Once a report has been issued, and during the period of the asset freeze, a financial intermediary is moreover not entitled to inform:
- the affected parties (i.e. contracting party, beneficial owner, authorised representative) or
- third parties (all addressees, with the exception of the Report Office)
about the fact of the report pursuant to Art. 9 GwG (cf. Art. 10a GwG). The purpose is to prevent the affected parties being forewarned.
Breach of the prohibition of information
In other respects a financial intermediary has the right, but not the obligation, to inform another financial intermediary, insofar as he is not able to block assets himself because these have been entrusted to another financial intermediary (e.g. depositary bank in cases of external asset management).
Finally, another financial intermediary may be informed about the fact of the report, insofar as this is required in order to ensure adherence to the obligations established by the GwG. The report shall also cause the other financial intermediary to be subjected to the prohibition of information. However, the precondition for the provision of information (cf. Art. 10a Para. 3 GwG) is that both financial intermediaries:
- jointly render services for a client on the basis of a contractually agreed cooperation in conjunction with his asset management; or
- belong to the same corporate group.
