Regulatory Alerts2025-02-05
Financial Markets Anti-Money Laundering Act (FM-GwG)
Issued by the Austrian Federal Ministry of Finance in coordination with the Financial Market Authority, this Act establishes a comprehensive anti-money laundering and counter-terrorist financing framework for credit institutions, financial entities, and virtual currency providers operating in Austria. It mandates ongoing national risk assessments, standardized customer due diligence procedures including AI-based transaction monitoring and self-hosted wallet transactions, and strict reporting obligations to the Financial Intelligence Unit. The legislation further empowers the FMA with enhanced supervisory and penal powers to enforce compliance, protect whistleblowers, and align Austrian financial markets with European Union directives.
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