Prevention of Money Laundering & Terrorist Financing

The fight against money laundering is a complex subject, which requires the cooperation of several authorities.  

The essential aim for the financial sector is to prevent the exploitation of the Austrian financial system for the purposes of deception and shifting criminal money. Since it is the task of the investigating authorities to do criminalistic work, the financial institutions are called upon to act preventively, to know the identity of his customers and to enable the traceability of cash flows. Thus, financial institutions are in positions to provide all information to the investigating authority and to submit suspicious transaction reports in case of suspicious activities.

The role of the Austrian Financial Market Authority (FMA)

The FMA is responsible for the supervision of credit institutions, insurance undertakings, investment firms, investment service providers as well as payment institutions. As supervisory authority the FMA supervises compliance with legal provisions and due diligence obligations in the area money laundering and terrorist financing and takes appropriate steps in case of violation of these responsibilities.

The role of the Criminal Intelligence Service (.BK)

The .BK is the national centre for the receiving, analysis and dissemination of suspicious transaction reports submitted by credit institutions, insurance, jewelers, auditors, accountants and solicitors. The .BK regularly holds information events for all professions, who are obliged to submit suspicious transaction reports. These events are based on a multidisciplinary approach. Depending on the situation, investigations against terrorist financing are carried out in cooperation with the Federal Agency for State Protection and Counter-Terrorism (BVT).  

The role of the Federal Agency for State Protection and Counter Terrorism (BVT)

If there is a suspicious transaction report on terrorist financing, the report will be disseminated to the BVT by the Criminal Intelligence Service. The BVT investigates these cases in cooperation with local authorities. Contact point for the private sector remains the Austrian Financial Intelligence Unit.  

The role of the Federal Ministry of Justice (BMJ)

The Federal Ministry of Justice is responsible for developing criminal law and regulations for lawyers and notaries. The courts and the public prosecutor´s offices are responsible for prosecution.  

The role of the Federal Ministry of Finance (BMF)

The Federal Ministry of Finance adapts the Banking Act (BWG), the Insurance Supervision Act (VAG), the Securities Supervision Act (WAG) and the Gambling Law to incorporate the latest international standards in the area of money laundering and terrorism financing. It also represents Austria in international fora (e.g. FATF – Financial Action Task Force on Money Laundering), where the international policy on money laundering and terrorist financing is developed.  

The role of the Oesterreichische Nationalbank (OeNB)

The Oesterreichische Nationalbank is entrusted with conducting offsite monitoring and onsite examinations and is part of the Austrian system in the fight against money laundering and terrorism financing. The OeNB issues regulations based on the Foreign Exchange Act and Sanctions Act touching upon payment transactions.  

Furthermore, the Federal Ministry of Economics and Family and Youth (BMWFJ) and the Austrian Foreign Ministry (BMEIA) as well as the Chamber of Attorneys at Law, the Chamber of Notaries and the Chamber of Auditors and Accountants are involved in the fight against money laundering in Austria.