The following information is addressed to the “financial market participants” pursuant to Article 1 para. 4 of the Sanctions Act 2024 (SanktG 2024; Sanktionengesetz 2024) as amended.
These include credit institutions, financial institutions, and crypto-asset service providers pursuant to Article 25 para. 1 of the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäschegesetz). In addition to the obliged entities under the FM-GwG, insurance undertakings pursuant to Article 2 no. 2 lit. b FM-GwG also cover insurance undertakings in the areas of operations for all insurance classes.
Legal enquiries
The Austrian Financial Market Authority (FMA) assumes competence for the monitoring of financial market participants pursuant to Article 1 para. 4 SanktG 2024 regarding the observance of financial sanctions from 01 January 2026. Legal enquiries in relation to financial sanctions may only be submitted via the Incoming Platform.
Applications to release frozen funds (Asset Freeze)
With effect from 01.01.2026, the FMA is responsible for the release of certain frozen funds in accordance with the exceptions contained in the respective sanctions regulations (e.g. Articles 4 to 7 of Regulation (EU) No 269/2014 as amended). Applications for releasing of frozen assets are to be submitted exclusively to the FMA as the competent authority via the Incoming Platform.
Reporting requirements for frozen assets (Asset Freeze)
All funds and economic resources, belonging to, owned, held or controlled by natural or legal persons, entities or bodies listed in the underlying Sanctions Regulations (“sanctioned persons”) or the natural or legal persons, entities or bodies listed linked to them listed therein are required to be frozen (Asset Freeze). Funds or economic resources shall not be allowed to be made available to or accrue to the benefit, either directly or indirectly, of such sanctioned persons. As soon as funds or economic resources are frozen, under the underlying regulations this is required to be reported to the FMA as competent authority immediately.
Financial market participants pursuant to Article 1 para. 2 SanktG 2024 as amended are responsible for ensuring compliance with EU sanction measures. They must therefore primarily ensure, that funds are not made available via their institution to any of the persons listed in relevant legal acts, and furthermore are required to freeze all funds that such a person owns, holds or otherwise controls. In order to be able to monitor credit and financial institutions’ compliance with sanctions, in addition to compulsory ad hoc reports, frozen accounts are required to be reported to the FMA on a quarterly basis. Such reports are made via the Incoming Platform. Empty notifications are not necessary. A guideline about how to fill the template will also be made available on the Incoming Platform.
Only funds that are held at Austrian credit and financial institutions are required to be reported to the FMA as the competent authority. Reporting regarding “economic resources” are required to be submitted to the Federal Ministry of the Interior/Directorate National Security and Intelligence Service. The ministry has compiled a detailed list for the reporting obligations for sanctions.
Reporting obligations for certain deposits
Pursuant to Article 5b Regulation (EU) No 833/2014 as amended, it is generally prohibited for credit institutions to accept deposits that exceed EUR 100,000 from Russian nationals or natural persons residing in Russia, legal persons, entities or bodies established in Russia or a legal person, entity or body established outside the European Union and whose proprietary rights are directly or indirectly owned for more than 50 % by Russian nationals or natural persons residing in Russia.
Pursuant to Article 1u Regulation (EG) No. 765/2006 as amended, it is generally prohibited for credits institutions to accept deposits that exceed EUR 100,000 from Belarussian natural or legal persons, entities and bodies.
A corresponding reporting obligation arises regarding existing deposits of a value exceeding EUR 100,000 (Article 5g Regulation (EU) No 833/2014 as amended and Article 1z Regulation (EC) No 765/2006 as amended). Under that provision, credit institutions were obliged to submit a list by 27 May 2022 at latest of the deposits existing EUR 100,000 to the competent authority. Thereafter credit institutions submit up-to-date information about the level of such deposits every twelve months.
The reporting date is always 31 March of the respective year. The submission of the report is required to occur by 30 April of the respective year at latest. Such reports are made via the Incoming Platform. Empty notifications are not necessary. A guideline about how to fill the template is also available on the Incoming Platform.
Reporting obligations regarding reversed transactions
Where a payment is ordered by a non-sanctioned person to a sanctioned person and the payment was stopped by a credit institution or financial institution that was involved (and therefore never entered the sanctioned person’s sphere of influence), at no time does the sanctioned person hold the funds. They were therefore neither in the possession of, nor owned by a sanctioned person, nor held or controlled by one, and therefore cannot be attributed to them. The conditions for a freezing order therefore do not exist. Instead, by suspending the transaction, the credit institution or financial institution prevents the prohibited making available of funds, with the payments being returned by the involved institution to the respective originator of the payment. The transaction initiated by the originator, however still potentially constitutes a violation or an attempted violation of the prohibition contained in the respective Regulation.
In order to be able to monitor observance of sanctions, credit and financial institutions are required to submit a list of transactions that have been stopped and returned to the originator on a monthly basis. The cut-off point is the respective final day of the month. Such reports are made via the Incoming Platform. Empty notifications are not necessary. A guideline about how to fill the template will also be made available on the Incoming Platform.
