Regulatory Alerts2022-02-23
Added · Updated
FMA Circular on Due Diligence Obligations for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this circular to provide guidance on the due diligence obligations required under the Financial Markets Anti-Money Laundering Act. It mandates that obliged entities, including credit institutions, financial institutions, and virtual asset service providers, implement robust customer identification, beneficial owner verification, and ongoing monitoring procedures. The document further details specific requirements for non-face-to-face operations, simplified and enhanced due diligence measures, and the registration process for virtual asset service providers.
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