Oldenbu g, Do le Ka ha ina; Os endo , Thomas
A icle
Compliance in in e na ional logis ics' inance: An i-money
launde ing and know-you -cus ome
Vie eljah eshe e zu A bei s- und Wi scha s o schung (VAW)
P o ided in Coope a ion wi h:
Ins i u A bei und Wi scha (IAW), Uni e si ä B emen / A bei nehme kamme B emen
Sugges ed Ci a ion: Oldenbu g, Do le Ka ha ina; Os endo , Thomas (2025) : Compliance in
in e na ional logis ics' inance: An i-money launde ing and know-you -cus ome , Vie eljah eshe e
zu A bei s- und Wi scha s o schung (VAW), ISSN 2942-1470, Duncke & Humblo , Be lin, Vol. 2,
Iss. 2, pp. 223-248,
h ps://doi.o g/10.3790/ aw.2025.1457706
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Duncke & Humblo · Be lin
Compliance in In e na ional Logis ics’ Finance–
An i-Money Launde ing and Know-You -Cus ome
By Do le Ka ha ina Oldenbu g* and Thomas Os endo **
Summa y
App oxima ely six y pe cen o Ge man goods expo s a e anspo ed ia sea eigh .
The in e na ional shipping indus y is domina ed by i ms egis e ed in o sho e cen e s
wi h li le anspa ency. C iminals eel in i ed o abuse hese opaque cons uc ions o
launde ing hei illegally acqui ed income o o also ci cum en sanc ions imposed on
ce ain coun ies o goods. Banks and o he inancial en e p ises hus need isk manage-
men and mi iga ion p ocesses o s op illegal money launde ing and o he illegal inancial
ansac ions. A he co e o hese measu es is he Know-You -Cus ome p ocess. Apa
om wa ching and con olling money lows i is impo an o iden i y he owne o bo h
money and i ms employed in ansac ions. Howe e , many o sho e cen e s lack ade-
qua e egis e s ha anspa en ly documen who is he owne . These egis e s a e he e o e
no easily accessible esou ces o banks igh ing money launde ing. This pape discusses
he cu en s a e o he a in an i-money launde ing, manda o y know-you -cus ome
sc eenings and i s challenges in Ge man banks in ol ed in in e na ional ade inance.
Zusammen assung
Ca. 60 P ozen de deu schen Expo e we den pe Schi ge ä ig . Die in e na ionale
Schi ah sb anche wi d on Un e nehmen dominie , die ih Domizil in sogenann en
O sho e-Zen en haben, die du ch ge inge T anspa enz gekennzeichne sind. K iminelle
ühlen sich dadu ch eingeladen die undu chsich igen S uk u en zu nu zen, um illegale
Gelds öme zu e be gen ode Sank ionen zu umgehen, die gegen bes imm e Lände
ode Wa en e häng wu den. Banken und ande e Finanzins i u e müssen dahe Risiko-
managemen p ozesse ins allie en, um diese illegalen Geldwäsche ansak ionen au zude-
cken und zu s oppen. Im Zen um diese Mi iga ionsmaßnahmen s eh de sogenann e
Know-You -Cus ome P ozess. Neben de Beobach ung und Kon olle de Gelds öme
gil es im Rahmen dessen die be ech ig en Pa eien, sowohl des Geldes als auch de in ol-
ie en Un e nehmen, zu iden i izie en. Alle dings ehlen in ielen O sho e-Zen en an-
gemessene Regis e , die einen anspa en en Übe blick übe die Eigen üme s uk u en
* Do le Ka ha ina Oldenbu g, Business Manage Shipping, Real Es a e & KYC Spe-
cialis a M.M. Wa bu g & Co., email: doldenbu g@mmwa bu g.com
** Thomas Os endo , P o esso o Finance a FOM Uni e si y o Applied Sciences,
email: homas.os endo @ om.de
Vie eljah eshe e zu A bei s- und Wi scha s o schung 2 (2025) 2: 223 – 248
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224 Do le Ka ha ina Oldenbu g and Thomas Os endo
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
gewäh leis en. Da um bilden diese Regis e ü Banken, die Geldwäsche bekämp en, kei-
ne leich zugänglichen Quellen. De o liegende A ikel zeig die gegenwä igen Maßnah-
men de Geldwäschebekämp ung sowie de obliga o ischen Know-You -Cus ome P ü-
ungen in Finanzins i u en au und disku ie die He aus o de ungen ü deu sche
Banken, die in de in e na ionalen Handels inanzie ung ä ig sind.
