Featured Germany

Britain urges Germany to ease curbs on arms sales to Saudi

AP — Britain’s top diplomat has urged Germany to relax its ban on arms sales to Saudi Arabia because they are affecting U.K. sales of weapons to — and by extension its influence with — the oil-rich kingdom. The German weekly Der Spiegel reported Wednesday that British Foreign Minister Jeremy… Read More

Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results

Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More

Germany warns it will stop extradition of its citizens to UK after Brexit – FT

Berlin will stop extraditing Germans to Britain immediately after Brexit even if it leaves the European Union with a deal, the Financial Times reported on.ft.com/2DPMBED on Sunday, citing a formal notification submitted by Germany to the European Commission last week. By Kanishka Singhm, Reuters, 17 February 2019. Link to… Read More
19th February 2019
Germany has opened a consultation process on how to tap into the potential of blockchain technology ahead of presenting a strategy by the summer, government sources said on Monday. Berlin is a hub for startup companies of which around 170 in one way or another look at blockchain, the distributed… Read More
19th February 2019
Serial production of Russia’s first post-Soviet mainline commercial aircraft will be delayed by a year due to U.S. sanctions, the head of state-owned industrial conglomerate Rostec said on Monday, Russian news agencies reported. Russia hopes the MS-21, a twin-engine, medium-range passenger plane, will give Boeing and Airbus a run for… Read More
19th February 2019
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from… Read More
15th February 2019
FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More
12th February 2019
Deutsche Bank has sharply scaled back its role as a correspondent bank, an executive said on Monday of a business line that has dragged it into a money laundering scandal involving Danske Bank. Deutsche Bank’s global correspondent banking portfolio is now around 40 percent smaller than it was in 2016,… Read More
11th February 2019
A new scheme that trains bank staff to spot the signs of a scam and help customers deemed at risk has helped prevent £38 million in fraud, an industry group said. Under the Banking Protocol, staff can request an immediate police response to the bank if they believe someone is… Read More
8th February 2019
Deutsche Bank has been accused of deliberately refusing to shed light on its financial crime issues to an EU committee investigating money laundering and other financial crime in the bloc. In recent months, the top German lender has been named as one of the main banks linked to the… Read More
7th February 2019
Germany’s banking watchdog BaFin conducted 70 inspections at financial firms in 2018 regarding compliance with anti-money laundering (AML) and counter financing of terrorism (CFT) provisions. Such inspections tend to focus on ‘key areas’ and are conducted on the basis of current events or the particular features of an institution. Read More
5th February 2019
France, Germany and the United Kingdom (E3) have announced the creation of a new platform aimed at facilitating legitimate trade between European firms and Iran, which will operate under the ‘highest standards’ of financial crime compliance, officials said. Called INSTEX SAS (Instrument for Supporting Trade Exchanges), the special purpose vehicle… Read More
1st February 2019
In Frankfurt and Paris, the flood of banking jobs predicted to arrive after Brexit is, for now, little more than a trickle. An analysis of job postings on eight of the world’s major investment bank websites show a modest push to recruit staff in other European cities but little to… Read More