Regulatory Alerts2011-12-09 | Circular 12/2011 (GW)BaFin Circular 12/2011 (GW) on FATF's Updated AML/CFT Statement and Report for Iran, North Korea and Other Jurisdictions
BaFin issued Circular 12/2011 (GW) to implement the Financial Action Task Force's 28 October 2011 updates on money laundering and terrorist financing risks across designated jurisdictions. The circular mandates enhanced due diligence, organizational measures, and reasonable documentation for business relationships, transactions, and partners involving Iran, North Korea, Bolivia, Ethiopia, Kenya, Myanmar, Nigeria, Sao Tomé and Príncipe, Sri Lanka, Syria, Turkey, and Cuba. It further advises financial institutions to apply enhanced due diligence to Argentina given its significantly increased risk, while noting that other listed countries require standard risk assessment without direct counter-measures.
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