Regulatory Alerts2014-11-21 | Circular 08/2014 (GW) - FATF Public Statement and Information ReportBaFin Circular 08/2014 (GW) – FATF Public Statement and Information Report on Iran, North Korea, and Other Countries
BaFin issued Circular 08/2014, updating FATF public statements and information reports to address money laundering and terrorist financing risks in Iran, North Korea, Algeria, Ecuador, Indonesia, and Myanmar. The circular mandates enhanced due diligence, organizational measures, and clear audit documentation for business relationships with Category 2 jurisdictions, while maintaining existing counter-measures for Iran and North Korea. It also directs regulated entities to adopt BaFin’s updated guidance notes on suspicion notifications under Section 11 of the Money Laundering Act.
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