JEL classi ica ion: F1, F3, G15, G21, G28
Keywo ds: money launde ing, know-you -cus ome , compliance, aud, sanc ions, ship-
ping indus y, logis ics inance, isk managemen , ul ima e bene icial owne , poli ically
exposed pe son, o sho e company, Panama Pape s, Pa adise Pape s
1. In oduc ion
Behind he shiny acades o he inancial wo ld, whe e business is conduc ed
a apid speed and billions shi hands wi h a simple mouse click,1 an in isible
web o concealed ansac ions and manipula ed business s uc u es wea es i -
sel .2 Money launde ing is no a p ac ice o he las cen u y, bu s ill a ele an
componen o o ganised c ime oday.3 Repo ed global e en s o economic
c ime include ele en pe cen ha a e associa ed wi h money launde ing.4 The
e m money launde ing co e s he injec ion o illegal asse s in o he legal econ-
omy in o de o subsequen ly be able o ein es hese legally in o he places.5
The issue posed by money launde ing lies in i s abili y o obscu e i s c iminal
o igins and legi imise asse s wi hou lea ing any ace o illici ac i i y.6 The im-
plica ions ex end om suppo ing e o is ac i i ies o unding d ug ca els7
and ma ia clans.8
While c ea i e c iminals and co up ne wo ks y o co e hei money laun-
de ing acks om public sigh ,9 egula o s, expe s, and banks a e wo king o
iden i y hose esponsible and hold hem accoun able.10 Simila ly, s a e and p i-
a e ac o s ying o ci cum en sanc ions need o disguise he illegal low o
inancial asse s. To p e en o unco e his, inancial ins i u ions a e legally
obliged o en o ce an i-money launde ing (AML) compliance measu es im-
1 C . Idzikowski, L., T ansac ions in banking, 2021, p. 49.
2 C . Iosi idis, A., Jensen, R. I. T., Money launde ing, 2023, p. 8889.
3 C . Sulli an, K., Money launde ing, 2015, p. 1.
4 C . PwC, Global Economic C ime and F aud Su ey, 2020, p. 4.
5 C . Teichmann, F. M. J., Money launde ing pu poses, 2018, p. 372.
6 C . Naheem, M. A., Money launde ing echniques, 2016, p. 136.
7 C . Sulli an, K., Money launde ing, 2015, p. 2.
8 C . The New Yo k Times, Gambling pa lou s as ma ia’s money launde ing model,
2022, n. pag.
9 C . Ba one, R. e al., Money launde ing, 2022, p. 320.
10 C . Iosi idis, A., Jensen, R. I. T., Money launde ing, 2023, p. 8889.
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Compliance in In e na ional Logis ics’ Finance 225
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
posed by in es iga i e au ho i ies o moni o hei clien s.11 In he global i-
nance indus y, 29pe cen o aud inciden s in 2022 esul ed om ailed so-
called know-you -cus ome e iews, which display he co e AML measu e.12 In
case o non-compliance wi h he legal egula ions on money launde ing p e en-
ion, banks a e no only exposed o epu a ional damage, bu also o penal ies.
Fo ins ance, in 2021, HSBC was ined GBP 63.9million because he UK’s Fi-
nancial Conduc Au ho i y e ealed ha hey had no ul illed hei due dili-
gence obliga ions.13 As ano he example, in 2024 he Ge man online bank N26
was ined EUR 9.2million o AML ailu es.14
Globalisa ion has made in e na ional paymen s o globally anspo ed goods
and ading ope a ions common p ac ice.15 Ge many as a ma i ime expo ing
na ion anspo s app oxima ely six y pe cen o i s expo goods by sea.16 Es-
ablishing o sho e company s uc u es is a legal ax sa ing model.17 Thei lack
o anspa ency complica es he clea dis inc ion be ween legali y and illegali-
y.18 This esul s in challenges o banks in sc eening hei logis ics cus ome s
o AML pu poses.19 The numbe o Suspicious Ac i i y Repo s iled by Ge -
man inancial ins i u ions is s eadily inc easing annually.20 In his con ex he
ollowing esea ch ques ion will be add essed in his pape :21
Wha app oaches do Ge man banks employ o en o ce legally equi ed an-
i-money launde ing compliance measu es moni o ing hei logis ics cus ome s
and wha obs acles do hey ace? Wha a e possible solu ions o sho comings?
