Regulatory Alerts2017-01-23
School Savings Schemes Due Diligence Regulation
The Financial Market Authority of Austria issued this regulation to establish a low money laundering risk for specific school savings schemes under the Financial Markets Anti-Money Laundering Act. It permits credit institutions to apply simplified due diligence measures for individual and collective class savings deposits held by minors. These measures allow identification via school ID cards or teacher-submitted lists without requiring legal representative involvement.
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