Money Laundering Legislation. National Measures. Fraud Working Group. Brussels - October 2002

Transcription

1 Money Laundering Legislation National Measures Fraud Working Group Brussels - October 2002 European Banking Federation Rue Montoyer 10 B Brussels

2 TABLE OF CONTENTS

3 INTRODUCTION NATIONAL MEASURES IN THE HOME COUNTRIES OF THE FBE MEMBERS AUSTRIA 1 BELGIUM 4 DENMARK 9 FINLAND 12 FRANCE 15 GERMANY 20 GREECE 24 ICELAND 29 IRELAND 33 ITALY 38 LUXEMBOURG 42 THE NETHERLANDS 46 NORWAY 51 PORTUGAL 56 SPAIN 59 SWEDEN 63 SWITZERLAND 66 UNITED KINGDOM 71 NATIONAL MEASURES IN OTHER EUROPEAN COUNTRIES ANDORRA 75 BULGARIA 78 CROATIA 82 CYPRUS 86 CZECH REPUBLIC 89 ESTONIA 92 HUNGARY 96 LATVIA 102

4 LITHUANIA 107 MALTA 110 POLAND 114 SLOVAK REPUBLIC 117 SLOVENIA 120 TURKEY 124 NATIONAL MEASURES IN THIRD COUNTRIES AUSTRALIA 127 GIBRALTAR 131 JAPAN 134 MONACO 138 NEW ZEALAND 142 UNITED STATES OF AMERICA 146 ANNEX 1: IDENTIFICATION AT A DISTANCE (I-III) 150 ANNEX 2: TERRORIST FINANCING (I-XXVII) 154 LIST OF ADDRESSES 155

5 INTRODUCTION

6 NATIONAL MEASURES IN THE HOME COUNTRIES OF FBE MEMBERS

7 AUSTRIA 1. MONEY LAUNDERING LEGISLATION - The Austrian Penal Code (Strafgezetzbuch) provides for a specific money laundering offence covering the proceeds of all serious crimes and deals with the confiscation of proceeds from crime and extradition. In August 2002 an amendment to the Penal Code widened the scope of money laundering to cover fully the requirements of the UN Convention on Organized Crime including the financing of terrorism. - Banking Act ( 40, 41): stipulates a mandatory system based on reporting suspicions (to the Austrian Financial Intelligence Unit), including inter alia enhanced customer identification and record-keeping requirements (for transactions in excess of EUR 15,000 or the equivalent amount in foreign currency). Amended in On 1 November 2000, the Austrian Banking Act was amended to prohibit the opening of so-called anonymous savings accounts; the provisions on the identification rules concerning depositing and withdrawing funds with regard to such savings accounts have been adapted accordingly. The transition period for existing anonymous accounts ended on 30 June CENTRAL AUTHORITY FOR REPORTING The General Directorate for Public Security within the Federal Ministry of the Interior (Bundeskriminalamt Geldwäschemeldestelle). 3. BUSINESSES COVERED BY THE LEGISLATION Only financial institutions are covered by the Banking Law, however the provisions of the Penal Code relating to money laundering as an offence also concern individual persons and are not limited to specific businesses or institutions. The Austrian Industrial Code (Gewerbeordnung) will be amended to implement fully the 2 nd Money Laundering Directive. 4. FEEDBACK FOLLOWING NOTIFICATION OF A SUSPICIOUS OPERATION The Banking Law provides for feedback as a standard procedure. However, this is currently implemented in a pragmatic way through periodic direct contacts between banks (and/or their security officers) and the Unit for the Fight against Organised Crime set up within the General Directorate for Public Security. 5. OFFENCES COVERED IN ADDITION TO THOSE WHICH ARE DRUG-RELATED The legislation covers all assets of criminal origin. 1 Austria

