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Ahead of EU Vote, German Banks Focus on CDD and CFT, Says Regulator
printAhead of Tuesday's debate on the provisions of the European Union's Fourth Anti-Money Laundering Directive (AMLD) in Brussels, German banks' challenges include identifying transactions connected to terrorism and conducting comprehensive due diligence (CDD) on beneficial owners, according to a senior official with Germany's financial oversight body. Preventing terrorists from sending and receiving funds is a priority of the Fourth AMLD and identifying terrorists remains a difficult task for Germany's banks, which often must rely on EU lists to know if they're dealing with a terrorist, said Hans-Martin Lang, vice head of the AML division at the Federal Financial Supervisory Authority,...
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