Regulatory Alerts2011-06-28 | Circular 10/2011 (GW)BaFin Circular 10/2011 (GW) on FATF Updated Public Statement and Information Report
BaFin issued Circular 10/2011 (GW) to implement FATF's June 2011 updates, mandating enhanced due diligence and organizational measures for business relationships with Iran, North Korea, and seven additional jurisdictions alongside Cuba. The circular updates Germany's list of equivalent third countries by adding India, South Korea, and Aruba while removing Argentina and New Zealand, yet recommends applying enhanced due diligence to Argentina given its increased risk profile. Financial institutions must document safeguarding and review results for internal audit, annual financial statement audits, and special audits to ensure compliance with these revised anti-money laundering and counter-terrorist financing standards.
Share