Regulatory Alerts2015-03-26 | Circular 03/2015 (GW) - FATF Public Statement and Information ReportBaFin Circular 03/2015 (GW) – FATF Public Statement and Information Report on Iran, North Korea, and Other Countries
BaFin issued Circular 03/2015 (GW) to update German financial institutions' obligations under the FATF's 27 February 2015 Public Statement and Information Report. The circular maintains Category 1 counter-measures for Iran and North Korea while adding Algeria, Ecuador, and Myanmar to Category 2, thereby requiring enhanced due diligence for business relationships and transactions involving these jurisdictions. Institutions must also incorporate the risk profiles of other countries under review into their money laundering and terrorist financing assessments, with all enhanced measures clearly documented for audit purposes.
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