Regulatory Alerts2022-02-23
FMA Circular on Reporting Obligations for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this circular to guide obliged entities on detecting anomalies and fulfilling reporting obligations under the Financial Markets Anti-Money Laundering Act. It details specific indicators of suspicious activity, including complex legal structures, unusual virtual currency transactions, and discrepancies in customer behavior, which trigger mandatory reporting. Entities are required to submit Suspicious Activity Reports to the Financial Intelligence Unit when suspicion or reasonable grounds to assume money laundering or terrorist financing exist.
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