Financial Crime Wave – Germany overhauls struggling FIU, Singapore tightens AML rules, and more


Financial Crime Wave – Germany overhauls struggling FIU, Singapore tightens AML rules, and more

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Posted by: Brian Monroe

By Brian Monroe
bmonroe@acfcs.org
July 21, 2018

In this week’s Financial Crime Wave, Germany overhauls its overwhelmed anti-money laundering financial intelligence unit with more staff, new powers, Singapore updates counter-crime compliance laws to capture more sectors, U.S. Congress tackles virtual value, and more.

FIUs

Germany overhauls chaotic national AML unit to tackle financial crime, terror alert backlog, with more powers, staff, leader

Germany’s new anti-money-laundering (AML) agency is being revamped just a year after its launch, after under-staffing and poor equipment led to a massive backlog of un-tackled cases, leading some to call the situation a national security nightmare and cause of global shame. Not surprisingly, Europe’s top economy is doubling down by nearly tripling staff, adding more powers to access and share important data and new authority to stop suspect transactions directly. Finance

... read more at: https://www.acfcs.org/news/410126/Financial-Crime-Wave--Germany-overhauls-struggling-FIU-Singapore-tightens-AML-rules-and-more.htm