In Germany, securities service companies are required by supervisory law to verify and record the identity of the client before executing an order. Banks must also verify and document the identity of the applicant when opening an account in accordance with Section 25a of the German Banking Act (KWG). This is prescribed and monitored in detail by the Federal Financial Supervisory Authority through corresponding guidelines. – See Address Spoofing, Authentication Requirement, Bank Information, Observation Note, Money Laundering, Hawala, Identity Theft, Account, Anonymous, Account Disclosure, Account Blocking, Customer Data Information Requirement, Nominee, Payment Transactions Ordinance, Second ID Card. – Cf. BaFin Annual Report 2004, p. 80 f. (“Know Your Customer-Risk Management”), BaFin Annual Report 2009, p. 235 (identity verification in the course of money laundering requirements), and the respective BaFin Annual Report, chapter “Cross-Sectional Tasks.”
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