The Austrian Financial Market Authority (FMA) determined on the basis of the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäschegesetz) a lack of technical suitability of active function holders (the AML Officer and their deputy) of a supervised institute and therefore ordered the appointment of suitable persons to this position as stated in Article 23 para. 3 FM-GwG by means of an administrative decision. As the AML officer about whom a notification was received was not suitable to perform the function of an AML officer as defined in Article 23 para. 3 FM-GwG, the FMA has now ordered to establish legal compliance without delay and set a deadline for doing so under threat of a coercive penalty.
No separate right of appeal is permissible against this procedural instruction.