Regulatory Alerts2022-02-23
FMA Circular on Internal Organisation for the Prevention of Money Laundering and Terrorist Financing
The Austrian Financial Market Authority issued this February 2022 circular to provide guidance on the internal organizational frameworks obliged entities must establish to comply with the Financial Markets Anti-Money Laundering Act. The document mandates the appointment of a dedicated Anti-Money-Laundering Officer who reports directly to management and possesses specific competences, including free access to data and the authority to stop transactions. It further details requirements for deputy officers, outsourcing arrangements, risk assessments, group-wide policies, and the fitness and propriety standards for key personnel.
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