2. In e na ional Owne ship S uc u es in Ma i ime Shipping
In he globalised wo ld, ca go is anspo ed all o e con inen s and seas, in-
ol ing nume ous logis ics companies.22 Especially in ma i ime shipping as pa
o he logis ics indus y, ce ain a ie ies o owne ship s uc u es like ship-own-
11 C . Ba one, R. e al., Money launde ing, 2022, p. 320.
12 C . PwC, Global Economic C ime and F aud Su ey, 2022, p. 6.
13 C . The Gua dian, Millions in ines o HSBC’s AML ailings, 2021, n. pag.
14 C . Bundesans al ü Finanzdiens leis ungsau sich , Millions in AML ines o
N26, 2024, n. pag.
15 C . Ndize a, V., In e na ional ade, 2023, p. 329.
16 C . D umm, L., Zhang, P., Ge man ma i ime indus y, 2020, p. 470.
17 C . Polsky, S., O sho e companies, 2022, p. 74.
18 C . Cox, D., Money launde ing, 2014, p. 11.
19 C . Iosi idis, A., Jensen, R. I. T., Money launde ing, 2023, p. 8899.
20 C . Financial In elligence Uni , Ge man Suspicious Ac i i y Repo s, 2021, p. 17.
21 This pape is based on a esea ch p ojec conduc ed a FOM Uni e si y o Applied
Science in 2023.
22 C . Paun, C., Topan, V., Ma i ime owne ship s uc u es, 2016, p. 360.
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226 Do le Ka ha ina Oldenbu g and Thomas Os endo
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
ing companies, pa ne ships, ounda ions, us s, and holding companies a e
commonly used o acili a e in es men s and ope a ions, each p o iding speci ic
ad an ages in e ms o liabili y and axa ion.23
Figu e1 abo e illus a es he co po a e s uc u e o he so-called ship-owning
company, also known as a one-ship company (in Ge man: Einschi sgesellscha )
which is commonly used by Ge man shipping companies which own a ship.
This is a special ype o limi ed comme cial pa ne ship, whose in es men s a e
held by a gene al pa ne (in Ge man: Komplemen ä ) and limi ed pa ne s (in
Ge man: Kommandi is en). Va ious in es o s can ac as limi ed pa ne s, bo h
legal en i ies and indi iduals who do no co e an ac i e managemen ole. The
liabili y o he limi ed pa ne is limi ed only o he amoun o he asse con i-
bu ion. The gene al pa ne in his cons uc , in con as , is a limi ed liabili y
company (in Ge man: Gesellscha mi besch änk e Ha ung, abb e ia ed o
GmbH). Gene ally, he so-called gene al pa ne is liable wi h all his p i a e as-
se s, bu his is limi ed o he business asse s o he so-called GmbH.24
This se -up o one-ship companies is speci ically es ablished o own and ope -
a e only one asse which is he essel egis e ed unde i s name. I is common o
es ablish hese kinds o companies e en o se e al sepa a e essels o a whole
23 C . Ha la is, G., Ma i ime owne ship s uc u es, 2019, p. 238.
24 C . Ve band Deu sche Reede , Zen al e band Deu sche Schi smakle , Sea-
eigh , 2013, p. 281.
Figu e 1: Sha eholding s uc u e o a common Ge man one-ship company
Sou ce: Based on Ve band Deu sche Reede , Zen al e band Deu sche Schi smakle , Sea eigh , 2013, p. 282.
