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BaFin sets up financial crime alliance with banks
Chris Hamblin
25 October 2019
As a public-private partnership, these public authorities and banks are on the lookout for money laundering and terrorist financing, with the FIU leading the way. An exchange of strategic information is to follow. The BaFin says that members of the AFCA will share their experiences and exchange information in a quick, secure and comprehensive way. The Federal Criminal Police Office is responsible for ensuring that those involved in money laundering or terrorist financing are prosecuted. BaFin Chief Executive Director Dr Thorsten Pötzsch, representing BaFin on the AFCA’s six-member board, will send a subordinate to chair the very first working group. The board is at the helm of the AFCA and comprises representatives from banks and public authorities. The head of the FIU, Christof Schulte, is the chairman of the board.