Regulatory Alerts2012-11-16 | Circular 6/2012 (GW)BaFin Circular 6/2012 (GW) on Updated FATF Public Statement
BaFin issues Circular 6/2012 to implement the FATF's updated public statement, mandating enhanced due diligence and counter-measures for financial institutions engaging with high-risk jurisdictions. Iran and North Korea remain in Category 1 subject to strict counter-measures, while a newly expanded list of countries falls under Category 2 due to strategic anti-money laundering deficiencies. The circular further clarifies administrative practice regarding cash transaction thresholds, maintaining a supervisory grace period until December 2012 with potential extension pending European Commission proposals.
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