The impact of a modest, though unprecedented, fine against an anti-money laundering officer in Germany last year is apparently still felt by the country's bankers, who are now lobbying federal lawmakers to scrap individual liability before the EU's latest AML directive takes effect.
Legislation up for debate in Germany would prompt banks to review and possibly reconsider their correspondent ties with financial institutions in several EU nations, including Malta, Latvia and Cyprus, sources told ACAMS moneylaundering.com.