8 6. CONSERVATION OF RECORDS AND DOCUMENTS Duration Identification documents: banking law obliges banks to keep evidence for at least 5 years after the end of the business relationship with the customer. Transaction documents: supporting evidence and records of all transactions for a period of at least five years following the execution of the transaction. 7. PERSONS RESPONSIBLE FOR REPORTING In general a person is appointed to act as the central point for reporting suspicious operations for the bank as a whole. He/she is the point of contact with the money laundering authorities. 8. PURPOSES FOR WHICH THE INFORMATION MAY BE USED Legislation only provides for the information collected to be used to combat criminal, not fiscal, offences. 9. LIABILITY OF BANK STAFF IN THE EVENT OF NOTIFICATION Under the Banking Law ( 40, 41), bank staff have no liability if the notifications are made in good faith; banks are prohibited from warning customers that notifications have been made. 10. REACTION OF THE BANK AT THE TIME OF OR SUBSEQUENT TO A SUSPICIOUS OPERATION (EXECUTION/NON-EXECUTION) Credit institutions and financial institutions have to inform the General Directorate for Public Security if there is reasonable suspicion that: a transaction which has already been concluded, is in progress or is about to be concluded is for the purpose of money laundering; or, a customer has breached his duty to disclose fiduciary relationships. In case of doubt, instructions regarding deposits may be executed, but withdrawals may not be made. If, within 24 hours (end of the following banking day) of the proposed transaction being notified, the competent authority has not prohibited the transaction, the transaction may then be executed. 11. IDENTIFICATION a) Identification threshold amount Under the Banking Law, there is a mandatory system for customer identification when a permanent business relationship is established or in the case of transactions amounting to at least EUR 15,000 or the equivalent amount in foreign currency, irrespective of whether the transaction is carried out in a single operation or in several operations which are obviously closely linked. b) Means of identification Banks are obliged to register the identity of their customers. In general, means of identification are: 2 Austria

9 Natural persons: an official identification document, e.g. passport, Austrian national identity card; (Austrian) driver s license, a national identity card of a member state of the European Union; Legal persons: extracts from the Commercial Register (which is a computerized official on-line database containing all relevant information on a company) or a certificate of incorporation or registration. Under the Foreign Exchange Law banks and financial institutions are obliged, when entering into a business relationship with a customer, to verify the customer's status with regard to foreign exchange regulations. Natural or legal persons acting for the account of a third person: Insofar as a natural or legal person acts as trustee for funds from nonresidents, the depositor must inform the account holding institution of the beneficiary's identity (disclosure of the beneficiary's name and residence and the depositor must prove that he has the right under a power of attorney to act for the beneficiary). c) Identification at a distance In certain limited circumstances, an account may also be opened without the prospective account holder being obliged to go in person to the credit institution. In practice, banks also accept identification checks, but only through reliable third parties that carry out the identity checks on their behalf. Reliable third parties are, for instance, correspondent banks, which are also subject to the obligations of the EC Directive on money laundering, banks from countries that have comparable money laundering rules, such as US banks, or Austrian consulates abroad. A customer may not open an account if his or her identity cannot be established, i.e. in case of correspondence by letter or by telephone. Therefore, the opening of accounts by correspondence, telephone and, according to the jurisprudence of the Austrian Supreme Court, by fax, is not possible. 12. STEPS TAKEN TO INCREASE AWARENESS OF THE PHENOMENON OF MONEY LAUNDERING The Association keeps its members informed of legislative developments. Audiovisual aids have been made available. Internal training is organised within banks. 3 Austria

10 BELGIUM 1. MONEY LAUNDERING LEGISLATION The EC Directive has been transposed in various stages: - Article 2 of the EC Directive (prohibition on money laundering) was transposed into the law of 17 July Under this law, moneylaundering constitutes the criminal offence of possession and handling of stolen goods ( recel ) "in the broad sense"; - The rules on banking practices laid down in the EC Directive (Articles 3, 4, 5 and 11) were first set out in a circular issued by the Banking and Finance Commission (BFC) on 17 July 1991 addressed to the credit sector. These standards have since been confirmed in the law of 11 January 1993 (the scope of which is broader as regards rationae personae). As far as substance is concerned, the circular and the law generally concur. However, there are some differences: first, the obligations imposed under the circular are more detailed, and consequently more concrete, than those provided for under the law; secondly, the law sometimes proposes alternative solutions with regard to detailed implementation of ethical obligations; thirdly, in contrast with the law, the circular also imposes obligations on branches of Belgian banks established abroad. The Banking and Finance Commission (BFC) published an update of its circular in September 1993 that took into account the conclusions which could be drawn from the law of 11 January 1993 (the circular has subsequently been updated following the adaptations made to the regulations; the latest circular dates from May 1999). - The disclosure obligation was formalised in the law of 11 January 1993 and became applicable on 1 December 1993, with the setting up of the unit responsible for disclosures; - The law of 11 July 1994 extending the offences covered to illegal trafficking in hormones; - The law of 7 April 1995 extending the offences covered to illegal trafficking in human tissues and organs, fraud damaging the interests of the European Union, serious and organised tax fraud, corruption of public officials, investment irregularities, swindling, hostage taking, theft or extortion with violence and intimidation, and fraudulent bankruptcies; - The Royal Decree of 27 December 1994 concerning bureaux de change and foreign exchange dealing established an obligation for bureaux de change to be registered with the Banking and Finance Commission, to comply with money laundering regulations and to issue a transaction statement. A list of registered bureaux de change is published in the Belgian Official Gazette on a regular basis; 4 Belgium

