2024 was a year of progress for the Financial Intelligence Unit (FIU), with clear impetus for innovation, digitalisation and international cooperation.
Fewer messages, better quality
The total number of suspicious activity reports fell to 265,708 in 2024, a significant decrease compared to the previous year (2023: 322,590 reports), which should be viewed positively. After all, this decline is not a sign of declining diligence on the part of the obliged entities. Together with BaFin and the AFCA (Anti Financial Crime Alliance), the FIU has developed so-called negative typologies. These are specific case constellations that do not have to be reported. This guidance provides more clarity for obliged entities and reduces unnecessary reporting. This allows the FIU to focus more on truly relevant issues.
Focus on crypto
Around 8,700 of the reported suspicious activity reports in 2024 related to cryptocurrencies. Bitcoin was by far the most frequently affected, followed by Ethereum, Ripple (XRP), Tether and Litecoin. It is striking that more and more of these reports originate directly from CASPs (Crypto Asset Service Providers), companies that operate trading platforms, manage wallets or process crypto transactions.
This trend shows that crypto assets have long been at the centre of modern money laundering methods and that CASPs are taking their role as obliged entities increasingly seriously. At the same time, there is a growing need for specialised screening, monitoring and analysis procedures in order to identify suspicious cases at an early stage.
Sharks in action
The newly established special unit "Sharks" addresses key points of criticism made by the FATF in its last audit of Germany. Its task is to analyse complex, transnational money laundering cases and uncover new network structures, transaction channels and money laundering methods. The "Sharks" work closely with national and international authorities and focus specifically on anomaly detection and data-driven network analyses in order to identify suspicious patterns at an early stage.
International cooperation is being expanded
Whether terrorist financing, sanctions or environmental crime, the FIU is active in numerous committees and works closely with EU, G7 and other partner FIUs.
AMLA 2028 operational
The new European money laundering supervisory authority AMLA is gathering pace in Frankfurt and will massively strengthen the coordination of FIUs in the EU from 2025. The AMLA should be fully operational from 2028.
Newly registered obligated parties
98,810 new obliged entities in 2024, a sharp increase compared to previous years. The main reason for this is the new statutory registration obligation, particularly for obliged entities under Section 2 AMLA, which have been obliged to register with the FIU since 1 January 2024. The increase primarily affects companies from the non-financial sector, such as real estate agents, art brokers and legal advisors.
The complete FIU Annual Report is available on the FIU website: Retrieve here
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