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Hessen Launches safeAML Initiative to Tackle Money Laundering with Banks

The initiative introduces a digital matching platform that helps banks detect suspicious cash flows more swiftly.

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Overview

  • Germany’s heavy reliance on cash transactions has made it a hub for laundering billions of euros each year.
  • Launched on June 4 in Frankfurt, safeAML is a collaboration between the Hessian state government and regional banks.
  • The system uses digitized transaction comparisons and pattern recognition to flag irregular financial flows faster.
  • Previously, financial institutions reported suspicious activities manually, hindering timely interbank data sharing.
  • Officials aim to close exploitation gaps used by criminals in activities such as corruption, undeclared labor and terrorism financing.