arising from the German Money Laundering Act are explained in interpretation guidelines published by the German Banking Industry Committee (Deutsche Kreditwirtschaft) and agreed with the >German Federal Financial Supervisory Authority (BaFin).
Both the German Money Laundering Act and the interpretation guidelines oblige banks and financial services institutes to implement internal guidelines and measures with the aim of preventing money laundering. Compliance with these obligations, which also apply to our overseas branches and subsidiaries, is a component part of NORD/LB's business policy.
In accordance with § 25 h (4) of the German Banking Act, NORD/LB has appointed a Money Laundering Officer who is responsible for compliance with the Money Laundering Act and the interpretation guidelines issued and required for its implementation.
The Money Laundering Officer has drawn up internal organisational and working instructions for the employees of NORD/LB containing the obligations to be complied with under the Money Laundering Act and internal guidelines.
In particular, regular employee training on methods of money laundering and the catalogue of duties required by the Money Laundering Act and the reliability check of employees is provided for.
Further, we check the identity of our customers based on supporting official documents. To the extent that we are obliged to carry out identity checks, we establish who is to benefit financially from the transaction, i.e. the natural person(s), who is/are the owner(s) of a legal entity, on whose behalf a transaction is made or who is/are or who is/are involved in the transaction as trustor. If there are any doubts as to whether the person being identified is acting on their own behalf, or if it is clear that they are not acting on their own behalf, we take appropriate steps to obtain information about the actual identity of the person on whose behalf the customer is acting.
Every six months an internal and external audit reviews whether the security measures for combating money laundering at NORD/LB are appropriate and adequate and that the Money Laundering Officer has fulfilled the tasks assigned to him.
NORD/LB has at its disposal an electronically-based research system that monitors account-related financial transactions for unusual, irregular and unexpected activity. If despite intense intelligence gathering and monitoring of the business relationship, and having considered the transaction, the identity of the customer or the origin of his assets, there remain grounds for suspicion that money may be being laundered, we will withdraw from this transaction and take a decision as to whether the business relationship should be rejected or terminated. Further, suspicious cases will be reported to the relevant criminal prosecution authorities pursuant to §11 Money Laundering Act.
In closing we confirm that NORD/LB is not a shell bank (a bank that has no physical presence and is not affiliated to a "regulated financial group") pursuant to the USA Patriot Act and that we maintain no business relationships with shell banks. Our accounts held with correspondent banks are also not used for the provision of services for shell banks.
NORD/LB has prepared a Global Certification that can be used by any bank that considers it necessary to seek confirmation from NORD/LB or one of its specified domestic and overseas branches or representations in accordance with the USA Patriot Act.
Please do not ask for any additional confirmation from NORD/LB or any of its branches, but use the forms concerning the Patriot Act and the measures to take to prevent money laundering (the Wolfsberg questionaire) that can be downloaded.
NORD/LB Money Laundering Officer