BaFin requirements for monitoring systems AMLA: The requirements for monitoring systems are specified in Chapter 6 of the interpretation notes of the BaFin special section for credit institutions. These interpretative notes also have an impact on other obliged entities within the meaning of the AMLA.
What requirements does BaFin place on the...
Author: p400123
KYC as a Service: Meet German KYC requirements
Take control of your compliance processes with S+P KYC Service. By letting us take on the tedious task of customer identification and verification, you can focus your resources where they are needed most. Trust in our expertise and make KYC our business.
Efficiency through outsourcing:...
Who is liable for poor compliance?In BaFin’s April 2021 technical article, key points regarding liability in the event of a compliance violation were regulated. With S+P Compliance News you will receive the following BaFin interpretations:
#1 Does a board member have to fulfill all compliance duties himself?
#2 Who is the “legal...
Obligation to notify outsourcing at securities institutions: What is to be observed? The auditor must report separately on outsourcing of material activities and processes, taking into account the requirements set out in section 40 of the Securities Institutions Act. In doing so, a statement must be made as to whether the classification of...
Transfer Regulation for crypto assets is in force: Due to the increased risk of money laundering and terrorist financing in transactions with crypto assets, the corresponding application of the Money Transfer Regulation (GTVO) is ordered with effect from 01.10.2021. This will lead to new record-keeping requirements for crypto obligors as of...