- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-27T13:55:00
Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.
Details regarding the new office were set out in a draft law viewed by Reuters and AML Intelligence. The German finance ministry did not respond to requests from Compliance Week to view the draft law.
The office is set to begin operations in 2024 and have nearly 2,000 employees, according to the reports. Germany’s finance ministry has budgeted more than 700 million euros (U.S. $772 million) toward its implementation.
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The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.
The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
