Regulatory Alerts2014-07-14 | Circular 06/2014 (GW) - FATF Public Statement and Information ReportBaFin Circular 06/2014 (GW) – FATF Public Statement and Information Report on Iran, North Korea, and Other Countries
BaFin issued Circular 06/2014 to implement the FATF’s updated Public Statement and Information Report, mandating enhanced due diligence and organizational measures for German financial entities engaging with high-risk jurisdictions. The circular maintains existing counter-measures for Iran and North Korea while adding Algeria, Ecuador, Indonesia, and Myanmar to the enhanced due diligence category, requiring documented risk assessments for cross-border transactions. Financial institutions must also consider other FATF-reviewed countries in their money laundering and terrorist financing evaluations, though direct enhanced measures remain discretionary for these jurisdictions.
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