#rethinkcompliance Blog

#rethinkcompliance Blog

21.12.2021 | Natalie Hürler & Pinar Karacinar-Gehweiler


Pandora Papers, Panama Papers etc.: Impulse for Change or Just Lip Service?

Another financial scandal that has outraged people worldwide. As usual, those involved are the rich and powerful who use letterbox companies in tax havens to hide their assets from the tax authorities. The most explosive aspect of the revelation of the Pandora Papers was the involvement of high-ranking politicians, whose job it is to prevent this kind of economic crime.

16.12.2021 | Karl Stefan Eggarter

AML, Fraud, Organised Crime

Russia’s Long Shadow

The National Situation Report on Organised Crime 2020, published by the German Federal Criminal Police Office (BKA), puts Russian-Eurasian organised crime back in the spotlight. In the following, we will take a detailed look at this and at those countries in which Russian influence is still noticeable to this day due to their special geographical location and history.

06.12.2021 | Pinar Karacinar-Gehweiler


What Are the Consequences of Turkey’s Inclusion in the FATF Grey List?

On 21 November 2021, Turkey was placed on the so-called “grey list” by the Financial Action Task Force (FATF) alongside Mali und Jordan because its anti-money laundering and counter-terrorist financing (AML/CFT) measures were assessed as insufficient.

15.10.2021 | Uwe Weber


FIU Annual Report 2020 – The Consequences of Covid-19 (Part 4 of 6)

The Financial Intelligence Unit's (FIU) Annual Report shows that in the period March to December 2020, around 11,200 suspicious activity reports (SARs) were filed in relation to Covid-19 emergency assistance wrongly paid by obliged parties. Of these, the FIU identified around 9,500 reports as attempted fraud.

11.10.2021 | Uwe Weber

AML, FIU, Hawala

FIU Annual Report 2020 – The Phenomenon of Hawala Banking (Part 3 of 6)

Hawala banking, also known as "underground banking", has a centuries-old tradition and exists in many countries as a parallel system to traditional banking. The fact that this system can also be used for the purpose of money laundering or international terrorist financing is not a new discovery. The FIU has now taken up and addressed this unregulated money transfer in its annual report 2020.

04.10.2021 | Uwe Weber


FIU Annual Report 2020 – Trade-Based Money Laundering Vulnerability (Part 2 of 6)

In its recently published Annual Report 2020, the German FIU also addressed the issue of Trade-Based Money Laundering (TBML). It presents two case constellations as examples which are quite common in the international context and may be assumed as already known typologies by the obliged parties under the German Money Laundering Act (GwG). Nevertheless, the examples show that such situations require a high degree of manual control activities and pose great challenges for the obliged parties.

27.09.2021 | Uwe Weber


FIU Annual Report 2020 – Financial Crime on the Rise? (Part 1 of 6)

On August 19, 2021, the Central Customs Authority published the Financial Intelligence Unit (FIU) Annual Report for the reporting year 2020, which aims to provide information on which economic sectors in Germany are particularly under the influence of (financial) criminal activities.

26.08.2021 | Daniel Günzel

AML, Cloud

Compliance in the Cloud - Opportunities and Risks

Software is always a moving target. Software cannot be tangible at all times but is subject to constant further development and enhancement. Even Microsoft announces a new Windows release after having promised to have a final version 10 with incremental upgrades. In the AML compliance sector, i.e., AML, KYC and transaction screening, after a successful go live the next upgrade or migration project is already in progress since new regulations and security features demand enhanced versions. When selecting a new compliance system, there are many questions to be asked - one of which is the "cloud question".

13.08.2021 | Mirko Janyga

AML, BaFin

Item 6 of the AuA BT - BaFin Concretisations on Monitoring Systems helpful

On June 8, 2021, the German Federal Financial Supervisory Authority (BaFin) concretised the legal obligations for obliged entities pursuant to Section 2 (1) No. 1 of the German Anti-Money Laundering Act (GwG) with the publication of the Interpretation and Application Guidelines (AuA) for credit institutions. As already outlined in the blog post by my colleague Uwe Weber, item 1 of the AuA BT (special section) imposed on credit institutions that the origin of funds in cash transactions must be clarified and the associated verification and documentation obligations must be applied by August 8, 2021.

12.08.2021 | Mirko Janyga


Malta on the FATF's Grey List - Consequences for Obliged Entities according to AMLA

Malta – the centre of criticism for years. As the first EU member state, the country has recently made it to the grey list of the Financial Action Task Force (FATF) due to increased and persistent money laundering and terrorist financing risks. The "grey list" is a global list of countries under increased scrutiny for deficiencies in the implementation of FATF standards.