Circular 9/2012 (GW) – Extension of Grace Period for GwOptG Provisions

BaFin has extended the supervisory grace period for specific GwOptG provisions until 31 March 2013. This extension, jointly agreed with the Federal Ministry of Finance, suspends regulatory sanctions for violations concerning fund transfer thresholds and Politically Exposed Persons identification. Financial institutions may therefore continue compliance with the amended GwG sections without penalty through the new deadline.

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Circulars

Re:
BaFin
Circular 2/2012 of 21 March 2012

Business sign: GW 1-GW 2001-2008/0003

13.12.2012

In
Circular 2/2012 of 21 March 2012,
BaFin granted a grace period with regard to certain aspects of the new provisions introduced by the GwOptG .

In deviation from the effective dates stipulated in Article 12 of the GwOptG , BaFin announced in the aforementioned Circular that in cases where BaFin or external auditors identified violations of provisions amended or introduced by the GwOptG (section 3 (2) sentence 1 no. 2 of the GwG (thresholds applying to the transfer of funds) and section 6 (2) of the GwG (identification of PEP s)), BaFin would refrain from imposing any supervisory sanctions until 31 December 2012.

BaFin and the Federal Ministry of Finance have now agreed to extend the grace period until 31 March 2013.

Additional information

Circular 2/2012 (
GW
)

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Lineage: In force

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This document amends: BaFin Circular 2/2012 on Updated FATF Standards and Money Laundering Prevention

Source: Federal Financial Supervisory Authority Germany — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works