Regulatory Alerts2017-01-23
Added · Updated
Corporate Provision Funds Risk Analysis and Due Diligence Regulation
The Austrian Financial Market Authority (FMA) issued this regulation to exempt corporate provision funds from the obligation to record a risk analysis under the Financial Markets Anti-Money Laundering Act (FM-GwG). It determines that there is a low risk of money laundering and terrorist financing in relation to the operations of corporate provision funds. Consequently, corporate provision funds may apply simplified due diligence measures for the determination and verification of the identity of beneficiaries and employers, utilizing existing master data from social insurance institutions.
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