Germany's financial regulator is more thoroughly reviewing how domestic banks vet their correspondent clients amid reports of Deutsche Bank's indirect ties to illicit finance in the Baltic states, sources familiar with the agency's objectives told ACAMS moneylaundering.com.
Germany's financial intelligence unit may soon be given the keys to confidential information kept by tax authorities, the country's finance minister said, but in return must provide law enforcement broader access to its own data to avoid any further operational delays.
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.
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