AML certification in Germany

AML Certification in Germany

Certified Anti-Money Laundering Professional (CAMP) is one of the best international certification in AML domain. In order to take the course global, the team of Regtechtimes Academy entered into an agreement to offer the certification program to the global compliance officers. Regtechtimes Academy in association with Riskpro Learning offers the Certified Anti Money Laundering Professional (CAMP) program to the international community. Regtech Times Academy accreditation is known worldwide. This course was intially started  to address the provisions of Prevention of Money Laundering Act. Certified Anti Money Laundering Professional is an interesting experience for the compliance professionals.

Money laundering in Germany is becoming an on going problem. Germany is looking after to put forth the strong AML system. In Germany, the banks and financial institutions should fulfill the due diligence requirement. The understanding of how the AML works should be understood by the citizens.  So it will be very beneficial for doing the CAMP course.

Riskpro Learning offers short-term online AML Certification course related to the crypto currency i.e Certification Program in Crypto Currency Laundering. This program is basically designed to understand the term crypto currency, what are the challenges faced while laundering the money through crypto currency. One will also get to know that how the financial crimes are taking place in the crypto currency.Cryptocurrencies are making huge in roads in the process, and they are actively traded and mined nowadays.The focus of this course is to make the Cryptocurrency concepts accessible to people with little to no knowledge.  This course is video learning based course. The aspirants would be able to get the in detail knowledge related to crypto currency.

Certification  Benefits

Regtech Times Academy has started Certified Anti-Money Laundering Professional course which is a video based learning certification in the compliance domain. Certified Anti Money Laundering Professional is an interesting experience for the compliance professionals.  The international edition of Certified Anti Money Laundering Professional program offers exhaustive set of resources for the students.  During the process of completion of this course professionals develop understanding of wide range of terms associated with financial crimes.

Riskpro Learning has also provided the short-term course related to “Certification in Crypto Currency Laundering”. It is a video learning based course. This course would be helpful in Germany as crypto currency regulations are incorporated in Germany. The aspirants can opt for this course as it will give one the overall knowledge of crypto currency laundering. The certification is administered online so participants can get all of the benefits of completing this certification. It will also help the aspirants to get knowledge about the industry practices for creating best practices in the highly volatile crypto world as well as the strategies that are developed for protecting the digital assets.

To whom these courses are applicable

The above following courses are applicable to the aspirants who want to get establish in the compliance domain, or the person who want to as a career option in the AML domain. It will be also helpful for the beginners who are keen to understand the Anti-Money laundering measures, terrorist financing, fraud etc.

Learning Outcome from the course

Certified Anti-Money Laundering Professional will help you to understand the overview of International Laws, Deep knowledge of Politically exposed person, understanding of Risk based approach to money laundering, AML/CFT regulations laid down by FATF.

Certification in Crypto Currency will help you to understand the overview of crypto currency, how money laundering takes place in crypto currency, how to combat the financial crimes that are taking place via crypto currencies etc.

Cost of AML Certification

The professionals are in search of doing something related to the AML certification in Germany. They want to do the different type of global certifications. However the cost of the global certifications play a major barrier in gaining Certification. There are globally course provided all over the world. One of the most popular course is Certified Anti-Money Laundering Professional which offered by Regtech Times Academy should have a global recognition.  The cost of this course is $300.00 for an individual to complete this course.

Crypto and Money Laundering Regulation in Germany

A major problem to the analysis of the crypto asset and the related blockchain industry  has been and still there is lack of  guidelines as well as the legal definition. The German Criminal code also tells about the crypto and money laundering regulations. The money laundering challenge in Germany is creating a major problem in Germany. With the introduction of crypto assets in our lives recently, their use is becoming more and more common. With the increase of this use, the existing crimes in this area have increased, especially for money launders. The crypto sector has become a target. Crypto asset have principally no physical manifestation they exist exclusively as digital book entries in a virtual shared and distributed ledger.  However, regulators have made some regulations to prevent this crime. Regulations in this sector have started, especially with the regulations of the European Union.

German government is currently in the process of transposing into its domestic law the amendment of the European Union’s Anti- Money Laundering Directive (5AMLD) which provides the customer due diligence requirement to custodian wallet providers.  One of the European Union regulations is 5AMLD. EU Member States should implement the 5AMLD EU legislation by 10th January 2020.  It requires stricter rules to combat money laundering. With the Fifth Anti Money Laundering Directive, crypto-asset traders and crypto wallet providers subject to AML obligations of the European Union member states have been included.

What is Crypto Asset 

A cryptocurrency  is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It is protection of crypto assets for others, management, and protection, or special “crypto protection” activity has been found in an application that serves to hold, store or transfer crypto assets.   Therefore the following parties have been regulated and supervised by BaFin in relation to crypto-assets:

  • Consultants
  • Brokers/dealers
  • Insurers
  • Portfolio managers
  • Custodians of private keys to access wallets
  • Wallet providers
  • Nesting agents

Use of Virtual Currencies

Virtual currencies (VCs) – which include cryptocurrencies such as Bitcoin, as well as a range
of other digital value-transfer methods – are innovative new technologies that enable digital transactions and the delivery of financial products and services in new online networks, environments and marketplaces. Cryptocurrenciesfunction as a form of ‘digital cash’ by enabling P2P, direct transfers between two parties,much as two people could exchange physical fiat currency, but without the same limitationsof space and distance.

German Federal Ministry of Finance Advisory Document

The existing literature on the German Federal Ministry of Finance (BMF) is rather incomplete. However, it will not be necessary to issue securities electronically. In addition, the Ministry of Finance suggests that regulation should be technology-independent.

Reducing the ML risks of Crypto Exchanges in Germany

After the realization of the money laundering risks faced by crypto exchanges, AML regulators, as we mentioned above, took action and issued AML recommendations and obligations for crypto exchanges. Money laundering challenge in Germany is reducing the risk of crypto exchanges. In the process, some regulators have issued new AML regulations for crypto exchanges. While some regulators have included crypto exchanges in existing AML regulations and laws. However, in Germany, crypto service providers like other banks and financial institutions must have an Anti-Money Laundering compliance program. According to FATF and EU standards, the key to an AML compliance program is the “risk-based approach.”

Conclusion

In order to counter increasing AML/CFT threats related to cryptocurrencies, regulators across the globe have come up with rules and recommendations for firms dealing in these currencies. Introduction of AML certification in Germany would gain a lot of scope in Germany. While some regulators have included crypto exchanges and wallet companies under the purview of existing AML regulations, some have issued new regulations for them. In this process, some regulators have issued new AML regulations for crypto exchanges, while some regulators have included crypto exchanges within existing AML regulations and laws.work on the AML compatibility of crypto exchanges is not finished.  In the virtual currency world, Transaction Monitoring tools that automatically monitor customer behavior allow crypto exchanges to detect suspicious transactions.