Regulatory Alerts2017-01-23
Regulation on Savings Associations (SpVV)
The Austrian Financial Market Authority (FMA) has issued this regulation to permit credit institutions to apply simplified identification measures for savings association members, thereby reducing anti-money laundering compliance burdens. The exemption applies when the association is assessed as low-risk, all members are natural persons, and individual annual contributions remain at or below EUR 1,500. Contributions exceeding this threshold trigger standard identification procedures under the Banking Act and Financial Markets Anti-Money Laundering Act.
Share