Maria Evstropova, Director in the Compliance and Regulatory Consulting practice at Duff & Phelps, spoke to ACAMS about the variance in financial crime reporting throughout Europe.

In Luxembourg, for example, regulators have moved from a somewhat cautious and restrained approach towards more assertive intervention, Maria said, while in Germany, “the threshold for reporting previously required a high degree of certainty of an offense.”

Switzerland’s long-time role as a secretive financial haven and perceived lack of focus on illicit finance contribute to the low number and frequency of reports, but, according to Maria, bankers “may file a low number of SARs, but our experience shows that where there is a suspicion, firms may take steps and exit the relationship…..The country’s historical position is changing, and we may see the same increase in SARs in the coming years as we have seen in Luxembourg,”

Read the full article here.

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