Regulatory Alerts2022-02-23
Added · Updated
FMA Circular on Internal Organisation for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this circular to provide guidance on establishing internal organizational frameworks for obliged entities to comply with the Financial Markets Anti-Money Laundering Act. It mandates the appointment of a dedicated Anti-Money-Laundering Officer who reports directly to the management body and possesses specific professional qualifications and independence. The document further details requirements for outsourcing, group-wide policies, risk assessments, and the implementation of adequate strategies and procedures to prevent financial crimes.
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