Regulatory Alerts2014-04-01 | Circular 02/2014 (GW) - FATF Public Statement and Information ReportCircular 02/2014 (GW) - FATF Public Statement and Information Report Regarding Iran, North Korea, and Other Countries
BaFin issued Circular 02/2014 (GW) to implement the FATF’s 14 February 2014 Public Statement and Information Report, which update the regulatory treatment of jurisdictions with money laundering and terrorist financing deficiencies. The circular maintains Category 1 status for Iran and North Korea, requiring continued counter-measures, while adding Algeria, Ecuador, Ethiopia, Indonesia, Myanmar, Pakistan, Syria, Turkey, and Yemen to Category 2. Financial institutions must apply enhanced due diligence and organizational requirements to business relationships and transactions involving Category 2 countries, document the results for audit purposes, and consider the risk profiles of all reviewed jurisdictions in their AML/CFT assessments.
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