Regulatory Alerts2017-01-23
Regulation on Due Diligence for Fiduciary Accounts
The Austrian Financial Market Authority issued this regulation to classify specific fiduciary accounts managed by attorneys, notaries, or real estate managers as low risk for money laundering and terrorist financing. Credit institutions may apply simplified due diligence by omitting direct trustor identity verification or using land register excerpts, while maintaining sufficient transaction monitoring. These provisions cover omnibus, inheritance, guardianship, insolvency, and real estate community accounts, with standard due diligence reinstated if risk indicators warrant it.
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