Author
Listed:
- Dorle Katharina Oldenburg
- Thomas Ostendorf
Abstract
Approximately sixty percent of German goods exports are transported via sea freight. The international shipping industry is dominated by firms registered in offshore centers with little transparency. Criminals feel invited to abuse these opaque constructions for laundering their illegally acquired income or to also circumvent sanctions imposed on certain countries or goods. Banks and other financial enterprises thus need risk management and mitigation processes to stop illegal money laundering and other illegal financial transactions. At the core of these measures is the Know-Your-Customer process. Apart from watching and controlling money flows it is important to identify the owner of both money and firms employed in transactions. However, many offshore centers lack adequate registers that transparently document who is the owner. These registers are therefore not easily accessible resources for banks fighting money laundering. This paper discusses the current state of the art in anti-money laundering, mandatory know-your-customer screenings and its challenges in German banks involved in international trade finance. Trans-Abstract: Ca. 60 Prozent der deutschen Exporte werden per Schiff getätigt. Die internationale Schifffahrtsbranche wird von Unternehmen dominiert, die ihr Domizil in sogenannten Offshore-Zentren haben, die durch geringe Transparenz gekennzeichnet sind. Kriminelle fühlen sich dadurch eingeladen die undurchsichtigen Strukturen zu nutzen, um illegale Geldströme zu verbergen oder Sanktionen zu umgehen, die gegen bestimmte Länder oder Waren verhängt wurden. Banken und andere Finanzinstitute müssen daher Risikomanagementprozesse installieren, um diese illegalen Geldwäschetransaktionen aufzudecken und zu stoppen. Im Zentrum dieser Mitigationsmaßnahmen steht der sogenannte Know-Your-Customer Prozess. Neben der Beobachtung und Kontrolle der Geldströme gilt es im Rahmen dessen die berechtigten Parteien, sowohl des Geldes als auch der involvierten Unternehmen, zu identifizieren. Allerdings fehlen in vielen Offshore-Zentren angemessene Register, die einen transparenten Überblick über die Eigentümerstrukturen gewährleisten. Darum bilden diese Register für Banken, die Geldwäsche bekämpfen, keine leicht zugänglichen Quellen. Der vorliegende Artikel zeigt die gegenwärtigen Maßnahmen der Geldwäschebekämpfung sowie der obligatorischen Know-Your-Customer Prüfungen in Finanzinstituten auf und diskutiert die Herausforderungen für deutsche Banken, die in der internationalen Handelsfinanzierung tätig sind.
Suggested Citation
Dorle Katharina Oldenburg & Thomas Ostendorf, 2025.
"Compliance in International Logistics’ Finance – Anti-Money Laundering and Know-Your-Customer,"
Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, Duncker & Humblot, Berlin, vol. 2(2), pages 223-248.
Handle:
RePEc:dah:aeqvaw:v2_y2025_i2_q2_p223-248
DOI: 10.3790/vaw.2.2.223
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More about this item
Keywords
F1;
F3;
G15;
G21;
G28;
All these keywords.
JEL classification:
- F1 - International Economics - - Trade
- F3 - International Economics - - International Finance
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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