Regulatory Alerts2013-11-20 | Circular 05/2013 (GW) - FATF Public Statement and Information ReportCircular 05/2013 (GW) – FATF Public Statement and Information Report
BaFin issued Circular 05/2013 to align German financial institutions with the FATF's October 2013 Public Statement and Information Report, updating jurisdictional risk categories for money laundering and terrorist financing compliance. The circular retains Iran and North Korea in Category 1 subject to counter-measures, while adding eleven nations to Category 2 and requiring enhanced due diligence alongside specific organizational measures for all related business relationships and transactions. Institutions must clearly document the outcomes of these risk assessments to satisfy internal audit, annual financial statement audits, and special audits.
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