Newsletter 444 of 10 January 2017 Guides to Changes and internal directives
Dear Sir or Madam,
As is well known, a member has to inform VQF immediately of changes to the information about its business. The “Guides to Changes”, which can be found in the download area of our homepage, describe detailed, which information has to be reported and how VQF has to be notify. There is a guide for companies (VQF doc. no. 804.1) and a guide for natural persons (VQF doc. no. 805.1).
A new amendment to the guides specifies how changes of the business activity of a member have to be reported to VQF. Please note that such reports also have to be made even if the business activity is only changed partially, e.g. when expanding the offered financial services to new fields. In general, a change of business activity has to be declared in the next self-declaration. However, if the member takes up an activity in the area of money and asset transfer (money transmitting) or any activity which involves in any way crypto currencies (e.g. bitcoin), it has to notify VQF immediately.
Furthermore, members with more than 10 persons engaged in the AMLA sector have to issue internal directives for combating money laundering and terrorist financing (Art. 78 Para. 2 SRO-regulations). To support the members concerned, we have prepared an information leaflet (VQF doc. No 913.1) which can be found as well in the download area of our homepage. Members, which do not meet the minimum number of persons engaged in the AMLA sector, do not need to update existing internal directive and can suspend them instead.
Kind regards,
VQF
Financial Services Standards Association
Please note that only the German version is legally binding.