Regulatory Alerts2012-12-13 | Circular 9/2012 (GW) - Extension of grace periodCircular 9/2012 (GW) – Extension of Grace Period for GwOptG Provisions
BaFin has extended the supervisory grace period for specific GwOptG provisions until 31 March 2013. This extension, jointly agreed with the Federal Ministry of Finance, suspends regulatory sanctions for violations concerning fund transfer thresholds and Politically Exposed Persons identification. Financial institutions may therefore continue compliance with the amended GwG sections without penalty through the new deadline.
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