Regulatory Alerts2017-01-23
Corporate Provision Funds Risk Analysis and Due Diligence Regulation (BVK-RiSoV)
The Austrian Financial Market Authority issued the BVK-RiSoV to exempt corporate provision funds from the obligation to record a risk analysis under the Financial Markets Anti-Money Laundering Act. The regulation establishes a low money laundering and terrorist financing risk profile for these funds, allowing them to apply simplified due diligence measures for verifying the identities of beneficiaries and allocated employers. These simplified procedures permit the use of existing master data from social insurance institutions rather than requiring independent identity verification.
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