Declaration on combating money laundering / USA Patriot Act
Confirmation of measures to prevent money laundering and Global Certificate regarding Correspondent Accounts for NORD/LB
We, Norddeutsche Landesbank Girozentrale (NORD/LB), herewith confirm that we are a bank authorized by the German Federal Financial Supervisory Authority (“BaFin”) and are subject to the regulatory provisions of the BaFin.
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, organized 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 2015/849 (lastly amended by EU Directive 2018/843) of the European Parliament and the 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 the Interpretation and Application Guidance in relation to the German Money Laundering Act published by the BaFin.
Both the German Money Laundering Act and the Interpretation and Application Guidance oblige banks and financial services institutions to implement internal guidelines and precautions with the aim of preventing money laundering and terrorist financing. Compliance with these obligations, which also apply to our overseas branches and subsidiaries, is part of NORD/LB's business policy.
In accordance with § 7 Abs. 1 of the German Money Laundering Act, NORD/LB has appointed a Money Laundering Officer who is responsible for compliance with the Money Laundering Act and the interpretation guidelines issued for its implementation.
The Money Laundering Officer has prepared internal organizational and working instructions for the employees of NORD/LB containing the obligations to be complied with under the Money Laundering Act and according to 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 conclusive official documents. To the extent that we are obliged to carry out identity checks, we identify the economic beneficiary of the transaction, i.e. the natural person(s), who is/are the beneficial 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.
An internal as well as an external audit review annually whether the security measures for combating money laundering at NORD/LB are appropriate and adequate and whether the Money Laundering Officer has fulfilled the tasks assigned to him.
NORD/LB has implemented an electronically-based research system that monitors account-related financial transactions for unusual, irregular and unexpected activity. If despite intense clarification and monitoring of the business relationship, and having considered the transaction, the identity of the customer or the origin of his assets, there remain reasonable doubts that a money laundering activity is being conducted, 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 Financial Intelligence Unit pursuant to § 4 of the German Money Laundering Act.
Finally 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. Furthermore, our accounts held with correspondent banks are 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 representative offices 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 implemented to prevent money laundering (the “Wolfsberg Questionnaire”) provided for download.