Anti-money laundering: German regulator visited 70 banks in 2018
07 Feb 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.

“70 inspections [at credit instituitions] were carried out in 2018. These inspections include examining documents, holding discussions, and following up on how any identified shortcomings are being resolved,” BaFin’s Michael Thelen said in 24 January statement regarding a financial crime symposium in Germany.

“We are not working against you but tackling criminal activity together with you,” Thelen added.

Germany is looking to boost its AML defences amid criticism by anti-corruption campaigners who feel more needs to be done to tackle financial crime.

In December 2018, Transparency International Germany said a study it conducted showed that criminals are using the country’s real estate sector to launder billions of euros annually.

German police also raided the office of top German lender Deutsche bank, allegedly over money laundering issues related to the Panama Papers.

– Irene Madongo

Read more:

Germany: Massive money laundering in real estate, KYC, beneficial ownership issues – research

Deutsche Bank raided over money laundering, offshore Panama Papers trouble

Germany, France fail to fully transpose EU Fourth Anti-Money Laundering Directive (4AMLD)

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