4. EU Money Laundering Directive and money laundering prevention

According to estimates by the OECD, each year illegally gained assets valued at more than 50 billion euros make their way into the legal economic cycle. Germany is thus one of the most popular industrialized nations for money-laundering activities. The protection of personal data guaranteed by the constitution and a large amount of cash in circulation as well as difficulties in monitoring financial transactions that come with this are just some of the reasons that the country is so attractive for money laundering.

The fourth Money Laundering Directive (EU) 2015/849 was published on 5 June 2015 in the Official Journal of the European Union. The Money Laundering Directive is intended to eliminate existing shortcomings in preventing money laundering and the financing of terrorist activities that were identified by the Financial Action Task Force (FATF) in Germany and other EU countries.

The following subject areas are affected by changes and additions to the Money Laundering Directive:

  • ƒƒStrengthening the risk-oriented approach ƒƒ 
  • Expanding the powers of sanction in the event of infringements upon the Directive ƒƒ 
  • Obligations to customers to exercise diligence are subject to stricter regulations ƒƒ 
  • Inclusion of data protection provisions ƒƒ 
  • Expansion of the scope of those to be covered by the Directiveƒƒ 
  • Improvement of the exchange of information with the European Supervisory Authorities
    and the Commission as well as between the reporting offices ƒƒ Specification of the requirements for e-money products as well as activities conducted on the internet

In the event of non-compliance with the legal provisions, the institutes face considerable consequences. Besides damage to their reputation, they should expect monetary fines, special audits and strict sanctions.

Roever Broenner Susat Mazars is the ideal partner for credit institutions and financial service providers of all sizes for the best-possible implementation of the requirements for preventing money laundering. We are very familiar with the topic from our activities as auditors and countless special audits at the behest of the German Federal Financial Supervisory Authority.

At Roever Broenner Susat Mazars we offer tailored advising with a comprehensive approach in order to protect your institute from organised crime as best as possible.

Our services at a glance:

  • ƒƒAssistance with the implementation of the fourth EU Money Laundering Directive ƒƒ 
  • Assumption of the role of Money Laundering Officer ƒƒ 
  • Implementation of internal protective measures and documentation thereof in accordance with regulatory requirements ƒƒ 
  • Preparation of a risk analysis
  • Quick check of the organisation to prevent money launderingƒƒ 
  • Preparation of a special audit in accordance with Section 44 of the Banking Act (KWG) ƒ
  • Conducting workshops and seminars on the prevention of money laundering that are tailored to the needs of our clients

If you have any questions regarding the services listed here, please contact the following contact partners directly.