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Compliance in In e na ional Logis ics’ Finance 227
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
lee .25 These limi ed comme cial pa ne ships o e lexibili y in e ms o capi-
al con ibu ions and managemen esponsibili ies, making hem a ac i e o
in es o s seeking o pa icipa e in he ma i ime indus y wi hou assuming ex-
cessi e isks o liabili ies. Due o he signi ican olume o equi y equi ed o
building o pu chasing a essel, which usually sums up o se e al million eu os,
one-ship companies enable he owne o he essel o a ac p i a e in es o s
ha in end o bea only limi ed liabili ies.26
As ano he common ma i ime owne ship s uc u e holding companies play a
signi ican ole in he ma i ime indus y. They a e es ablished o hold owne ship
in e es s in a ious ma i ime companies o asse s, p o iding cen alised con ol
and managemen o in es men s.27
As a u he legal o m, ounda ions a e used in sha eholding s uc u es o
companies in he ma i ime sec o . They hold and manage asse s o speci ic
bene icia ies o cha i able causes, and in he ma i ime con ex , hey may man-
age essel owne ship and ope a ions, ensu ing long- e m asse p ese a ion and
goal ul ilmen .28 As ano he common legal o m, a us , es ablished by a us-
o , and managed by a us ee as a legal en i y, se es o manage asse s and
weal h on behal o indi iduals o en i ies, ensu ing e ec i e managemen , p o-
ec ion, and s a egic g ow h o en us ed esou ces.29
The p ocess o anspo ing goods om he p oduce o he end cus ome by
sea in ol es no only logis ics companies, bu also inancial ins i u ions, in pa -
icula banks, which p o ide inancing suppo and managemen o he ans-
po .30
3. Compliance
This chap e in oduces compliance as he pa amoun opic encompassing
AML measu es. As a pa o i , in he i s sub-chap e he p inciple o money
launde ing and he inancial scandals Panama Pape s and Pa adise Pape s a e
displayed. Mo eo e , he second sub-chap e in oduces di e en compliance
measu es and hei pu poses. The hi d subchap e p esen s he ocabula y
commonly encoun e ed in banks o he conduc o compliance measu es o be
25 C . Ha hi, B., Ha hi, S., One-ship company, 2019, p. 344.
26 C . Ve band Deu sche Reede , Zen al e band Deu sche Schi smakle , Sea-
eigh , 2013, p. 282.
27 C . Panayides, P., Ma i ime holding companies, 2019, p. 331.
28 C . Ha ley, C., Ma i ime ounda ions, 2023, p. 360.
29 C . E mann, B. e al., Banking, 2015, p. 78.
30 C . Heilig, L. e al., Rela ionship be ween logis ics companies and banks, 2018,
p. 1188.
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228 Do le Ka ha ina Oldenbu g and Thomas Os endo
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
applied o co po a e clien s. Subsequen ly, he ou h sub-chap e del es in o he
legal amewo k o compliance measu es in Ge man banks.
3.1 Money Launde ing as Economic C ime
To ans e unds om c iminal businesses in o he legal economy, he p inci-
ple o money launde ing has been used o decades.31
The e m money launde ing was o med in he 1920s32 by he c iminal Al Ca-
pone in Chicago. He buil up his o une wi h c iminal business om gambling,
p os i u ion, and illegal alcohol ade du ing p ohibi ion. In o de o ans e
hese illici unds in o he legal economic cycle, he in es ed his o une in laun-
d e es. A ha ime, he use o laund y machines in he espec i e salons was
paid by coins. Thus, i was no aceable how o en he machine an daily, how
many coins we e inse ed, and whe e he money o igina ed om. Illegal ea n-
ings we e axed jus like legal ones, hence eco ded as seemingly legi ima e e -
enue o he laund e es. The e m money launde ing is also s ill used oday o
igu a i ely ep esen he p ocedu e o launde ing illici money om c iminal
ope a ions in o un ain ed, eely usable money.33
The e a e h ee phases o he money launde ing p ocess, as illus a ed in he
Figu e2 below.34 In he ollowing, he s ages o money launde ing a e explained
in mo e de ail using he below diag am.
In he i s phase o he money launde ing p ocess, known as placemen , he
money launde e in oduces cash om illegal sou ces in o he legal money ci -
cui , e. g., by deposi ing small sums o cash in o bank accoun s which is called
smu ing.35 Subsequen ly, in he second phase, laye ing, he concealmen o he
sou ce o he illici ly ob ained money, is en o ced. A common echnique is o
ans e he money o an in e na ional bank accoun o a o eign bank.36 Ul i-
ma ely, he hi d and las phase o money launde ing is in eg a ion, whe eby he
launde ed money is u ilised o acqui e legi ima e asse s, such as e. g., eal es a e,
sha es in legal businesses37 and luxu y goods38. This p ocess se es o legalise he