11 - The law of 10 August 1998 amending the law of 11 January 1993 and extending the offences covered to public notaries, bailiffs, company auditors, independent auditors, casinos and estate agents. 2. CENTRAL AUTHORITY FOR REPORTING The "Cellule de Traitement des Informations Financières" (hereinafter the Disclosure Unit ). 3. BUSINESSES COVERED BY THE LEGISLATION A distinction must be made between: - The Penal Code, which has general application: it is applicable to any offence; - Recommended banking practice set out in the circular issued by the Banking and Finance Commission, which only applies to the credit sector; - The law of 11 January 1993 which applies to financial institutions and the following parties: the Banque Nationale de Belgique; Belgian credit institutions (including public-sector credit institutions and businesses governed by Chapter I of the law of 10 June 1964); investment firms, and more specifically stockbrokers, investment managers and investment advisers; the branches in Belgium of foreign investment companies; Belgian insurance companies; the Belgian Post Office/Postbank, "La Poste"; savings banks; the "Caisse des Dépôts et Consignations" (the parapublic savings bank); mortgage and credit companies, credit card schemes and leasing companies (Royal Decree of 24 March 1995); all persons who undertake, for professional purposes, the purchase or sale of spot currencies in the form of cash or cheques denominated in foreign currencies or by using a credit card or a payment card; foreign exchange dealers and "bureaux de change"; notaries public; bailiffs; company auditors; independent auditors, casinos; security companies; estate agents. 4. FEEDBACK FOLLOWING NOTIFICATION OF A SUSPICIOUS OPERATION There is no provision for feedback (except as regards instructions by the Disclosure Unit concerning the execution of a notified transaction). 5. OFFENCES COVERED IN ADDITION TO THOSE WHICH ARE DRUG-RELATED A distinction must be made between: 5 Belgium

12 The European Banking Federation (FBE) is publishing a new version of its Report on Money Laundering Legislation: National Measures. This extensive document offers an inventory of national regulations on money laundering in more than 35 countries in Europe and beyond. National legislation are detailed and listed with identical headings (type of legislation, business covered, reporting procedures, identification requirements, etc.) which introduce some valuable elements of comparison among countries. Due to recent developments in this matter, we have also taken particular interest in more topical questions such as identification at a distance and terrorist financing (see the comparative tables in the Annexes). Please note that the Report is based on information collected from July to October The FBE cannot be held responsible or liable in any way for possible omissions or inaccuracies. Catherine MARTY The FBE Secretariat, October The European Banking Federation is the united voice of some 3,000 banks of the European Union (EU) and the European Trade Association (EFTA) countries. The Fraud Working Group of the FBE is in charge of the money laundering issues. Reproduction of this text or any part thereof without mention of the European Banking Federation as the author is totally prohibited.

13 - the Penal Code, which has general application and covers the possession and handling of stolen goods per se, no matter what the underlying offence. This means that it covers even the most minor of offences; - the Banking and Finance Commission circular, which only relates to the laundering of money derived from major criminal activities prohibited by the international community and more specifically those related to drug trafficking; - the law of 11 January 1993, which covers capital and assets derived from offences linked to terrorism, organised crime, illegal drug trafficking, illegal dealing in arms, goods or merchandise, trafficking in human beings or procuring and living off immoral earnings; - the law of 11 July 1994 extending the offences covered to illegal trafficking in hormones; - the law of 7 April 1995 extending the offences covered to illegal trafficking in human tissues and organs, fraud damaging to the interests of the European Union, serious and organised tax fraud, corruption of public officials, investment irregularities, swindling, hostage taking, theft or extortion with violence and intimidation, and fraudulent bankruptcies. 6. CONSERVATION OF RECORDS AND DOCUMENTS Duration A copy of all documents (or the references for such documents) which, under the terms of the EC Directive, constitute evidence for the purposes of identifying the originator or beneficiary of an order must be kept for at least 5 years after the relationship with the party concerned has been terminated. A copy of all documents (or the references for such documents) used for identification purposes must be kept for 5 years following termination of the relationship. Transaction documents (or a copy thereof) must be kept for at least 5 years from the date on which the transaction was executed. The written disclosure report concerning notification of suspicious operations must be kept for at least five years from the date of the operation. 7. PERSONS RESPONSIBLE FOR REPORTING Under the provisions of the law of 11 January 1993, financial institutions must appoint one or more persons responsible for setting up internal supervisory procedures, notification and the centralisation of data. 8. PURPOSES FOR WHICH THE INFORMATION MAY BE USED If the Disclosure Unit, after examining the information which has been communicated to it, reaches the conclusion that there are serious grounds for suspecting money laundering (as defined in the law of 11 January 1993), it will communicate this information to the Ministry. Apart from this, members of the Unit are bound by professional secrecy; if it reaches the conclusion that the information communicated to it is not linked to offences covered by the law of 11 January 1993, but relates for example to tax fraud, the courts are not notified. The law does not make express provision for the information to be used for other purposes. 6 Belgium

