Roger, Formalin is a volatile compound which may not stay in film during prolonged storage. I would expect this to be even more of an issue in hot, moist climate, which is exactly the climate where microbes dwell. I would see it as a great warning sign, that Tetenal, who use the same STAB for C-41 and E6, and who's STAB contains a Hexamine, also put the benzoisothiazolinone compound into their STAB. This tells me that Formalin alone won't do. This issue is also described in "Fungicidal Rinses for Color Processed Film" by Mackey and Johnson (Photographic Science and Engineering, volume 3, number 3, page 132ff).
Interesting side note: this paper mentions Thiourea as very potent fungicide, and rejects this compound only because leakage from STAB back into color developer can cause problems. I think this would be a complete non issue for most amateurs. Can anyone tell me how much Thiourea I would need in final rinse to make it work?