It criminalizes money laundering related to narcotics trafficking, fraud, corruption etc. It also increases due diligence and reporting requirement for banks and financial institutions.
German Banks must report suspected money laundering to the Financial Intelligence Unit. Germany has identified the risk of financial crime and has taken precaution in the past. German regulator BaFin treated virtual currencies as financial instruments, stating that bitcoin and related assets are "units of account" similar to artificial currencies. So in Germany, these are equal to special drawing rights that are not legal tender but can be used for payments. Buying or selling in virtual currencies requires a financial services license under the German Law. Let us understand the emerging money laundering challenges in Germany.
Let us understand that how CAMP helps in Germany ?
AML Certification in Germany
Certified Anti-Money Laundering Professional (CAMP) is one of the best international certification in AML domain. In order to take the course global, the team of Regtechtimes Academy entered into an agreement to offer the certification program to the global compliance officers. Regtechtimes Academy in association withRiskpro Learning offers the Certified Anti Money Laundering Professional (CAMP) program to the international community. Regtech Times Academy accreditation is known worldwide. This course was initially started to address the provisions of Prevention of Money Laundering Act. Certified Anti Money Laundering Professional is an interesting experience for the compliance professionals.Money laundering in Germany is becoming an on going problem.
The should start with the Deutsche Bank, the biggest money laundering bank of the world.
https://www.bloomberg.com/news/articles/2020-10-13/deutsche-bank-fined-by-german-prosecutors-in-danske-bank-probe
https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme
I am sorry i saw this response late. Thank you for these articles. I just read these articles. This is terrific. The Certified Anti Money Laundering Professional program which i have mentioned in my post covers much detailed commentary on the money laundering scandals in Europe. Keep posting.
@interpretation, its a quite a good initiative. The financial crimes are causing a big discomfort in the society. It would be glad to see you writing towards the financial crimes in virtual currencies and cyber financial crimes as well.
@gimmetricks thank you for understanding the issue. Financial crimes is going bigger and borderless and the money laundering techniques are growing very sophisticated. This is a bigger issues that we think. Under this issue i am planning to have all the major countries and their challenges covered.
As i see you are very consistent in posting the AML related content on #proofofbrain platform. You have a good way to present it. Why dont you try the #pob frontend instead of others. I am not sure which front end you are posting it. But on #pob you compete with a very small amount of competition in the given tags. May be AML could be another tag.