Regulatory Alerts2017-01-23
Corporate Provision Funds Risk Analysis and Due Diligence Regulation (BVK-RiSoV)
The Austrian Financial Market Authority issued this regulation to exempt corporate provision funds from recording a formal risk analysis under the Financial Markets Anti-Money Laundering Act. By classifying these funds as low-risk for money laundering and terrorist financing, the rule permits simplified due diligence measures for verifying the identities of beneficiaries and allocated employers. Fund operators may satisfy identification requirements by utilizing existing social insurance master data rather than conducting full independent verification.
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