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Germany's primary anti-money laundering regulator has warned banks and payment services providers to stop weakening their controls for combating the financing of terrorism, also known as CFT, by folding and subordinating them into their AML programs. After determining that dozens of banks and payment services providers did not distinguish the unique threats of terrorism-related illicit finance from those presented by money launderers, the Federal Financial Supervisory Authority, also known as BaFin, publicly called on financial institutions to bolster their CFT defenses by making them independent. "The financial sector must deal more closely with institution-specific risks to avoid being misused for...