Austria Enforces Know Your Customer Rules: Obliged Entities Must Report Suspicious Activity and Large Transactions

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Austria’s Financial Intelligence Unit (A-FIU) has introduced strict reporting obligations for obliged entities to combat money laundering and terrorist financing. This includes financial institutions and other regulated bodies, which must report any suspicious activity or transactions that exceed certain thresholds.

What are Obliged Entities Required to Report?

• Suspicious activity reports to the A-FIU if they have reason to believe a transaction is linked to criminal activity, including money laundering offenses or terrorist financing.
  • This includes situations where a customer has failed to disclose trust relationships or where an asset component originates from a criminal activity.

Large Transactions Must be Reported

• All transactions exceeding EUR 100,000 or its equivalent value must be reported if:
  • The originator or beneficiary is a resident of a non-cooperative country or territory.
  • The transaction involves an account held at a foreign credit institution or financial institution in such a country.

Additional Reporting Requirements for Credit Institutions

• Notify the A-FIU without delay about any requests to withdraw savings deposits where:
  • The customer’s identity has not been determined.
  • The payout is intended from a deposit with a balance of at least EUR 15,000 or its equivalent value.