The Austrian Financial Intelligence Unit (A-FIU) is responsible for combating money laundering by receiving, analysing, and disseminating ML/TF related suspect transaction reports.
TheAustrian Financial Market Authority (FMA) is responsible for the supervision of credit institutions, insurance undertakings,investment firms, investment service providers as well as payment institutions.As a supervisory authority, the FMA supervises compliance with the Financial Markets Anti-Money Laundering Act.
The Financial Markets Anti-Money Laundering Act establishes a series of duties for the obliged entities. These include:
These due diligence measures will be based on an individual risk assessment and will include:
The obliged entities shall inform the A-FIU, by means of a suspicious activity report, if they know, suspect, or have reasonable grounds to suspect, that:
An attempted, upcoming, ongoing, or previously conducted transaction is related to asset components originating from one of the criminal activities listed in Article 165 StGB (money laundering offences); or
An asset component originates from one of the criminal activities listed in Article 165 StGB
A customer has violated the obligation to disclose trust relationships
The attempted, upcoming, ongoing, orprevious transaction or if the assets are connected to a criminal organisation, aterrorist organisation, a terrorist crime or terrorist financing.
Obliged entities shall also report to the A-FIU all transactions that exceed EUR 100,000 or a currency of equivalent value:
In which the originator or beneficiary is a person whose place of incorporation or residence is in a n non-cooperative country or territory; or
In which are executed into or from an account held at a foreign credit institution or financial institution incorporated in a non-cooperative country or territory.
Credit institutions shall inform the A-FIU without delay about all requests to withdraw savings deposits, if:
The customer’s identity has not yet been determined for the savings deposit, and
The payout is intended to be made from a savings deposit with a credit balance of at least EUR 15,000 or a currency of equivalent value.
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.