The Austrian Financial Market Authority (FMA) announces that it has imposed a fine of EUR 588,000 against BAWAG P.S.K. Bank für Arbeit und Wirtschaft und österreichische Postsparkasse AG as a legal person for breaches against the Financial Markets – Anti-Money Laundering Act (FM-GwG) in relation to the risk assessment of three business relationships. BAWAG P.S.K. Bank für Arbeit und Wirtschaft und österreichische Postsparkasse AG failed to classify these business relationships in an appropriate risk category. The penal order is not final.
Update: 23.12.2024
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG has lodged an appeal with the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) against the FMA’s penal order.
Update: 02.03.2026
The Federal Administrative Court (BVwG) confirmed the FMA's penal order dated 19.11.2024. The orderly final right of appeal was declared to be permissible. The penal order is final.
Update: 10.04.2026
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG has lodged an appeal with the Supreme Administrative Court (VwGH; Verwaltungsgerichtshof) against the ruling of the Federal Administrative Court (BVwG; Bundesverwaltungsgericht).
Update: 02.10.2026
In its ruling dated 14.09.2026 the Supreme Administrative Court (VwGH; Verwaltungsgerichtshof) rejected the BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG’s final right of appeal against the decision served by the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) dated 17.02.2026 in relation to the extent of its being found guilty.
The Supreme Administrative Court set aside the contested decision both with regard to the penalty imposed and the order for costs on the grounds that its content was unlawful in light of there being an incorrect reference in the penal provisions of the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäschegesetz) .