AML Certification in Germany
Certified Anti-Money Laundering Professional (CAMP) is one of the best international AML certification in Germany. In order to take the course globally, 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 initially started to address the provisions of the Prevention of Money Laundering Act. Certified Anti-Money Laundering Professional is an interesting experience for compliance professionals.
Money laundering in Germany is becoming an ongoing problem. Germany is looking after to put forth a strong AML system. In Germany, the banks and financial institutions should fulfill the due diligence requirement. So it will be very beneficial for doing the CAMP course.
Riskpro Learning offers a short-term online AML Certification course related to cryptocurrency i.e Certification Program in Crypto Currency Laundering. This program is basically designed to understand the term cryptocurrency, what are the challenges faced while laundering money through cryptocurrency. One will also get to know how financial crimes are taking place in cryptocurrency. Cryptocurrencies are making huge inroads in the process, and they are actively traded and mined nowadays. The focus of this course is to make Cryptocurrency concepts accessible to people with little to no knowledge. This course is a video learning course. The aspirants would be able to get them in detail knowledge related to cryptocurrency.
Benefits of AML Certification in Germany
Regtech Times Academy has started the 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 compliance professionals. The international edition of the Certified Anti-Money Laundering Professional program offers an exhaustive set of resources for the students. During the process of completion of this course, professionals develop an understanding of the wide range of terms associated with financial crimes.
Riskpro Learning has also provided a short-term course related to “Certification in Crypto Currency Laundering”. It is a video learning-based course. The aspirants can opt for this course as it will give one the overall knowledge of cryptocurrency 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 established in the compliance domain, or the person who wants a career option in the AML domain. It will be also helpful for 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 a Politically exposed person, and understand 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 cryptocurrency, how money laundering takes place in cryptocurrency, how to combat the financial crimes that are taking place via cryptocurrencies etc.
Cost of AML Certification in Germany
The professionals are in search of doing something related to the AML certification in Germany. They want to do the different types of global certifications. However, the cost of global certifications plays a major barrier to gaining Certification. There are global courses provided all over the world. One of the most popular courses is Certified Anti-Money Laundering Professional which is offered by Regtech Times Academy and should have global recognition. The cost of this course is $300.00 for an individual to complete this course.
Prep Course for the Certification
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams which would help the Algerian aspirants to pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept the payments in local currency.
Crypto and Money Laundering Regulation in Germany
CAMP is best suited AML Certification in Germany as it has created courses around crypto laundering. A major problem to the analysis of the crypto asset and the related blockchain industry has been and still, there is a 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 laundering.
The crypto sector has become a target. Crypto assets 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.
The 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.
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 a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. It is the protection of crypto assets for others, management, and protection, or special “crypto protection” activity that 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. Cryptocurrencies function 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 limitations of 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.
AML 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. The 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. The 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 the virtual currency world, Transaction Monitoring tools that automatically monitor customer behavior allow crypto exchanges to detect suspicious transactions.
