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.