Financial Crime World

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Austria Confronts Financial Inclusion and Crime: A Delicate Balance

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Austria faces a challenging task in balancing financial inclusion with combating money laundering and terrorist financing. On one hand, the country aims to provide access to banking services for all citizens. On the other hand, it must also combat these serious crimes.

Money Laundering and Terrorist Financing: A Serious Concern

Both money laundering and terrorist financing are punishable under the Austrian Criminal Code (StGB). Money laundering is defined as concealing the illegal origins of income from certain criminal activities, while terrorist financing involves providing assets for the perpetration of a terrorist act.

Austria has a robust legal framework to combat money laundering and terrorist financing. The Financial Markets AML Act (2017) ensures uniform application of AML/CTF obligations and facilitates supervision by the Financial Market Authority. Other laws, such as the Austrian Trade Act, Gambling Act, and Codes of Professional Conduct for Attorneys at Law and Notaries, also place great importance on the principle of “know your customer”.

Identification Requirements

When You Need to Identify Yourself

In Austria, every client must identify themselves in certain situations:

  • Establishing a permanent business relationship with a financial institution
  • Performing a transaction worth 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 and doubts about identification data

Identification is performed using official photo ID. In cases where the client is a minor or legal entity, additional documentation may be required.

FATF: A Global Anti-Money Laundering Organization

The Financial Action Task Force (FATF) was established in 1989 as an independent anti-money laundering organization. Today, it has 37 members from major financial centers around the world. The FATF’s goal is to establish globally uniform standards for combating money laundering and terrorist financing.

Country Assessments: Austria’s Performance

Austria was examined by the FATF in 2015/2016 and found to be in Enhanced Follow-up Process. A National Risk Assessment was conducted in 2021, identifying risks to sectors concerned by analyzing prevailing threats and vulnerabilities.

Statistics on Money Laundering and Terrorist Financing

As required under the 4th Anti-Money Laundering Directive, Austria publishes consolidated statistics on its systems to combat money laundering and terrorist financing. This helps to track progress and identify areas for improvement.

Conclusion

Austria’s efforts to promote financial inclusion while combating money laundering and terrorist financing are commendable. By strengthening its legal frameworks, improving identification requirements, and cooperating with global organizations like the FATF, Austria can continue to strike a delicate balance between promoting financial inclusion and preventing financial crime.