Regulatory Alerts2022-02-23
Added · Updated
FMA Circular on Risk Assessment for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority (FMA) issued this circular to provide guidance to obliged entities on implementing the risk-based approach for preventing money laundering and terrorist financing. The document mandates that entities conduct comprehensive risk assessments at both the company and individual customer levels, incorporating findings from the national risk assessment. It details specific methodologies for identifying risk factors, including those related to virtual currencies, and outlines the required steps for analyzing threats and vulnerabilities to derive proportionate mitigation measures.
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