GermanyThe G7 finance ministers and central bank governors issued a communiqué outlining a shared commitment to deeper multilateral economic cooperation, including support for a global minimum tax of at least 15 percent and the implementation Financial Action Task Force Standards.
Ministers from the G7 countries signed a joint statement ahead of a special session of the United Nations General Assembly against corruption, highlighting that corruption enables organized crime and economic crime.
Weekly Roundup: Latvia Assesses Record AML Fine, Germany Failed to Probe Wirecard SAR, and More
U.K. lawmakers propose AML carveout for certain fintechs, U.S. banks reminded to vet cryptocurrency companies, and more, in the weekly roundup.
German Supervisor Tightens Rules on Correspondent Payments and AML Outsourcing
Ahead of a global review of their country’s defenses against financial crime, German authorities are scrambling to eliminate gaps in anti-money laundering supervision revealed by the Wirecard scandal and Deutsche Bank’s struggles with compliance. (Getty Images)
Germany’s Federal Financial Supervisory Authority ordered the Berlin, Germany-based bank to implement appropriate anti-money laundering and counterterrorist financing internal controls and safeguards, including policies on compliance with general due diligence requirements.
Germany’s Federal Financial Supervisory Authority (BaFin) ordered Deutsche Bank AG to adhere to the customer due diligence obligations stipulated in the German Money Laundering Act.
| Technical | Effectiveness |
|---|---|
| Compliant : 5 | High : |
| Largely Compliant : 24 | Substantial : |
| Partially Compliant : 15 | Moderate : |
| Non-Compliant : 5 | Low : |
| Rank : 107/141 |
| Score : 4.42/10 |
| Rank : 9/180 |
| Score : 80/100 |
| Rank : 14/133 |
| Score : 52/100 |