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. 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 reporting lines, resource allocation, and the principle of proportionality based on the institution's size and complexity.
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