launde ed money wi hin he economic cycle while also co e ing up i s ail.39
31 C . Fiedle , I. e al., His o y o money launde ing, 2017, p. 3.
32 C . Sulli an, K., Money launde ing, 2015, p. 1.
33 C . Bausch, O., Volle , T., His o y o money launde ing, 2020, p. 1.
34 C . Ghazan a i, F. e al., Techniques o An i-Money Launde ing, 2017, p. 10085.
35 C . Alkhalili, M. e al., Wa ch lis o AML, 2021, p. 18482.
36 C Ghazan a i, F. e al., Techniques o An i-Money Launde ing, 2017, p. 10085.
37 C . Reu e , P., T umann, E., An i-Money Launde ing measu es, 2004, p. 3.
38 C . Moody’s, In e na ional money launde ing, 2024, n. pag.
39 C . Reu e , P., T umann, E., An i-Money Launde ing measu es, 2004, p. 3.
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Compliance in In e na ional Logis ics’ Finance 229
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
In he Panama Pape s and Pa adise Pape s40 inancial scandals exposed an in-
ica e web o o sho e co po a e s uc u es exploi ed o economic c imes such
as money launde ing and ax e asion.41
The so-called Panama Pape s we e unco e ed and published in 201642 by he
In e na ional Conso ium o In es iga i e Jou nalis s (ICIJ) in coope a ion wi h
he Ge man newspape Sueddeu sche Zei ung43 and mo e han 100 addi ional
media i ms.44 I exposed he ope a ions o he Panamanian law i m Mossack
Fonseca,45 e ealing he in ol emen o na co ics ca els, ma ia clans,46 bu also
high-p o ile indi iduals such as poli ical ep esen a i es47 and in e na ional co -
po a ions in ax e asion and he concealmen o asse s.48 The 11.5million leaked
documen s49 e ealed he ac i i ies o 214,000 o sho e companies which a e
connec ed o he se ices o he law i m. The i m Mossack Fonseca se up o -
40 C . Be glez, P., Gea ing, A., Pa adise Pape s, 2018, p. 4574.
41 C . Obe maie , F., Obe maye , B., Publica ion o he Panama Pape s, n.d., n. pag.
42 C . Ibid.
43 C . In e na ional Conso ium o In es iga i e Jou nalis s, Panama Pape s, 2016,
n. pag.
44 C . Leyendecke , H. e al., Sueddeu sche Zei ung abou Panama Pape s, n.d., n. pag.
45 C . Be ns ein, J., Panama Pape s, 2017, p. 23.
46 C . Leyendecke , H. e al., Sueddeu sche Zei ung abou Panama Pape s, n.d., n. pag.
47 C . In e na ional Conso ium o In es iga i e Jou nalis s, In ol ed poli icians, n.d.,
n. pag.
48 C . Be ns ein, J., Panama Pape s, 2017, p. 23.
49 C . S a is a, Leaked iles o Panama Pape s, 2016, n. pag.
Figu e 2: Th ee phases o money launde ing
Sou ce: Based on Ghazan a i, F. e al., Techniques o An i-Money Launde ing, 2017, p. 10085.
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230 Do le Ka ha ina Oldenbu g and Thomas Os endo
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
sho e ju isdic ions50 and illegal shell companies wi h engaged sham di ec o s o
he pu pose o ax e asion, asse concealmen , and money launde ing.51 In his
con ex , so-called bea e sha es we e also men ioned,52 whe e he holde o he
physical sha e ce i ica e is au oma ically conside ed he owne o he company,
which complica es he iden i ica ion o he ac ual owne ship.53
Subsequen o he Panama Pape s, he so-called Pa adise Pape s we e pub-
lished in 201754 based on in o ma ion ga he ed om 21 di e en sou ces. These
e ealed he o sho e in es men s and inancial ac i i ies o nume ous celeb i-
ies, mul ina ional co po a ions, and weal hy indi iduals wo ldwide.55 The
13.4million leaked documen s e ealed o sho e s uc u es and accoun s in a -
ious coun ies, including p ominen ax ha ens such as Be muda, he Cayman
Islands,56 he Cook Islands, Mal a, and o he s.57 The Pa adise Pape s also un-
co e ed Donald T ump’s hen ade sec e a y as a business pa ne o Vladimi
Pu in’s amily in connec ion wi h his sha es in he shipping company Na iga o
Holdings.58
The e ela ions o bo h leaks ha e caused conce ns abou he in eg i y o in-
e na ional shipping companies ha we e in ol ed59 and exposed ulne abili ies
in he global inancial sys em. Since hen, he opic o he so-called Russian
shadow lee ha is supposedly used o ci cum en sanc ions has added u he
conce n in he in e na ional shipping indus y. This has led o calls o egula o-
y e o ms o comba illici ac i i ies60 disguised by complex owne ship s uc-
u es61 and o sho e ax ha ens.62 Global e o s o inc ease egula ions, ans-
pa ency and he igh agains inancial c ime ha e highligh ed he necessi y and
impo ance o due diligence, compliance measu es and isk assessmen s in he
50 C . In e na ional Conso ium o In es iga i e Jou nalis s, Panama Pape s, 2016,
n. pag.
