Regulatory Alerts2022-11-03
Added · Updated
FMA Minimum Standards for BWG Compliance
The Austrian Financial Market Authority (FMA) issued these minimum standards to provide guidance for credit and financial institutions on establishing and operating a BWG compliance function. The document mandates that significant institutions establish an independent compliance function while requiring all institutions to define written policies and procedures to minimize compliance risks. It further details organizational requirements, including proportionality, reporting lines, and the specific duties of the compliance function regarding risk assessment and monitoring.
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