Money laundering prevention in the insurance industry - underestimated risk with need for action

More than almost any other, the insurance industry is caught between growing regulation and the need to develop agile business models. While banks and capital market players are at the center of AML discussions,...

Trustworthy AI in the financial sector: efficiency gains without loss of control

Artificial intelligence is changing the financial industry - and with the development of so-called "agentic AI", the next major upheaval is imminent. Agentic AI systems can make decisions and carry out actions independently...

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...

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