51 C . Leyendecke , H. e al., Sueddeu sche Zei ung abou Panama Pape s, n.d., n. pag.
52 C . Fische , H.-D., Bea e sha es, 2023, p. 198.
53 C . Roach, L., Bea e sha es, 2022, p. 458.
54 C . Be glez, P., Gea ing, A., Pa adise Pape s, 2018, p. 4584.
55 C . Sueddeu sche Zei ung, Pa adise Pape s leak, 2017, n. pag.
56 C . In e na ional Conso ium o In es iga i e Jou nalis s, Pa adise Pape s elease,
2017, n. pag.
57 C . Sueddeu sche Zei ung, Pa adise Pape s leak, 2017, n. pag.
58 C . In e na ional Conso ium o In es iga i e Jou nalis s, Pa adise Pape s, 2017,
n. pag.
59 C . ibid.
60 C . Sylle, F., Inc eased egula o y equi emen s due o Panama Pape s, 2019, p. 285.
61 C . Rapp, M. S., T inche a, O., O sho e owne ship s uc u es, 2017, p. 30.
62 C . Meunie , D., O sho e owne ship s uc u es, 2018, p. 2.
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Compliance in In e na ional Logis ics’ Finance 237
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
because, beside he coun y isk, he e is also a p oduc isk and economic
isk.121
Coun y isk also includes o eign co po a e o ices and ela ions o o sho e
i ms (e. g., Cayman Islands) wi h a nega i e epu a ion. In his con ex i is c u-
cial o e iew he us wo hiness o he business pa ne s and nega i e media o
a oid a epu a ional isk and o gua an ee ha he i m engages in ax-sa ing
wi h asse s, bu no in ax aud o ax scam wi h shell companies. I is also mo e
complex o main ain cus ome ela ions and p oximi y when he company is
based ab oad, which is why banks conside cus ome isi s as pa icula ly ele-
an . Also, he e is a legal o m isk in o eign companies. I is common ha he
loca ion o he shipping company’s egis e ed o ice is in an o sho e coun y
and i s ope a ional headqua e in an EU coun y.122
Due o lowe legal and egula o y s anda ds o co po a e cus ome s ab oad
(e. g., employmen con ac s, inco po a ion, e c.) ob aining in o ma ion may be
mo e di icul , and he audi s o o eign companies a e mo e complex. The e-
o e, banks o en ely on hi d-pa y p o ide s o p o ide he necessa y da a.
Addi ionally, o eign companies o en ha e complex owne ship s uc u es (e. g.,
iducia y accoun s).123 Fu he isk in ol es he concealmen o owne ship
h ough so-called bea e sha es. The e is a isk ha he pe sons in ol ed a e no
disco e ed and may al eady ha e been con ic ed o ax aud o money launde -
ing wi hou being de ec ed. In o de o ensu e ha bo h he company and he
UBO a e no in ol ed in in e na ional c ime ela ed o ax ha ens and o eign
companies, he en i e owne ship s uc u e as well as he UBO a e ho oughly
in es iga ed a e iden i ica ion.124
The aim o he supe iso y au ho i y is o p e en money launde ing. Howe -
e , i is p obably impossible o p e en money launde ing comple ely as long as
business and ansac ions a e handled.125
Banks s ic ly implemen he legal equi emen s in o de o de ec c iminal
o ences and o sa is y he egula o y demands o he supe iso y au ho i y. A
he same ime, hey do no seek o es ic clien s, bu o a he expand hei
business wi h hem. Banks hus se e as a bu e be ween a high demand o in-
o ma ion om he supe iso y au ho i ies and he co po a e clien s who y o
disclose as li le da a as necessa y, e. g. o cos easons. Howe e , in he end, he
cus ome s ha e a du y o coope a e and lack he possibili y o exp ess hei
121 C . Swi , Risk ac o s, n.d, n. pag.
122 C . Financial Ac ion Task Fo ce, In-dep h KYC ac o s, 2018, p. 152.
123 C . Moody’s, KYC solu ion, n.d., n. pag.
124 C . Fische , H.-D., Bea e sha es, 2023, p. 193.
125 C . Uni ed Na ions O ice on D ugs and C ime, Money launde ing cycle, n.d.,
n. pag.
