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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Re: BaFin Circular 2/2012 of 21 March 2012
Business sign: GW 1-GW 2001-2008/0003
13.12.2012
In Circular 2/2012 of 21 March 2012, BaFin granted a grace period with regard to certain aspects of the new provisions introduced by the GwOptG .
In deviation from the effective dates stipulated in Article 12 of the GwOptG , BaFin announced in the aforementioned Circular that in cases where BaFin or external auditors identified violations of provisions amended or introduced by the GwOptG (section 3 (2) sentence 1 no. 2 of the GwG (thresholds applying to the transfer of funds) and section 6 (2) of the GwG (identification of PEP s)), BaFin would refrain from imposing any supervisory sanctions until 31 December 2012.
BaFin and the Federal Ministry of Finance have now agreed to extend the grace period until 31 March 2013.
Additional information
Circular 2/2012 ( GW )
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