Germany's beleaguered financial intelligence unit has issued new guidance in a bid to reduce the volume of suspicious transaction reports, or STRs, that contain little or no valuable information for investigators. In a 5-page "key issues paper," seen by ACAMS moneylaundering.com, the FIU said that amid "steady and enormous growth" in the volume of STRs in recent years, German officials felt the need to pinpoint the types of financial activities local institutions frequently flag without having any concrete suspicions of financial crime. "The Financial Action Task Force's 2022 evaluation of Germany demonstrated, among other things, that the suspicious activity reporting...
Germany's financial intelligence unit has whittled down most of the country's latest embarrassing backlog of tens of thousands of unreviewed suspicious transaction reports since December, when the full extent of the problem came to light.
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