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Austria Intensifies Efforts Against Money Laundering and Terrorist Financing

Austria has taken a robust approach to detect and prevent money laundering and terrorist financing activities, as defined by Section 165 of the Austrian Criminal Code. This law aims to ensure uniform application of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) obligations.

Financial Markets AML Act

The Financial Markets AML Act has consolidated provisions on preventing the use of the financial system for money laundering and terrorist financing in credit institutions and financial institutions. The law facilitates supervision by the Financial Market Authority, ensuring a uniform application of AML/CFT obligations.

Identification Requirements

In Austria, clients must identify themselves under certain circumstances, including:

  • Establishing a permanent business relationship with a financial institution
  • Performing a transaction valued at EUR 15,000 or more outside of a permanent business relationship
  • Depositing or paying out savings worth EUR 15,000 or more
  • Suspicions of money laundering or terrorist financing

Identification is performed using official photo ID. Minors and legal entities must provide additional proof. In trust relationships, the identity of the trustor must also be disclosed.

Reporting Suspicious Activities

Suspicions of money laundering or terrorist financing must be reported to the money laundering unit of the Austrian Federal Ministry of the Interior.

European Union Directives and Regulations

The European Union has issued several directives and regulations to combat money laundering and terrorist financing. The 4th Anti-Money Laundering Directive, published in 2015, requires member states to implement AML/CFT obligations. Austria is also subject to country assessments by the Financial Action Task Force (FATF), which evaluates compliance with international standards.

FATF Assessment Report

In its most recent assessment report, released in September 2016, FATF identified several areas for improvement in Austria’s AML/CFT regime. The country is currently undergoing an Enhanced Follow-up Process to address these concerns.

Austrian National Risk Assessment 2021

The Austrian National Risk Assessment 2021 identifies the risks to various sectors and provides a comprehensive overview of the threats and vulnerabilities facing the country. This report guides authorities and obliged entities in their efforts to prevent and combat money laundering and terrorist financing.

Consolidated Statistics

As required by Article 44 para. 3 of the 4th Anti-Money Laundering Directive, Austria will publish consolidated statistics on its systems to combat money laundering or terrorist financing. These statistics provide valuable insights into the country’s efforts to combat financial crimes.

Austria’s Commitment

Austria has committed to strengthening its AML/CFT regime and is working closely with international partners, including the FATF, to ensure compliance with global standards. By intensifying its efforts against money laundering and terrorist financing, Austria demonstrates its commitment to maintaining a robust and effective financial system.