Regulatory Alerts2013-03-26 | Circular 01/2013 (GW)Circular 01/2013 (GW) – FATF Public Statement and Grace Period Extension
BaFin issued Circular 01/2013 to update the FATF Public Statement and extend statutory compliance grace periods for German financial institutions. The circular requires enhanced due diligence and documented organizational measures for transactions involving Category 1 jurisdictions (Iran, North Korea) and newly listed Category 2 countries, while maintaining existing counter-measures for the former. Furthermore, BaFin extends the supervisory grace period for implementing amended GwG provisions regarding fund transfer thresholds and PEP identification until 30 September 2013.
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