Financial Crime World

Austria Exceeds EUR 10,000 in AML/CFT Efforts

Austrian Financial Intelligence Unit Announces Milestone Achievement

The Austrian Financial Intelligence Unit (A-FIU) has announced that it has exceeded the EUR 10,000 mark in its efforts to combat money laundering and terrorist financing. This achievement is a result of close cooperation between different stakeholders, including financial institutions, law enforcement agencies, and regulatory bodies.

Strong Relationships with International Counterparts

The A-FIU plays a crucial role in providing relevant information to international counterparts and has established strong relationships with other countries’ Financial Intelligence Units (FIUs). The unit’s expertise is built on the experience of its officials, who are all criminal police officers with extensive training and practical experience in fighting different types of crime.

Competences Distributed among Stakeholders

In Austria, the competences in the fight against money laundering and terrorist financing are distributed among different stakeholders, including:

  • Financial Intelligence Unit (FIU)
  • Other organization units within the Ministry of the Interior
  • Federal Ministries of Finance, Justice, and Economy
  • Competent regulation authorities such as the Financial Market Authority

Ensuring Transparent Information Flow

To ensure a transparent information flow, regular meetings take place between stakeholders, with ad-hoc meetings held as required. The A-FIU is also responsible for:

  • Informing financial institutions about methods and indications of money laundering and terrorist financing
  • Providing feedback on the quality of reports received
  • Communicating directly with policymakers to improve anti-money laundering (AML) and anti-terrorist financing (ATF) systems

Compliance System in Public Administration

Austria has implemented a compliance system in public administration, which includes:

  • A network of compliance officers for all Federal Police Directorates
  • Appropriate trainings
  • The Austrian Federal Ministry of the Interior shares its expertise with other bodies of the Austrian public administration

Training and Awareness Raising

The BAK has also conducted trainings for various organizational units of the MoI and its subordinate bodies, focusing on:

  • Raising awareness about corruption
  • Improving understanding of compliance
  • Increasing employees’ ability to act correctly and meet their needs

International Recognition

Austria’s efforts have been recognized by international organizations, including being a founding member of the EGMONT Group and undergoing an evaluation by the Financial Action Task Force (FATF). The A-FIU actively participates in projects and operational networks such as AMON (Anti-Money-Laundering Network), demonstrating its commitment to combating money laundering and terrorist financing.