Regulatory Alerts2022-11-03
FMA Minimum Standards for BWG Compliance
The Austrian Financial Market Authority (FMA) issued these minimum standards to provide guidance for credit institutions on establishing and operating a BWG compliance function in accordance with the Austrian Banking Act. The document mandates that significant institutions establish an independent compliance function while requiring all institutions to implement written policies and procedures to identify and mitigate compliance risks. It further details organizational requirements, including the principle of proportionality, reporting lines to the management board, and the integration of compliance into the three lines of defense model.
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