Submissions of suspicious transaction reports, or STRs, to the German government rose nearly 30 percent from 2017 to 2018, but real estate brokers, notaries, and other nonbank firms and professions remained poor contributors of financial intelligence. Germany's Financial Intelligence Unit drew criticism last year after accumulating a backlog of tens of thousands of unprocessed STRs following its transfer from the Federal Criminal Police Office to the Finance Ministry in June 2017. The relocation brought the FIU more autonomy and a much larger staff of 424 employees. Its latest annual report reflects the shortcomings and challenges that prompted the revamp, as...
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.
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.
The President of the Federal Financial Supervisory Authority warned supervised firms against false expectations towards the regulator, noting that it must continue to clarify which activities do and do not fall within the authority’s area of responsibility in terms of money laundering prevention.