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238 Do le Ka ha ina Oldenbu g and Thomas Os endo
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
wishes ega ding he s a e egula ions. In summa y, a ious in e es s o he
s akeholde s mus be conside ed by he banks.126
5. Obs acles in En o cing Manda o y Compliance Measu es
Rega ding he legally obliged KYC e iew o co po a e ma i ime cus ome s as
pa o he accoun opening p ocess and he egula sc eening, Ge man banks
encoun e nume ous challenges, e. g. accessing documen s (i. e. iden i y docu-
men s, ex ac s om egis e s) and in es iga ing o eign companies as majo is-
sues. The p oblem occu s because in Ge man banks, companies a e assessed
acco ding o Ge man law, al hough in o he coun ies, especially ax ha ens
(e. g., Seychelles, Ma shall Islands, e c.), less s ic laws apply o he i ms based
he e. In some coun ies, he documen s anda ds a e lowe han in Ge many.
Fu he mo e, a highe esea ch wo kload a ises om o eign companies, as
he e a e ewe publica ion egula ions. Gene ally, he e a e g ea e di icul ies
in accessing egis e s ab oad as hese a e o en ei he no accessible o do no
e en exis . The lack o anspa ency o in e na ional i ms in o sho e a eas
leads o a dependence on cus ome in o ma ion. O en, banks use hi d pa y
p o ide s in o de o e i y he in o ma ion ecei ed om cus ome s. Ano he
obs acle can be language ba ie s o some o sho e cus ome s when conduc ing
ideo e i ica ion wi h hi d-pa y p o ide s in Ge many.127
A imes challenging can be he de e mina ion o he ul ima e bene icial own-
e in complex owne ship s uc u es. An inc ease o he non- anspa ency and
complexi y o he s uc u es as well as ha o KYC sc eenings in he las decades
complica e he de e mina ion o he UBO. Nowadays, mos banks e iew all
co po a e le els in he owne ship s uc u e down o he smalles de ail and he
esul s a e usually e iewed in e nally by a leas h ee depa men s. Since BaFin
se -up a pa icula examina ion amewo k wi hou speci ying de ailed equi e-
men s o he collec ion o documen s and in o ma ion, banks a e using di e -
en app oaches o in e p e ing he iden i ica ion o he UBO. The disc epancies
in documen equi emen s among di e en banks equen ly lead o con usion
among clien s. They occasionally aise complain s wi h banks, poin ing ou in-
s ances whe e hey had o p o ide a ying o less comp ehensi e in o ma ion o
o he banks. This dispa i y demands ex a esou ce expendi u e om hem.128
Du ing he UBO’s KYC assessmen , da abases a e employed o asce ain
whe he an indi idual holds a poli ically exposed pe son (PEP) s a us. This e-
sul s in ex a e o o cus ome s and he bank when an e en d i en e iew
(EDR) is ac i a ed, e. g., by a change o managing di ec o . Thus, up- o-da e
126 C . Odak, D., Balancing con lic o in e es s, 2020, p. 73.
127 C . PwC, Global Economic C ime Su ey, 2024, p. 12.
128 C . LSEG, Di e en in-house sc eening guidelines, 2023, p. 9.
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Compliance in In e na ional Logis ics’ Finance 239
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
quali y o he da a is a main challenge, as p oac i e no i ica ions om cus ome s
on changes in hei owne ship s uc u e a e a ely submi ed o he bank despi e
he clien ’s obliga ion o p o ide in o ma ion on changes.129 Ano he challenge
can be he e i ica ion o he sou ce o unds and sou ce o weal h as shipping
companies a e o en adi ionally managed o e se e al gene a ions so ha he
amily weal h da es some imes a back in his o y.130
6. P oposals o Solu ions
The exchange be ween banks is pe cei ed as use ul and aluable because e-
cu ing KYC sc eenings a e equi ed in each bank. The e a e al eady se ice
p o ide s o e ing he digi al gene a ion o a KYC p o iling (e. g., hi d-pa y
p o ide s SWIFT,131 Moody’s132) as well as he u ilisa ion o a i icial in elli-
gence o analysing documen con en . By linking public egis e s, KYC EDRs
a e igge ed upon changes, enabling inc eased da a quali y (Sinpex).133 Fo a
po en ial u u e sys em, i is ele an ha he e is a cus omisable scope o use o
all banks. In his con ex , wo op ions a e ega ded as easible. The i s op ion
is ou sou cing he KYC p ocess o all Ge man banks o designa ed ex e nal se -
ice p o ide s.134 The second app oach is o assign compe ence o conduc ing
KYC sc eenings o clien s o ce ain banks and subsequen ly hei p o iling e-
sul s migh be ans e ed o all banks na ionally o in he EU. Thus, each bank
does no ha e o conduc simila KYC checks i sel , bu can ely on he esul s o
he o he esponsible banks. The coope a ion and coo dina ion o he banks o
he in eg a ion o a unc ioning c oss-bank p ocess is he p econdi ion.
