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12:37 Oct 23, 2000
German to English translations [PRO] Bus/Financial - Finance (general)
German term or phrase:wirtschaftlich Berechtigten
Wird die Identifizierungspflicht auch hinsichtlich des wirtschaftlich Berechtigten beachtet?
This appears on a checklist aimed at employees of financial institutions used to increase awareness/prevent money laundering. They have an obligation to identify certain customers in specific situations but what sort of person is a "wirtschaftlich Berechtigten"?
Explanation: For once, a word-by-word translation fits the bill!
It is neatly explained on a web site explaining the procedures carried out at the German border to prevent money laundering:
"If it is not his own money, the traveller must indicate for whom he is transporting it (the person who is economically entitled)."
URL given below.