Erscheinung:13.12.2012 | Reference number GW 1-GW 2001-2008/0003 | Topic Anti-money laundering Act on Optimising the Prevention of Money Laundering (Gesetz zur Optimierung der Geldwäscheprävention – GwOptG) (here: Extension of grace period)
Circular 9/2012 (GW) - Extension of grace period
Re: BaFin Circular 2/2012 of 21 March 2012
Please note:German version is binding
This translation is furnished for information purposes only and may refer to an older version of the text. The original German text is binding in all respects.
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 PEPs)), 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.