14 9. LIABILITY OF BANK STAFF IN THE EVENT OF NOTIFICATION Under Article 20 of the law of 11 January 1993 on the Prevention of the Use of the Financial Systems for Money Laundering, no civil, penal or disciplinary action, or professional sanction can be taken against bodies or persons covered by Article 2, their employees or representatives who have communicated information in good faith, in accordance with Articles 12 to REACTION OF THE BANK AT THE TIME OF OR SUBSEQUENT TO A SUSPICIOUS OPERATION (EXECUTION/NON-EXECUTION) In principle, the operation to be performed must first be notified to the Disclosure Unit; the latter must be informed at the same time of the deadline for execution of the operation. The Unit may then, prior to the expiry of the deadline, prohibit execution of the operation; this prohibition is valid only for 24 hours, unless it is extended. But when it is impossible to postpone execution due to the nature of the operation, or if postponement would impede prosecution of the beneficiaries, the operation may be executed. The Unit must however be informed immediately afterwards; it must also be informed of the reasons why prior notification was not made. It is also possible for a credit institution confronted with a suspect operation to decide to refuse the order. This would appear to be permitted under Belgian legislation provided, however, that the credit institution takes the initiative of informing the Unit of the grounds for suspecting money laundering. 11. IDENTIFICATION The regulations have been drafted in very general terms to enable businesses to tailor solutions to specific cases, in line with the company s recommendations and practices. a) Identification threshold amount Identification of customers is required in the case of transactions, including foreign exchange transactions, of EUR 10,000. b) Means of identification Under the provisions of the law of 11 January 1993, financial institutions must check the identity of customers by means of documents constituting evidence: - Natural persons Identification of their surname, first name and address. - Legal persons Identification of their corporate name, address or, as appropriate, the head office. - Natural or legal persons acting on behalf of a third person The circular of the Banking and Financial Commission states moreover that when there are grounds for ascertaining the identity of a beneficiary of an operation but the identity of the beneficiary cannot be determined sufficiently clearly, credit institutions must obtain from the customer a signed declaration confirming that he is acting on his own or on behalf of another person and that, insofar as he is aware, the funds are not derived from major criminal activities prohibited by the international community and more specifically those related to drug trafficking. 7 Belgium

15 c) Cases in which the identification requirement does not apply In accordance with the EC directive, Belgian regulations impose no identification requirements if the customer is a credit institution. Following the Royal Decree of 27 December 1994 concerning Bureaux de Change and Foreign Exchange transactions, the same rule also applies if the counterparty is a bureau de change - provided that it is registered with the Banking and Financial Commission or subject to the obligations and sanctions imposed under the Money Laundering Directive. d) Identification at a distance The BFC circular states that credit institutions must establish adequate customer identification procedures and internal control procedures for distance transactions. These procedures must enable credit institutions to comply with all their legal obligations and the principles set out in the circular. 12. STEPS TAKEN TO INCREASE AWARENESS OF THE PHENOMENON OF MONEY LAUNDERING In December 1992 and January 1993, the Association provided training in technical and legal aspects of money laundering to bank units responsible for training employees with regard to money laundering. At the same time, the units in question were shown how to use the training kit for training their employees in customer awareness. This kit consists of a manual containing the full text of a half-day seminar that they will be required to organise, as well as a set of slides for use in the seminar and reference brochures for the participants. In addition there is a diskette containing examples of money laundering tailored to the specific needs of the participants. On request, the Belgian Association will provide training to all the bank's staff, determining the content of practical examples in consultation with the bank s management. Each year, the Association tries to organise an information meeting with the competent authorities. Part of this meeting is devoted to examining the most important aspects and ways of laundering money. 8 Belgium

