Financial institutions which legally don’t count as credit institutions are authorized to offer safe custody services as their principal activity. The Supreme Administrative Court recently ruled that also in cases where the financial institution doesn’t lock the safe itself, it is a safe custody service. Therefore, the provisions of the Financial Markets Anti-Money Laundering Act and the relevant provisions of the Banking Act also apply for “anonymous” safes accordingly. Financial Institutions must identify every customer who keeps a safe deposit box. (Ro 2017/02/0023)
No safe deposit box stays anonymous