An imp o ed in o ma ion exchange, educed e iew expenses, an inc ease in
he e iciency o he KYC p ocess as well as as e compliance p ocessing o p i-
o i y ansac ions would bene i all h ee s akeholde s, i. e. cus ome s, banks,
and egula o y supe ision.
Cus ome s bene i om a educed wo kload due o iden ical, uni ied KYC e-
qui emen s om di e en banks (common s anda d o all in o ma ion and
documen s). Sho ened wai ing imes o accoun opening a e made possible.
BaFin bene i s om an imp o emen in da a quali y. And banks sa e cos s by
sha ing he e o o ul il egula o y equi emen s.
129 C . Sinpex, AI-d i en moni o ing, n.d., n. pag.
130 C . Financial Ac ion Task Fo ce, In-dep h KYC ac o s, 2018, p. 108.
131 C . Swi , KYC egis y, n.d, n. pag.
132 C . Moody’s, KYC solu ion, n.d., n. pag.
133 C . Sinpex, AI-d i en moni o ing, n.d., n. pag.
134 C . Swi , KYC egis y, n.d, n. pag.
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240 Do le Ka ha ina Oldenbu g and Thomas Os endo
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
Addi ionally, es ablishing a global egis e would help o imp o e and alle ia e
da a collec ion. Such a cen alised global egis e ough o p o ide in o ma ion
on all companies wo ldwide. Thus, i p o ides access o he sha eholding s uc-
u es o all banks’ co po a e cus ome s. Documen s which a e equi ed by banks
in con ex o KYC sc eenings a e accessible wi hou wai ing o cus ome e-
sponses. By gi ing banks access o all necessa y da a in a global egis e , he
ansmission o in o ma ion migh be au oma ed and s anda dised. The docu-
men s o he global egis e should be iled in English in o de o educe lan-
guage ba ie s and make he iles comp ehensible o all banks wo ldwide.
Wi hin his amewo k, he implemen a ion o a s anda dised minimum docu-
men equi emen is eques ed o o sho e co po a ions, gi en he cu en lack
o subs an ial egula ions o hese. The ealisa ion o such a egis y migh no
only mi iga e he cos s incu ed in e i ying ansla o s o lawye s bu also en-
hance he e iciency o he o e all p ocedu e. The da a ha emains una ailable
h ough he global egis y o da abases ough o be ansmi ed by he cus om-
e .
7. Conclusion
The ocus o his pape has been he legally manda o y moni o ing o logis-
ics’ cus ome s by Ge man banks o p e en money launde ing and o he illegal
in e na ional inancial ansac ions. Fo his pu pose, he s a us quo o he ap-
plied an i-money launde ing compliance measu es o accoun openings and
exis ing cus ome s has been in es iga ed and he esul ing challenges o Ge -
man banks ha e been iden i ied. In addi ion, a u u e scena io o an ideal an-
i-money launde ing compliance p ocess has been de eloped.
The know-you -cus ome p ocess is he cen al an i-money launde ing com-
pliance measu e, in ol ing se e al depa men s in each bank. The e is a need,
howe e , o a simpli ied access o o eign egis e s. The implemen a ion o a
c oss-bank s anda dised an i-money launde ing p ocess has p os and cons. On
he one hand, i can be assumed ha a c oss-bank p ocess would gene a e syn-
e gy e ec s such as less e o and an accele a ion o p ocesses. On he o he
hand, a possible ulne abili y o da a insecu i y is a p oblem ha needs o be
add essed when banks should sha e cus ome da a wi h each o he o wi h ex-
e nal pa ne s o pe o m KYC-checks.
Fu he esea ch and discussions among he ele an s akeholde s, i. e. he
shipping indus y, banks, and supe iso y bodies, a e necessa y o imp o e he
cu en sho comings o global compliance AML p ac ices.
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Vie eljah eshe e zu A bei s- und Wi scha s o schung, 2 (2025) 2
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