16 DENMARK 1. MONEY LAUNDERING LEGISLATION The Danish law implementing the 1991 EC Directive came into force on 1 July The Danish system is the so-called mandatory system. Banks and other financial institutions are under an obligation to report any suspicions that they may have about money laundering under Danish criminal law. 2. CENTRAL AUTHORITY FOR REPORTING A special branch of the Danish police (Department for Special Crime). 3. BUSINESSES COVERED BY THE LEGISLATION The law covers the financial sector, i.e.: commercial banks; savings banks; mortgage lenders; brokerage companies; credit card companies; leasing companies; factoring companies; life-insurance companies; pension funds; bureaux de change; casinos. 4. FEEDBACK FOLLOWING NOTIFICATION OF A SUSPICIOUS OPERATION Practical procedures for feedback from the police have not yet been finalised. 5. OFFENCES COVERED IN ADDITION TO THOSE WHICH ARE DRUG-RELATED The money laundering legislation covers any punishable offence, not just those linked to drug trafficking. 6. CONSERVATION OF RECORDS AND DOCUMENTS a) Duration Evidence must be kept for at least five years after termination of the customer relationship or the execution of the transaction. 9 Denmark

17 b) Means of conservation Records may be stored photographically, in data form or on microfilm. 7. PERSONS RESPONSIBLE FOR REPORTING The Danish Bankers Association has recommended that member banks establish reporting procedures in departments and branches for suspicious operations to be notified to a central body within the bank (e.g. the legal department) which would be responsible for reporting to the police. 8. PURPOSES FOR WHICH THE INFORMATION MAY BE USED The Danish law does not make provision for the information to be used for purposes other than combating money laundering. 9. REACTION OF THE BANK AT THE TIME OF OR SUBSEQUENT TO A SUSPICIOUS OPERATION (EXECUTION/NON-EXECUTION) If there is suspicion that a transaction is associated with money laundering, the bank must investigate it. If the suspicion cannot be disproved, the transaction must be suspended until the police have been informed. Where it is impossible to prevent the transaction being carried out, or this might hinder prosecution of those benefiting from the suspected money laundering transaction, the police must be informed as soon as the transaction has been completed. 10. IDENTIFICATION a) Identification threshold amount The identity of occasional customers must always be checked when the amount of the transaction exceeds EUR15,000. Identification is required in all cases where there are suspicions of money laundering. b) Means of identification The law requires a new customer s name, address and personal or corporate registration number to be checked. The following means of identifying customers are recommended: - Natural persons Passport, driving license, joint cash card and ID card of the Danish banks and savings banks and other official ID cards. - Legal persons Publicly registered companies: a copy of the relevant register showing name, management, registration number, etc. Other legal persons (societies, etc.): the requirements for identification vary. In all categories the address must be checked. 10 Denmark

18 c) Identification at a distance In case of home banking, customers, who wish to open an account, are required to present the same identification documents as mentioned in 11 b) above; they can do this by going in person to a branch or by sending photocopies by mail. The correctness of the name, address and personal or corporate registration number will then be checked at the Danish register. For international customers, the same identification documents are required and the customers will be asked to go in person to a correspondent bank or the local consulate. Again the correctness of the information will be checked. The identification requirements are under consideration. 11. STEPS TAKEN TO INCREASE AWARENESS OF THE PHENOMENON OF MONEY LAUNDERING Training along the lines recommended in the directive is an integral part of the Danish banking college programmes for bank employees. The Association has incorporated the money laundering issue into the banking college's curriculum. The Association has set up a working group comprising representatives from the major banks, the Money Laundering Secretariat and the Danish Financial Supervisory Authority. The group has prepared guidelines for action to be taken by the banks in cases of suspicions of money laundering. The guidelines are based on the guidance notes issued by the European Banking Federation, and are in line with the Danish Act. Finally, the Association has produced a video based on that of the British Bankers' Association. A large number of videos have been sold to member banks. 11 Denmark

