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. The 200-page annual report by the regulator, also known as BaFin, showed a much deeper focus on the prevention of money laundering ahead of a global evaluation by the Financial Action Task Force, or FATF, next year, with particular attention paid to the steps financial institutions take to vet remote clients, monitor accounts and ensure AML compliance across their entire enterprise. "Triggers for an...
Germany's financial regulator is more thoroughly reviewing how domestic banks vet their correspondent clients amid reports of Deutsche Bank's indirect ties to illicit finance in the Baltic states, sources familiar with the agency's objectives told ACAMS moneylaundering.com.
The rigor with which real estate agents, notaries and even bankers in Germany pinpoint and report suspicious property transactions has come into question amid indications that criminals are increasingly using residential and commercial land deals to launder their profits, say sources.
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.