Financial Crime World

Austria’s Efforts Against Money Laundering and Corruption

Austrian Criminal Police

The Austrian criminal police has a flexible organization that allows for the formation of multi-disciplinary investigation groups or task forces as needed. This structure enables effective collaboration among different departments to tackle complex financial crimes.

  • Key Features:
    • Multi-disciplinary investigation groups or task forces can be formed as needed.
    • All FIU officials are criminal police officers with training and practical experience in fighting different types of crime.

A-FIU (Financial Intelligence Unit)

The A-FIU is a member of the EGMONT Group, actively participating in projects and operational networks such as AMON (Anti Money-Laundering Network). The unit cooperates with other stakeholders, including financial institutions, to combat money laundering effectively.

  • Key Features:
    • Member of the EGMONT Group
    • Participates in projects and operational networks like AMON (Anti Money-Laundering Network)
    • Cooperates with financial institutions to combat money laundering

AML Efforts

In Austria, competences for combating money laundering are distributed among different stakeholders. Regular meetings take place at least twice a year to ensure exchange of information on AML and anti-terrorist financing (ATF) discussions.

  • Key Features:
    • Competences distributed among different stakeholders
    • Regular meetings between stakeholders at least twice a year

Compliance in Public Administration

The Austrian Federal Ministry of the Interior has established a compliance system since mid-2013, which includes a Chief Compliance Officer, network of compliance officers for all Federal Police Directorates, and training programs. The BAK (Federal Finance Authority) has carried out trainings on compliance for various organizational units of the MoI and its subordinate bodies.

  • Key Features:
    • Established a compliance system since mid-2013
    • Includes Chief Compliance Officer and network of compliance officers
    • Training programs for employees

Key Takeaways

The Austrian AML/CFT system is centralized, allowing for flexibility in national cooperation and coordination among stakeholders. Regular meetings and training programs help ensure exchange of information and effective implementation of AML/ATF measures.

  • Key Features:
    • Centralized AML/CFT system
    • Flexibility in national cooperation and coordination
    • Regular meetings and training programs