AML in the News

BaFin is checking Deutsche Bank AML controls

According to Reuters, the German regulator, BaFin, is looking into whether Deutsche Bank needs to tighten up its Anti Money Laundering (AML) controls.  The regulator is apparently concerned at potential delays in reporting suspicious cases to the police.  Whilst both BaFin and Deutsche Bank wouldn’t comment specifically on the report to Reuters, the Bank did say that “in light of changing regulatory requirements, Deutsche Bank is expanding its capacities and systems continuously. We cooperate closely with authorities globally.”

AML practices outside of the financial sector

But AML is not just for banks and financiers as The Conveyancing Association in the UK is only too well aware.  The Association has recently put AML in the forefront of its members’ minds by scheduling it at the top of its workshop agenda.  Leading the workshop, solicitor Bill Jones said “Those dealing with property transactions on a day-to-day basis are often targeted by sophisticated criminals who are seeking to disguise the proceeds of crime though the conveyancing process.  The statutory and regulatory anti-money laundering obligations on conveyancers are both onerous and compulsory. Failure to comply is a serious matter.”

Anti-Money Laundering in Africa

Elsewhere, the Ugandan Independent reports that at an AML workshop organised by Standard Chartered Bank the Government was urged to sign the Ugandan AML bill into law, a move which would put it in step with the rest of the East African community.

If you want to learn more about the latest trends in Anti Money Laundering you can attend a Eureka Financial course on AML which provides an overview of AML international standards, AML risks and risk management expectations and industry sound practices.

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Eureka Financial offers over 100 public and in-house training courses in banking and finance, corporate finance and M&A, risk management, operations, investments, wealth management, soft skills and management. For more details visit: www.eurekafinancial.com

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