BaFin Annual Report 2024 – Anti-Money Laundering Remains a Top Supervisory Priority
Money laundering poses a serious threat to the stability and integrity of the financial system. The German Federal…
Flood of suspicious reports: Introduction of minimum content requirements with the GwGMeldV
The number of suspicious activity reports submitted to the Financial Intelligence Unit (FIU) in accordance with Sections 43(1)…
The EBA draft on the AML package – Change is the only constant
On 6 March 2021, the European Banking Authority (EBA) opened a consultation on draft Level 2 texts under…
AMLA – The EU’s new anti-money laundering authority
The Anti-Money Laundering Authority (AMLA) will gradually become operational from mid-2025. Direct supervision of a certain group of…
Insurance intermediaries as obliged entities under money laundering law – modern distribution models, open questions and the future rules of the AMLR
Insurance intermediaries must comply with the obligations under money laundering law if they broker life insurance policies within…
German Law on the Digitalization of the Financial Market (FinmadiG) Finally Adopted by the Bundestag
In an unexpected turn of events, and a bit like an early Christmas gift, the Bundestag approved the…
New BaFin AuA AT on the Anti-Money Laundering Act! (incl. compare version)
The comprehensively revised interpretation and application guidelines for the General Part (the “AuA AT”) of the Anti-Money Laundering…
Useful reading: Practical solutions for efficiently preventing money laundering
The challenges in the area of anti-money laundering law are constantly increasing. To meet the ever-growing regulatory requirements,…
Analysis of the EBA Report on Virtual IBANs following the entry into force of the new AML Regulation
1. BACKGROUND The International Bank Account Number (“IBAN”) was introduced in 1997 by the International Organisation for Standardization…
Material legal framework that payment service providers in the area of anti-money laundering law need to know 3.0
We already provided you with an overview of the material legal provisions that are relevant for payment service…
Blank slate in anti-money laundering law for insurance holding companies
BaFin’s recently published consultation on an amendment to its Application and Interpretation Guidance (AuA) on the Money Laundering…
AuA 2.0: BaFin consultation on the application and interpretation of the Money Laundering Act
BaFin has published an updated version of its application and interpretation notes on the Money Laundering Act for…
AML package (5) – exception for tied credit intermediaries?
The EU AML package was published in the Official Journal of the European Union on 19 June 2024.…
News on the prevention of money laundering and terrorist financing by insurance companies
If insurance companies conduct transactions with an affinity for money laundering/terrorism financing (especially life insurance transactions, products with…