Regulatory Alerts2022-02-23
FMA Circular on Risk Assessment for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this circular to guide obliged entities in implementing the risk-based approach required by the Financial Markets Anti-Money Laundering Act. It mandates that institutions conduct comprehensive risk assessments at both the company level and individual customer level, incorporating findings from Austria's national risk assessment. The document details specific methodologies for identifying risk factors, including those related to virtual currencies, and outlines procedures for deriving total risk and applying proportionate mitigation measures.
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