The Financial Action Task Force (FATF), established by the G-7 and the European Commission, published its report on the state of anti-money laundering in Germany a few days ago. In the report, the German government received good ratings overall for implementing the recommendations of the law. However, the situation is less favourable with regard to the impact of the laws, i.e. the organization and equipment of the authorities and the efficiency of law enforcement. As far-reaching improvements are called for in this area, Germany is now under closer scrutiny and is required to report annually to the FATF on progress.
Should developments result in an impact on your auditing and reporting obligations, you are on the safe side with our automated KYC and AML solutions. As soon as action is required, we will initiate appropriate updates and provide them to you as soon as possible.