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Compliance Blog
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Bafin Circular 05/2016 (GW)
FATF Declaration and FATF Information Report, Amendment 4th EU Money Laundering Directive The Bafin circular 05/2016 contains three topics. The FATF Statement on Iran and North Korea The information report on countries under surveillance Planned amendments to the fourth EU Money Laundering Directive The FATF Statement on Iran and North Korea The circular deals with… more »
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Money laundering and terrorism
Schäuble upgrades special unit (FIU) in the fight against money laundering According to a report in the Handelsblatt, the special unit responsible for the fight against money laundering and terrorist financing will be increased. So far, this unit has not been very successful. Especially the real estate sector is a gateway in this respect. At… more »
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New series of the Panama Papers
New Panama Papers series exposes secret deals in Africa On 25 July, the International Consortium of Investigative Journalists (ICIJ) – initiators of the Panama Papers – in collaboration with more than 12 news organisations in Africa, released fresh details about corporate secrets and hidden assets in Africa, the world’s poorest continent. The release includes information… more »
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Advantages of the General Data Protection Regulation (GDPR)
Harmonisation of data protection within the EU brings benefits The General Data Protection Regulation was adopted in May this year. The implementation of the GDPR must be implemented by May 2018 in every company that collects personal data or whose purpose is to work with personal data. Below we explain the benefits of the GDPR.… more »
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Sanctions against supporters of the Syrian regime
Sanctions against individuals and organisations In response to the Assad regime’s ongoing violence against Syrian citizens, the US Office of Foreign Assets Control (OFAC) today placed eight individuals and seven entities on its sanctions list for assisting the Syrian government in building its weapons of mass destruction programme. As a result, access to resources owned… more »
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Bafin – Circular 04/2016 (GW) on video identification (1)
In June 2016, Bafin published a new circular 04/2016 (GW) on video identification. In this circular, the requirements under money laundering law for video identification in the customer intake process are reformulated. In particular, the requirements regarding the premises, the approved identification documents, the verification of identity documents, storage and recording obligations and data protection… more »