CSSF AML/CFT Conference 2025 dedicated to investment firms

The Investment Firms Supervision Division of the Commission de Surveillance du Secteur Financier (CSSF) recently organized its annual AML/CFT conference at the Luxembourg Chamber of Commerce. In cooperation with the Luxembourg...

Trump administration weakens US anti-money laundering laws

For decades, the USA was regarded as a global role model in the fight against money laundering and financial crime. However, with Donald Trump taking office again, the American anti-financial crime system is undergoing a profound change: central...

NEW BAFIN REQUIREMENTS: CHANGES IN RISK MANAGEMENT UNDER THE MONEY LAUNDERING ACT

The updated interpretation and application notes on the Money Laundering Act bring with them significant innovations and additions. In the following, we offer a compact summary of the main changes in the area of risk management. Risk management...

BAFIN'S AML REVISION: IMPACT ON FIRST AND SECOND LINE OF DEFENSE

On November 29, 2024, BaFin published an updated interpretation and application note on the German Anti-Money Laundering Act ("AMLA"), which will come into force on February 1, 2025. With this long-awaited update, BaFin is pursuing the goal of...

BaFin measures against PAYONE - What does this mean for the future of the payment service provider?

The financial supervisory authority BaFin has once again identified serious deficiencies in Payone's anti-money laundering and IT processes. This has led to increased capital requirements and the appointment of a special representative. But what does...

Germany's fight against money laundering: big plans, meagre results

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Germany is repeatedly criticized internationally for inadequate measures to combat money laundering. The Financial Action Task Force (FATF) regularly attests to the country's considerable deficits. Every year, according to...

The role of the banking sector in the fight against money laundering - findings from the FIU Annual Report 2023

The Financial Intelligence Unit (FIU) has highlighted significant progress and challenges in the fight against money laundering and terrorist financing in its 2023 annual report. The banking sector plays a central role in this, both...

CSSF STRENGTHENS FINANCIAL CRIME PREVENTION EFFORTS

The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has intensified its efforts to combat financial crime in 2023, according to its annual report. The supervisory authority focused...

Perpetual KYC and the use of Artificial Intelligence (AI)

A comprehensive KYC (Know Your Customer) process can and should be an integral part of a customer's risk assessment. It ensures that banks and other money laundering obliged entities verify the identity of their customers...

mwb fairtrade Wertpapierhandelsbank digitizes KYC processes with YourKYCplus from CURENTIS

mwb fairtrade Wertpapierhandelsbank AG is a securities service provider licensed by BaFin and is one of the most experienced capital market service providers in Germany. In addition, mwb supports medium-sized companies in the...

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T: +49 (0) 6171 - 95 598 0

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