We study the electronic and magnetic properties of monolayer Fe₃GeTe₂ within the DFT+DMFT approach in the paramagnetic phase. We argue that this compound is sufficiently far from the local magnetic moment limit, demonstrating non-linear temperature dependencies of the partial inverse local and uniform magnetic susceptibilities in a broad temperature range. We find that in the regime of moderate Coulomb interactions (U=3-4 eV), the iron atoms located above and below the Ge plane carry a substantial local magnetic moment (μ ≳ 4.5 μ_B), while the iron atom located within the Ge plane does not exhibit any pronounced magnetic moment. At the same time, the RKKY-type exchange interactions between these two symmetry-nonequivalent types of atoms turn out to be crucial for stabilizing long-range ferromagnetic order in Fe₃GeTe₂. The estimated spin-wave stiffness and Curie temperature are in good agreement with the experimental data, indicating that a dynamical treatment of electron correlations in Fe₃GeTe₂ is essential to properly describe its partially itinerant magnetic behavior.