19 FINLAND 1. MONEY LAUNDERING LEGISLATION - An amendment to the Penal Code came into force on 1 January The new law: Act on Preventing and Combating Money Laundering (68/98), came into force on 1 March (The new law partly repeals the previous laws: the Credit Institution Act of 1 January 1997 and The Insurance Intermediary Act of 1 January 1994). Some minor changes after that; a couple of initiatives to change the law, one in the Parliament and one bill in Ministry. - Under the new law, the Ministry of the Interior issued on 1 March 1998 new regulations to prevent and combat money laundering. A new one came into force on 15 February CENTRAL AUTHORITY FOR REPORTING - The Money Laundering Clearing Unit (MLCU) established at the National Bureau of Investigation (NBI). 3. BUSINESSES COVERED BY THE LEGISLATION - The Criminal Code has general application. - The Act on Preventing and Combating Money laundering covers: credit institutions and financial institutions; bureaux de change; branches and agencies of foreign credit institutions and foreign financial institutions; branches and agencies of foreign investment companies; co-operative societies engaged in savings fund activities; insurance companies; agencies of foreign insurance companies; insurance brokers; pawnshops; casinos; lottery; real estate agents. - A few other businesses will be covered after the planned changes. 4. FEEDBACK FOLLOWING NOTIFICATION OF A SUSPICIOUS OPERATION No regular feedback from the NBI Money Laundering Clearance Unit (except in the case of an order by NBI to suspend a transaction for five banking days). 12 Finland

20 5. OFFENCES COVERED IN ADDITION TO THOSE WHICH ARE DRUG-RELATED The legislation covers all crimes, including tax offences. 6. CONSERVATION OF RECORDS AND DOCUMENTS a) Duration Identification documents must be kept for 5 years. b) Means of conservation Any reliable manner. 7. PERSONS RESPONSIBLE FOR REPORTING A bank clerk who has grounds for suspicion must contact his/her superior. The superior will notify the contact person at the bank's head office. The contact person will notify the National Bureau of Investigation. 8. PURPOSES FOR WHICH THE INFORMATION MAY BE USED The information may only be used to combat money laundering. 9. LIABILITY OF BANK STAFF IN THE EVENT OF NOTIFICATION The bank is liable for damages for any financial loss caused to a customer due to clearing a transaction, reporting a suspicious transaction or suspending or refusing to execute a transaction only if the bank fails to exercise due diligence in a manner that, in the circumstances, could have been expected of the bank. Persons who fail to comply with the obligation to identify a customer are liable to a fine or imprisonment of maximum six months, unless a more severe punishment is stipulated elsewhere in the law. 10. REACTION OF THE BANK AT THE TIME OF OR SUBSEQUENT TO A SUSPICIOUS OPERATION (EXECUTION/NON-EXECUTION) When money laundering is suspected, the bank may: refuse to execute the transaction, in which case the bank must make a notification to MLCU/NBI; execute the transaction but make a notification to MLCU/NBI. MLCU/NBI can instruct the bank to suspend a transaction for five banking days. If the police does not intervene during that period, the bank has the right and obligation to complete the transaction. 13 Finland

21 11. IDENTIFICATION a) Identification threshold amount Customers must always be identified when the transaction exceeds EUR 15,000. The customer must always be identified at the start of a permanent business relationship (e.g. opening of an account, rental of a safe-deposit box, etc). In the event of any suspicions regarding a transaction, identification is always required. Details of the background and purpose of the transaction are required. b) Means of identification Valid identification documents are: - Natural persons identity card issued by the police; driver's licence; passport; bankcard with photo; health insurance card with photo. - Legal persons extract from trade register; articles of association; extract from the minutes which include the decision to open the account. - Natural or legal persons acting for the account of a third person Banks ask for identification of any "middlemen" when the person carrying out the operation is not acting on his own behalf. The middleman s identification is checked by all appropriate means. c) Cases in which the identification requirement does not apply For transactions carried out in the framework of a permanent business relationship, not exceeding EUR 15,000 and when there is no suspicion of money laundering. The identity of a customer does not need to be checked if the payment included in a transaction is made from a customer s account with a credit institution or financial institution authorised in a Member State of the European Economic Area or with the branch operating in a Member State of the European Economic Area of a credit institution or financial institution not authorised in a Member State of the European Economic Area. The identity of a customer does not need to be checked if the customer is a credit institution, financial institution, investment company or life insurance company or a branch operating in a Member State of the European Economic Area of Economic Area. 12. STEPS TAKEN TO INCREASE AWARENESS OF THE PHENOMENON OF MONEY LAUNDERING The Finnish Bankers Association has produced new guidelines for banks; these are based on the new law and form the basis of new training material. The banks are responsible for training their own staff. 14 Finland