The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 40,000 against Grazer Wechselseitige Versicherung Aktiengesellschaft. The proceedings were concluded in an accelerated manner pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The reason for the fine is a breach of the Financial Markets – Anti-Money Laundering Act (FM-GwG). Specifically, Grazer Wechselseitige Versicherung Aktiengesellschaft’s policies and procedures regarding due diligence obligations towards customers for checking information about the source of invested funds were inadequate. The penal order is final.