Regulatory Alerts2022-02-23
FMA Circular on Internal Organisation for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this circular to provide guidance on establishing internal organizational frameworks for obliged entities to comply with the Financial Markets Anti-Money Laundering Act. It mandates the appointment of a dedicated Anti-Money-Laundering Officer who reports directly to the management body and possesses specific competences, including free access to data and the authority to stop transactions. The document further details requirements for outsourcing, proportionality of resources, group-wide procedures, and the fitness and propriety assessments for key compliance personnel.
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