Germany's Federal Financial Supervisory Authority conducted 90 anti-money laundering related audits of firms outside of the normal examination cycle last year after launching just 44 such reviews in 2017, the regulator disclosed in a report Monday.
Germany’s financial intelligence unit has cleared a backlog of thousands of unprocessed suspicious transaction reports, or STRs, but still faces an uphill struggle to regain the confidence of bankers and compliance officers, sources told ACAMS moneylaundering.com.
The President of the Federal Financial Supervisory Authority warned supervised firms against false expectations towards the regulator, noting that it must continue to clarify which activities do and do not fall within the authority’s area of responsibility in terms of money laundering prevention.
May 7, 2019
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