It criminalizes money laundering related to narcotics trafficking, fraud, corruption etc. It also increases due diligence and reporting requirement for banks and financial institutions.
German Banks must report suspected money laundering to the Financial Intelligence Unit. Germany has identified the risk of financial crime and has taken precaution in the past. German regulator BaFin treated virtual currencies as financial instruments, stating that bitcoin and related assets are "units of account" similar to artificial currencies. So in Germany, these are equal to special drawing rights that are not legal tender but can be used for payments. Buying or selling in virtual currencies requires a financial services license under the German Law. Let us understand the emerging money laundering challenges in Germany.
Let us understand that how CAMP helps in Germany ?
AML Certification in Germany
Certified Anti-Money Laundering Professional (CAMP) is one of the best international certification in AML domain. In order to take the course global, the team of Regtechtimes Academy entered into an agreement to offer the certification program to the global compliance officers. Regtechtimes Academy in association withRiskpro Learning offers the Certified Anti Money Laundering Professional (CAMP) program to the international community. Regtech Times Academy accreditation is known worldwide. This course was initially started to address the provisions of Prevention of Money Laundering Act. Certified Anti Money Laundering Professional is an interesting experience for the compliance professionals.Money laundering in Germany is becoming an on going problem.