Do you want to make your company future-proof and prevent heavy fines by compliance? In order to permanently fulfil all obligations under the Money Laundering Act (AMLA), you need a mixture of trained staff, experts and digital technical infrastructure. Kerberos Compliance can help you achieve full AML compliance.
Rely on our extensive experience in money laundering prevention, spanning years and industries. Backed by digital, automated processes, expert knowledge and years of experience in dealing with regulators, there is nothing standing in the way of achieving your AML compliance quickly and cost-effectively.
Creation, revision and periodic review
Development, maintenance and implementation
tailored to your industry and needs
Submission of suspicious activity reports and accompaniment during inspections
Contact person for compliance with money laundering regulations
Anonymous reporting of internal compliance violations by employees
via app for natural and legal persons
Checking transactions for money laundering and terrorist financing
According to the Money Laundering Act (GwG), money laundering is not only punishable if it exceeds a certain amount. For the legislator, it is also insignificant to a large extent whether cash or non-cash transactions are involved. Money laundering finances organised crime and global terrorism, and this should be prevented in any case. For this reason, there are a number of complex obligations that do not always make it easy for obligated parties to achieve full AML compliance. Non-compliance with the Money Laundering Act is still widespread. Increasingly, the authorities are imposing heavy fines because of it.
Estimates put the amount of incriminated money in Germany alone at around 100 billion euros per year. Almost all sectors are affected by money laundering. Due to European money laundering directives, the German government is continually tightening the relevant laws. These concern, among other things, the expansion of the circles of obligated parties, the tightening of reporting requirements as well as the elimination of the definition of predicate offences to money laundering that are relevant under criminal law. Regulators are increasingly concerned about the impact of the Corona crisis on money laundering activities. The economic hardship of some obligated parties could be exploited by organised crime. Lawmakers are also concerned about the revelations in the Wirecard case and the FinCEN files. In 2021, Germany will be audited by the FATF for compliance and implementation of measures to combat money laundering, terrorist financing and profiling. The threat of reputational damage if any deficits are disclosed is currently exerting additional pressure for increased monitoring of compliance with the legal requirements among obligated parties.
Money laundering is considered to be the channeling of incriminated - i.e. illegally acquired - funds into the legal economic cycle. Money laundering is divided into three phases: The injection (placement), the concealment (layering) and the integration (integration). We will illustrate this process with an example of money laundering in the motor vehicle sector: A customer orders several cars from a car dealer and makes the down payment in cash (placement). Shortly before delivery, the customer cancels the order and has the deposit repaid by bank transfer (layering). Afterwards, the alleged customer can invest the money laundered in this way further into the legal economic cycle (integration), as he has a proof of origin through the repayment of the down payment of the cars at the car dealer. The legislator therefore starts the fight against money laundering at the placement stage. Car dealers, too, must first identify their customers if they are seriously interested in buying and subject them to a risk analysis.
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