Germany announces new Federal Financial Crime Agency

SRA releases guidance for firms in scope of the MLRs 2017
AML Report for 22-23 released by SRA

The German Government has announced that a new Federal Financial Crime Agency will be established as part of a set of reforms to strengthen the country’s fight against financial crime.

The following reforms have been announced:

  • Combined analysis, criminal investigations, and supervision within the FFCA;
  • Establishment of a Money Laundering Investigative Centre within the FFCA;
  • Use of state-of-the-art technology to fight money laundering;
  • Improved money laundering supervision in the non-financial sector;
  • Establishment of a training and professional development programme within the FFCA;
  • Improved quality of data in the Beneficial Ownership register; and
  • Introduction of administrative asset investigations.

Firms with operations in or with Germany should remain up-to-date with forthcoming reforms and any potential implications.

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