Germany's banking watchdog says it is making it easier for whistleblowers to alert authorities about illegal activity.

The Federal Financial Supervisory Authority said Friday that it is launching a new service to allow insiders to report wrongdoing within their company without risking personal disadvantage.

The watchdog says whistleblowers will in future be able to send tips anonymously.

In recent years whistleblowers have helped uncover tax evasion practices at several European banks.