Regulatory Alerts2017-01-23
Regulation on Due Diligence for Fiduciary Accounts (AndKo-SoV)
The Financial Market Authority of Austria issued this regulation to establish a low money laundering risk for specific fiduciary accounts held by attorneys, notaries, or real estate managers. It permits credit institutions to apply simplified due diligence measures, such as omitting direct identity verification of trustors, provided sufficient transaction monitoring is maintained. These exemptions apply only when no information suggests a higher risk, requiring institutions to request necessary identity details from the managing professionals if further verification is needed.
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