AML/CFT and Cybersecurity Laws in Germany

Felix I. Lessambo ()
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Felix I. Lessambo: Fordham University

Chapter Chapter 7 in Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, 2023, pp 91-98 from Palgrave Macmillan

Abstract: Abstract AML regulations in Germany are set out in the Money Laundering Act or Geldwäschegesetz (GWG), which, inter alia, defines the crime of money laundering. Germany’s AML/CFT policy is shaped by the EU Anti-Money Laundering Directives, which reflect evolving financial crime methodologies and harmonize the regulatory environments in different EU Member States. Data processing operations are governed by the Federal Data Protection Act of June 30, 2017, as last amended by Article 12 of the Second Act to Adapt the Data Protection Law to Regulation (EU) 2016/679 and to Implement Directive (EU) 2016/680 of November 20, 2019. Under Section 25l of the Banking Act, banks are required to apply group-wide AML/CFT controls.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-031-23484-2_7

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DOI: 10.1007/978-3-031-23484-2_7

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