Regulators from the United States should directly consult with German counterparts about fines they plan to impose on German banks, an anti-money laundering (AML) supervisor at Germany's financial watchdog said. Financial penalties imposed by U.S. agencies can impact not just American branches but also operations in Germany too, according to Hans-Martin Lang, vice head of the AML division, at the Federal Financial Supervisory Authority (BaFin), and dialogue would be "useful". Lang said that advance notice would improve data sharing and allow German regulators to evaluate the charges. "The fines the U.S. has imposed on German banks relate to deficiencies regarding...
Ahead of Tuesday's debate on the provisions of the EU's Fourth Anti-Money Laundering Directive, German banks' challenges include identifying transactions connected to terrorism and conducting CDD on beneficial owners, according to a senior German official.
Germany's second-largest bank will pay $1.45 billion to U.S. law enforcement agencies and regulators and fire multiple employees to settle charges that it violated sanctions laws and anti-money laundering rules.
With the $536 million penalty for sanctions violations still fresh in the minds of compliance officers, Credit Suisse faces new problems. On Sunday, Reuters reported that Germany is currently investigating 1,100 Credit Suisse clients for suspected tax evasion violations.