Regulatory Alerts2013-07-16 | Circular 02/2013 (GW)BaFin Circular 02/2013 (GW) Regarding FATF Public Statement on Iran, North Korea and Other Jurisdictions
BaFin issues Circular 02/2013 to implement the FATF’s June 2013 Public Statement, updating jurisdictional risk categories and mandating enhanced due diligence for business relationships with Category 2 countries. The circular maintains existing counter-measures for Iran and North Korea while requiring financial institutions to apply organizational safeguards and clearly document audit results for the newly listed deficient jurisdictions. These measures align domestic compliance obligations with the FATF’s call to mitigate ongoing money laundering and terrorist financing risks.
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