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Germany's Federal Financial Supervisory Authority has advised insurance providers to begin more thoroughly screening transactions for anti-money laundering purposes after finding that some of the policies they now offer pose a heightened risk of illicit finance. The country is home to two of the five largest insurance firms in Europe: Allianz, Talanx and Munich Re Group, the world's largest re-insurer. Until now, Germany's primary AML supervisor, also known as BaFin, has allowed insurers to conduct AML checks manually in light of their comparatively minimal exposure to financial crime to date. As a result, while many insurers have adopted automated tools...