Regulatory Alerts2022-02-23
FMA Circular on Due Diligence Obligations for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this circular to provide guidance on the due diligence obligations imposed on obliged entities under the Financial Markets Anti-Money Laundering Act. It details the requirements for customer identification, verification of beneficial owners, ongoing monitoring, and risk-based enhanced or simplified due diligence measures. The document also addresses specific procedures for non-face-to-face operations, virtual asset service providers, and the application of these obligations to various financial institutions and business relationships.
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