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Austrian Banking Law and Regulation
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The banking sector in Austria is subject to a comprehensive set of regulations designed to maintain stability and security. In this guide, we will explore various aspects of Austrian banking law and regulation.
Key Regulations
Remuneration Policy
The Financial Market Authority (FMA) plays a crucial role in ensuring that credit institutions adopt remuneration policies that promote sustainable and long-term actions from their employees. The policy must align personal objectives with the interests of the institution, fostering a culture of responsible banking practices.
- Key aspects of remuneration policy:
- Encourages sustainable and long-term actions
- Aligns personal objectives with institutional interests
- Promotes responsible banking practices
Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
The Financial Markets Anti-Money Laundering Act (FM-GwG) imposes specific due diligence requirements on credit and financial institutions to prevent money laundering and terrorist financing.
- Key aspects of AML/CFT regulations:
- Special due diligence requirements for credit and financial institutions
- Prevention of money laundering and terrorist financing
Depositor Protection Regime
The Act on Deposit Guarantee Schemes and Investor Compensation (ESAEG) ensures the rapid and comprehensive compensation of depositors’ claims in case of a guarantee incident, up to €100,000 per customer and bank.
- Key aspects of depositor protection regime:
- Rapid and comprehensive compensation of depositors’ claims
- Up to €100,000 per customer and bank
Bank Secrecy Requirements
Banking secrecy prohibits disclosing certain information and secrets that have come to attention based on the relationship with customers, protecting legitimate interests.
- Key aspects of bank secrecy requirements:
- Protection of legitimate interests
- Prohibition on disclosing confidential information