Definition
What is the Financial Intelligence Unit?
The Financial Intelligence Unit (FIU) is a national authority designated to receive, analyze, and disseminate information concerning suspected money laundering and terrorist financing. Within the European Union, FIUs operate under national law while acting in accordance with the EU Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework and related regulations.
In organizational terms, the German FIU is an independent unit within the General Customs Directorate, operating independently of law enforcement agencies and supervisory authorities.
Context
More about the FIU
The Financial Intelligence Unit acts as a central collection and analysis platform for reports of unusual or suspicious financial transactions. It was established in line with international requirements for combating money laundering and terrorist financing, which are formulated at EU level and by the Financial Action Task Force (FATF) among others. Within the European Union, the establishment and function of Financial Intelligence Units are required under EU Anti-Money Laundering Directives (AMLD). However, the specific powers, procedures, and organizational structures of each FIU are governed by national law. With the introduction of the EU AML Regulation (AMLR) and the Anti-Money Laundering Authority (AMLA), is the role and cooperation of FIUs within the EU further harmonised.
Within the EU, suspicious reports submitted to FIUs are commonly referred to as STRs or SARs (Suspicious Transaction/Activity Reports). The terminology varies by jurisdiction, but both generally refer to reports filed by obliged entities regarding suspected money laundering or terrorist financing.
Procedure
Tasks of the Financial Intelligence Unit
The purpose of the FIU is to systematically evaluate relevant financial information and, if there is sufficient suspicion, pass it on to the competent investigative or supervisory authorities. The activities of the Financial Intelligence Unit follow a clearly structured, risk-based approach:
- Suspicious STRs/SARs
Entities subject to the EU AML framework and national implementing laws submit reports on suspicious transactions to the FIU electronically. - Analysis and assessment
The FIU reviews incoming reports, supplements them with additional available information, and assesses possible links to money laundering or terrorist financing. - Forwarding to competent authorities
If the analysis reveals reasonable suspicion, the findings are forwarded in a structured form to law enforcement, tax, or supervisory authorities. - Strategic evaluation
Not every report leads directly to forwarding. Aggregated data is incorporated into situation reports, typology analyses, and risk assessments. - National and international cooperation
The FIU cooperates with domestic authorities and foreign FIUs to combat cross-border financial crime.
Affected Entities
Who must register with the FIU?
All parties subject to the Money Laundering Act, regardless of whether a suspicious activity report has already been filed, must register with the FIU. Registration is carried out via the electronic reporting portal goAML.
The professional and business groups affected include:
- Financial sector
Credit institutions, financial services institutions, payment and e-money institutions, insurance companies - Consulting and intermediary professions
Tax advisors, auditors, certified public accountants, financial investment and insurance brokers, real estate agents - Commodity traders
Commercial trade in goods such as art, jewelry, precious metals, or vehicles - Lawyers
Insofar as they perform certain economic or corporate law activities for clients
Important: The registration requirement applies not only to companies, but in many cases also to individual professionals.
About the portal
What is goAML?
goAML is a software solution developed by the United Nations Office on Drugs and Crime (UNODC) and used by many national FIUs within and outside the EU as a technical platform for receiving and analyzsing suspicious reports. Its implementation and use depend on national FIU frameworks.
goAML is the mandatory platform for:
- Registration of obligated parties
- Submission of suspicious activity reports in accordance with the law
- Access to information on typologies and current money laundering methods
By the way: “goAML” can stand for “government online AML,” but could also be understood as “go into Anti-Money Laundering”.
Legal framework
Why is goAML mandatory?
The Money Laundering Act requires companies to systematically identify risks and take immediate action in the event of any irregularities. Reports to the Financial Intelligence Unit can only be made via goAML and require prior registration.
In addition, the portal provides industry-specific information that is relevant for effective risk management and the further development of internal prevention measures.
Delineation
The FIU and the Central Office for Transaction Investigations
The term ‘Financial Intelligence Unit’ (FIU) refers to the national central office responsible for investigating financial transactions.
You can find a detailed classification of the Financial Intelligence Unit (FIU) in the German context on our separate topic page in German language.
Click here for more information about the German FIU
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