Regulatory Alerts2015-12-02 | Circular 09/2015 (GW) - FATF Public Statement and Information ReportCircular 09/2015 (GW) – Updated FATF Public Statement and Information Report on Iran, North Korea, Myanmar and Other Countries
BaFin issued Circular 09/2015 (GW) to implement the updated FATF Public Statement and Information Report of October 2015, revising risk classifications for specific jurisdictions. The circular maintains existing counter-measures for Iran and North Korea, adds Myanmar to the category requiring enhanced due diligence and organizational safeguards, and mandates risk consideration for eleven countries under review. Financial institutions must apply these enhanced measures to cross-border business relationships and transactions, clearly documenting the results for internal audit, annual financial statement audits, and special audits.
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