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Combatting money laundering, terrorism financing, fraud, and sanctions violations

Money laundering prevention and combating terrorism financing are not only central regulatory requirements and major challenges for banks and financial service providers: Since the 5th EU Anti-Money Laundering Directive, the circle of obligated entities has expanded, now including adjacent service providers such as cryptocurrency providers or rental brokers. Further changes to combat money laundering and terrorism financing in the EU include increased transparency requirements regarding beneficial ownership and enhanced due diligence obligations for transactions involving high-risk third countries. Non-compliance with these requirements can result in fines of up to 10% of a company's total annual turnover. Given these legislative requirements, it is undeniable that companies require effective processes and structures to combat money laundering and terrorism financing - but what exactly should be considered in this regard?

Overview
Key Levers

Obligations in Anti-Money Laundering Prevention

The obligations for anti-money laundering and counter-terrorism financing stem from various laws such as the Money Laundering Act (GwG), requiring transparency and security measures. A risk-based approach is central, obliging entities to have effective risk management and conduct risk analyses. This includes documenting, regularly reviewing, and updating risk analyses, as well as providing them to supervisory authorities. Internal security measures aim to control and mitigate risks, including developing principles, procedures, controls, and training employees.

Key Levers in Anti-Money Laundering Prevention

Our experience has shown that there are five key aspects in anti-money laundering prevention: employee reliability and expertise, supported by regular training, are crucial. Product design requires thorough assessment for money laundering susceptibility, especially for new products. Customer screenings and adjustments to the KYC process, along with regular reviews, can significantly reduce money laundering-related risks. Monitoring, filtering, and validating transactions, as well as investigating suspicious cases, require special attention, with new technologies enabling efficiency gains without increasing workload.

Success Factors

Efficient Regulatory Management

Conversely, it remains a common challenge for financial service providers to manage high manual processing efforts associated with numerous, inflexible legacy systems, redundant structures, and complex, dynamic regulations. By leveraging Lean Management and the adoption of new innovative technologies, these issues can be addressed, opening up new opportunities for effective and efficient Regulatory Management. Classical Lean Management aims to create value without waste, prioritizing customer orientation, highly efficient processes, and the pursuit of perfection. The use of cutting-edge technologies to support Regulatory Management functions (RegTech) leads to a relief of regulatory processes, increased efficiency, and heightened effectiveness. For more in-depth information, feel free to explore our E-Booklet on this topic.

 

4C E-Booklet: Compliance Efficiency

Introduction and overview of "Compliance Efficiency" and Regulatory Technology.

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Our Approach

How We Support You

With our expertise and years of experience, we offer you targeted services for anti-money laundering projects. From customer onboarding and the KYC process to transaction monitoring and suspicious activity management, we enable you to successfully address your change needs. This also includes setting up and managing comprehensive initiatives such as awareness training for employees and executives. What do we never lose sight of? The focus on maximum effectiveness and efficiency of processes and structures.

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More Topics

Fighting fraud and corruption

Prevention in the fight against fraud and corruption

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Compliance Strategy

Compliance with Foresight: Secure Your Business, Shape the Future

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DORA - Digital Operational Resilience Act

EU regulation to strengthen the resilience of financial services institutions to ICT and cyber risks

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Your Experts

Dr. Heiko Mauterer

Senior Partner

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Daniel Lovric

Partner

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Jobs @ 4C

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We would like to point out that this website only provides a limited insight into our services. Our expertise and range of services cannot be fully represented on this platform. For personalized advice and to address your specific concerns most effectively, we warmly invite you to contact us directly so that we can offer you tailor-made solutions.

Thank you for your trust. We look forward to hearing from you.

 

Claudia Bauer


+49 89 599 882 0

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Maike Ring


+49 89 599 882 0

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