The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 60,000 on Sparkasse Oberösterreich Bank AG. 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 due to breaches of the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäsche-Gesetz). These breaches specifically related to the drawing-up of policies and procedures for ensuring that the obligation to take appropriate actions to understand the customer’s ownership and control structure was observed, as well as drawing up such strategies in written form, applying them on an ongoing basis and checking that the duty to regularly update all information, data and documents required under the FM-GwG was duly observed. The penal order is final.