by Jyotsna Bucktowar | Aug 21, 2024
BaFin’s crackdown involved coordinated raids across 35 locations in Germany, seizing 13 unregistered cryptocurrency ATMs operating illegally under Section 32 of the German Banking Act. These ATMs facilitated euro-crypto exchanges, posing significant risks to the...
by Jyotsna Bucktowar | Jul 25, 2024
Germany’s financial regulator, Bafin has warned Solaris Bank to improve its AML measures or face a fine, citing deficiencies in its financial crime controls, including ML prevention, reporting, outsourcing management, and IT. Multiple audits have uncovered these...
by AdrianaAMLP | May 21, 2024
BaFin had found that the institute systematically submitted suspected ML reports late in 2022. The regulator stated that credit institutions are required to notify any suspicions they may have about a transaction having to do with ML/TF…
by AdrianaAMLP | Feb 7, 2022
The aim is to prevent money laundering. This can only be achieved if supervisors, money laundering officers and the FIU continue to act in concert. And if the rules in Europe are harmonized. This became clear at this year’s symposium on AML supervision,...
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