Anti-money laundering for the financial industry

According to recent surveys, financial industry is one of the sectors in which compliance programmes are most widespread. With over 112,000 suspicious activity reports per year, the sector submits the majority of reports to the FIU. Of these, credit institutions alone accounted for more than 103 thousand in 2019. Capital management companies, financial services institutions, insurance companies and others account for only a fraction. This can sometimes be explained by the fact that compliance is associated with enormous costs and effort. However, developments in recent years, the planned expansion of the Federal Financial Supervisory Authority (BaFin) and the call for stricter supervision are increasing the pressure on the industry. 

Kerberos Compliance helps you to meet the requirements of the Money Laundering Act in a cost-effective way. Our digital solutions minimise your effort and compliance costs and can be easily integrated into your regular business operations.

"Vertrauensvoller Partner"

Benjamin Kußmann - Geschäftsführer bei der Qcoon Kapitalverwaltungsgesellschaft

„Das Team von Kerberos Compliance hat uns bei der komplexen Umsetzung zur Einhaltung der Vorgaben des GwG unterstützt, und begleitet kontinuierlich diesen Prozess bei uns im Haus. Wir bauen auf einen starken, vertrauensvollen Partner, aufgrund der umfangreichen Expertise und unbürokratischen Zusammenarbeit!“

Our solutions for financial industry

Simple, affordable and actionable.

We identify your business partners as well as investors and their investment structures using our digital solutions.

KYC checks

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We train your employees regularly to ensure a strong awareness of compliance issues.

Employee training

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We take care of the appointment of money laundering officers and all related tasks.

Money laundering officers

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For financial industry, we offer a 360° AML-compliance service in accordance with the Money Laundering Act using high-quality standardised procedures. Due to the high volume of reports, it is particularly important to ensure the quality of the reports so that the FIU can react to them as quickly as possible, and no business-damaging delays occur due to queries. Kerberos ensures the quality by involving digital KYC solutions and experts for processing cases.

To comply with all money laundering regulations, financial service providers must also rely on specially trained employees. They must be able to recognise so-called "red flags" when processing customer enquiries or onboarding new customers and investors. Through its own learning platforms, Kerberos not only ensures that you have access to learning content tailored to your needs, but also that your employees are regularly and automatically tested regarding their knowledge. At the same time, the skill level of your employees can be easily reviewed by desired positions in your company.

Our money laundering officers also ensure that your company complies with all regulations and obligations under the Money Laundering Act in the long term. We do not set up risk analyses and money laundering prevention concepts as a one-off, but review and update them regularly as soon as necessary.

Money laundering in Germany

Damage to the economy and reputation

Over 100 billion euros

are estimated to be laundered in Germany every year.

Why is the financial industry so attractive for money launderers? 

Attempts to launder money via the financial sector occur frequently as well as being reported. This is demonstrated by the statistics of the FIU, in which suspicious activity reports from the financial sector are several times higher than from the non-financial sector. Often these processes take place automatically. 

The low level of reporting by other members of the sector is particularly striking. There are various explanations for this - above all the fact that the number of transactions here, unlike in the banking sector, is much lower and therefore suspicious cases are less likely to arise. Another explanation is also significant: it is simply more difficult to detect sophisticated attempts in money laundering by other actors in the financial sector.

The financial services sector is diversified and international. Depending on the industry, large amounts of money are flowing and once successfully placed, the traces of the funds disappear as quickly as one can obtain proof of the origin of the funds. Money launderers use sophisticated schemes involving a mixture of straw men, cash deposits and transactions, financial transfers and foreign and domestic agents. The effort involved can be vast, but in return large sums can be laundered quickly; sanctions can be circumvented, and incriminated funds can be channelled into the legitimate economy.

Which precautions against money laundering are taken by lawgivers?

First and foremost, the legislator is focusing on strengthening the supervisory authorities, for instance for financial service providers, the BaFin (Federal Financial Supervisory Authority). This authority is to be expanded and reinforced with more employees in the next few years. In addition, it is being examined to what extent stakeholders, who are not allocated to the financial sector and thus subject to BaFin's control - this includes, for example, financial companies and insurance intermediaries - could be supervised more closely. The Wirecard case has led to a greater awareness of money laundering, which primarily affects the FinTech sector.

It can therefore be assumed that in addition to increased international cooperation among supervisory authorities and organisations such as the "Anti Financial Crime Alliance" - which also includes Kerberos as a member - strengthened institutions such as the BaFin, the circles of obligated parties or their obligations and assigned supervisory authorities will also be addressed further in the future.

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Your point of contact for the financial sector – Yama Etminan

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