The prevention of money laundering and terrorist financing serves to protect against financial crime and is an important factor for an attractive business location. In addition to state supervisory and law enforcement authorities, private-sector players in the financial and non-financial sectors also play a central role in this.

The topic is particularly important at European level. On 20 July 2021, the European Commission published a comprehensive package of measures to combat money laundering and terrorist financing. This includes the draft EU Anti-Money Laundering Regulation, the draft for the 6th EU Anti-Money Laundering Directive, the proposal to create a new supervisory authority and the revised version of the Money Transfers Regulation.

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New regulations and extensions

The Money Laundering Regulation aims to standardise the implementation of measures to prevent money laundering and terrorist financing at EU Member State level. The proposal for the 6th EU Money Laundering Directive:

contains provisions on supranational and national risk analyses as well as provisions on register obligations.
is intended to regulate the responsibilities and tasks of central reporting offices and supervisory authorities
concretise cooperation with competent authorities for affected companies
is to create a new supervisory authority for combating money laundering.

The EU package of measures also includes

Proposals for a revised EU money transfer regulation. The existing definitions of terms are to be expanded to include "crypto asset" and "crypto service provider" and the term "virtual currencies" is to be interpreted more comprehensively.
The complete traceability of originators and recipients of payments should be ensured in future, particularly with regard to crypto service providers.
The proposed regulation also includes standardised KYC regulations, requirements for the continuous monitoring of transactions and a ban on anonymous crypto wallets.

Sanctions Risk Transparency, Mitigation & Remediation

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Our range of services

We support you with the following services to meet the many challenges in the context of preventing money laundering, terrorist financing and sanctions offences:

Support in addressing findings from the internal audit function, the external auditor responsible for the annual accounts or special audits, and other internal and external bodies
Advice on adapting policies, processes and measures, taking best-practice approaches into account
Conducting look-back analyses to identify and address deficiencies
Forensic investigation of matters relating to money laundering, terrorist financing or breaches of sanctions

Advice on compliance with legal and regulatory requirements relating to the prevention of money laundering, terrorist financing and breaches of sanctions
Conducting and supporting supervisory audits
Support in connection with corporate monitorships initiated domestically and abroad

Status review and gap analysis of anti-money laundering risk management
Advice on economic sanctions
Analysis of anti-money laundering risks, taking into account the company’s specific risk profile
Identification of business partners and verification of the beneficial owner (KYC)
Advice on integrating anti-money laundering measures into the compliance strategy, taking best-practice approaches into account
Advice on the allocation of responsibilities (Three Lines of Defence), organisational structure and operational processes, as well as appropriate controls
Definition of processes and required documentation, as well as the development of training programmes
Delivery of training for staff and management
Support in the design and implementation of a whistleblowing scheme
Support with registration in the transparency register