What is German Act to Strengthen Financial Market Integrity in SAP ORG-LX-T9N - Team: Corporate Translation?

SAP Term: German Act to Strengthen Financial Market Integrity

• Component: ORG-LX-T9N

• Component Name: Team: Corporate Translation

• Description: German federal law effective July 1, 2021, setting new corporate governance and audit requirements for German listed companies, aimed at combating financial reporting fraud and strengthening controls over capital and financial markets.

Smart SAP Assistant

• Key Concepts: 
  The German Act to Strengthen Financial Market Integrity (Gesetz zur Stärkung der Integrität des Finanzmarkts, or Finanzmarktstärkungsgesetz) is a law passed in Germany in 2009. It is designed to strengthen the integrity of the financial markets by introducing new regulations and requirements for financial institutions. The law also includes provisions for the prevention of money laundering and terrorist financing. 
  
  How to use it: 
  Financial institutions in Germany must comply with the requirements of the German Act to Strengthen Financial Market Integrity. This includes implementing measures to prevent money laundering and terrorist financing, as well as ensuring that their internal processes and procedures are in line with the new regulations. 
  
  Tips & Tricks: 
  Financial institutions should ensure that they are aware of all the requirements of the German Act to Strengthen Financial Market Integrity and that they are taking all necessary steps to comply with them. They should also ensure that their staff are trained on the new regulations and that they are regularly updated on any changes or updates to the law. 
  
  Related Information: 
  The German Act to Strengthen Financial Market Integrity is part of a larger set of regulations known as the European Union’s Fourth Anti-Money Laundering Directive (4AMLD). This directive sets out a number of requirements for financial institutions across Europe, including measures to prevent money laundering and terrorist financing.