Regulatory Alerts2017-01-23
Added · Updated
Regulation on Savings Associations
The Austrian Financial Market Authority issued this regulation to authorize credit institutions to apply simplified due diligence measures for verifying the identity of savings association members. These exemptions are strictly conditional on the association demonstrating low money laundering and terrorist financing risk, comprising solely natural persons, and maintaining individual annual contributions at or below one thousand five hundred euros. Any contributions exceeding this threshold or emerging risk indicators immediately trigger standard identification requirements under the Banking Act and Financial Markets Anti-Money Laundering Act.
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