Topic Anti-money laundering Closer supervision of money laundering
Article from BaFin's 2017 annual report
BaFin further tightened its supervision of money laundering in 2017, establishing two new divisions, which supervise in particular large and complex credit institutions more closely. In addition, BaFin created its own dedicated group of auditors so that it can increasingly use its own personnel to perform money laundering audits. This will allow BaFin to conduct significantly more special audits in the fight against money laundering in coming years. However, these audits will focus on preventive work rather than complete system audits. Early indications from 2017 are encouraging: BaFin's auditors gained their own insights in the field, while employees in the credit institutions used the opportunity to get first-hand information from the supervisors on BaFin's requirements. In 2017, BaFin also intensified the supervision of branches of foreign institutions domiciled in the EU and of subsidiaries of institutions from third countries.
