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Anti Financial Crime (AFC)
Understanding Anti Financial Crime (AFC) in Europe and Key Jurisdictions
Anti Financial Crime (AFC) encompasses a range of strategies and measures to combat money laundering, terrorist financing, fraud, bribery, and corruption. Across Germany, Austria, Switzerland, Luxembourg, and Liechtenstein, AFC frameworks are critical for maintaining financial integrity and protecting institutions from legal, financial, and reputational risks. Effective AFC measures ensure compliance with global and local regulations, fostering transparency and trust in the financial system.
Legal and Regulatory Requirements for Anti Financial Crime (AFC)
Financial institutions must comply with strict AFC regulations enforced by European and national authorities to prevent and mitigate financial crime risks.
European Union
- ECB: The European Central Bank emphasizes AFC in its supervisory priorities, focusing on robust AML and CTF frameworks under the Single Supervisory Mechanism (SSM).
- EBA: The European Banking Authority provides Guidelines on AML/CTF Compliance, emphasizing risk-based approaches and customer due diligence under the AMLD V Directive.
- EIOPA: The European Insurance and Occupational Pensions Authority enforces AML/CTF measures under the Solvency II framework, emphasizing fraud prevention and governance.
- ESMA: The European Securities and Markets Authority enforces AFC measures under MiFID II, focusing on fraud, market manipulation, and insider trading.
Germany
- BaFin and Deutsche Bundesbank: Germany enforces stringent AFC measures under the Geldwäschegesetz (GwG), KWG, and AMLA, emphasizing transaction monitoring, reporting obligations, and internal controls.
Austria
- FMA: Austria’s Financial Market Authority enforces AFC requirements under the FM-GwG, focusing on AML, CTF, and fraud prevention.
Switzerland
- FINMA: The Swiss Financial Market Supervisory Authority mandates AFC measures under the Anti-Money Laundering Ordinance (AMLO) and FINMA Circular 2017/1, targeting fraud, terrorist financing, and compliance with international standards.
Luxembourg
- CSSF: The Commission de Surveillance du Secteur Financier ensures strict compliance with AML/CTF measures under CSSF Circulars, focusing on enhanced due diligence and transaction monitoring.
Liechtenstein
- FMA: Liechtenstein’s Financial Market Authority aligns AFC requirements with European directives, emphasizing AML, CTF, and fraud prevention through effective governance and controls.
Leitner & Associates‘ Anti Financial Crime Solutions
We provide tailored AFC solutions to help institutions combat financial crime effectively:
- Audit: Comprehensive evaluations of AFC frameworks to identify vulnerabilities and ensure compliance.
- Consulting: Strategic advice for designing, implementing, and optimizing AFC systems.
- Training: Custom training programs to equip teams with essential AFC knowledge and skills.
- Interim Management: Experienced professionals to manage AFC functions during transitions.
- Outsourcing: End-to-end AFC services to streamline operations and ensure robust compliance.
Products for Anti Financial Crime Implementation
From greenfield implementation to system optimization, our products provide complete AFC support:
- Commentaries: Expert analysis of AFC regulations and practical guidance for compliance.
- Guidelines: Frameworks for implementing effective AFC measures.
- Policies: Clear documentation of AFC roles, responsibilities, and procedures.
- Procedures: Detailed processes for AML, CTF, fraud prevention, and governance.
- Control Plans and Checklists: Tools to monitor and mitigate financial crime risks.
- Reports and Training Certificates: Documentation of AFC efforts and validation of team expertise.
Why Choose Leitner & Associates for Anti Financial Crime?
At Leitner & Associates, we specialize in creating robust AFC frameworks tailored to the unique needs of your institution. Whether starting from scratch or optimizing existing systems, we provide solutions that ensure compliance, safeguard integrity, and protect your reputation.