Reporting obligation for credit and financial institutions in accordance with Article 5r of Regulation (EU) No 833/2014
From 1 July 2024, credit and financial institutions are required to submit information to the competent authority of the Member State in which they are located, within two weeks of the end of each semester (=half-year) about all money transfers with a total amount exceeding EUR 100,000 for the respective semester, that they have directly or indirectly initiated for the legal persons, entities or and bodies listed in Article 5r (1) Regulation (EU) No 833/2014.
The report is required to be made within two weeks of the end of every semester. The reporting obligation for credit institutions and financial institutions about transfers of funds that have been initiated as defined in Article 5r (2) Regulation (EU) No 833/2014 enters into force on 01 July 2024.The report is to be made via the Incoming Platform. Empty notifications are not necessary. A guideline about how to fill the template will also be made available on the Incoming Platform.
Reporting obligation for credit and financial institutions in accordance with Article 30 or Article 30a of Regulation (EU) No 267/2012
The Council of the European Union amended Regulation (EU) No 267/2012 in Regulation (EU) 2025/1975 of 29 September 2025. Certain reporting and authorisation requirements were introduced for the transfer of funds with “Iranian” credit or financial institutions as well as transfers of funds to and from Iranian persons, entities or bodies.
If an Austrian financial market participant pursuant to Article 1 para. 4 SanktG 2024 as amended is involved in such a transfer of funds, the notifications or applications for authorisation stipulated in Article 30 and 30a Council Regulation (EU) No 267/2012 of 23 March 2012 as amended, the these must be submitted to the FMA as the competent authority. The submission of the notification as well as applications for authorisation are to be made via the Incoming Platform. Empty notifications are not necessary.
Legal enquiries
From 1 January 2026, the Austrian Financial Market Authority (FMA) assumes competence for the monitoring of financial market participants pursuant to Article 1 para. 4 SanktG 2024 regarding the observance of financial sanctions, including among entities for insurance undertakings. Legal enquiries in relation to financial sanctions may only be submitted via the Incoming Platform.
Applications for releasing of frozen assets
With effect from 01.01.2026, the FMA is responsible for the release of certain frozen funds in accordance with the exceptions contained in the respective sanctions regulations (e.g. Articles 4 to 7 of Regulation (EU) No 269/2014 as amended). Applications for releasing of frozen assets are to be submitted exclusively to the FMA as the competent authority via the Incoming Platform.
Reporting requirements for frozen assets (Asset Freeze)
Within the extension of the scope of addressees under Article II of the Act regarding Amendments in relation to the FATF Country Inspection of 2024 (FATF-Prüfungsanpassungsgesetz 2024) with effect from 01.01.2026 the FMA also supervises observance of financial sanctions regarding insurance undertakings in the scope of activities in all insurance classes.
All funds and economic resources, belonging to, owned, held or controlled by natural or legal persons, entities or bodies listed in the underlying Sanctions Regulations (“sanctioned persons”) or the natural or legal persons, entities or bodies listed linked to them listed therein are required to be frozen (Asset Freeze). Funds or economic resources shall not be allowed to be made available to or accrue to the benefit, either directly or indirectly, of such sanctioned persons.
As soon as sanctioned persons have acquired specific claims in the form of monetary claims towards the insurance undertaking, such claims constitute “funds” under sanctions law, and are required to be frozen. In order to be able to monitor insurance companies’ compliance with sanctions, frozen accounts are required to be reported to the FMA on a quarterly basis. Such reports are made via the Incoming Platform.
In addition reference is also made to the notification requirement in accordance with Article 8 Regulation (EU) 269/2014 as amended. In summary, under this reporting obligation, natural and legal persons, entities and organisations are obliged to report any information to the Austrian Financial Market Authority (FMA) as the competent authority that they have in relation to funds in European Union territory that are related to persons subject to an asset freeze (sanctioned persons). As legal persons insurance undertakings are also subject to this reporting obligation.
Crypto-assets are generally not covered by the exhaustive list of what constitutes “funds” in Regulation (EU) No 269/2014. Depending on the design of the specific crypto-asset, they may however qualify as “economic resources”. In Regulation (EU) No 833/2014 crypto-assets are specifically defined as “transferable securities” (see “Consolidated version – Frequently asked questions concerning sanctions adopted following Russia’s military aggression against Ukraine and Belarus’ involvement in it”, Version: 29.10.2025, p. 80).
Legal enquiries
From 1 January 2026, the Austrian Financial Market Authority (FMA) assumes competence for the monitoring of financial market participants pursuant to Article 1 para. 4 SanktG 2024 regarding the observance of financial sanctions, including crypto-asset service providers. Legal enquiries in relation to financial sanctions may only be submitted via the Incoming Platform.
Applications for releasing of frozen assets
With effect from 01.01.2026, the FMA is responsible for the release of certain frozen funds including crypto-assets in accordance with the exceptions contained in the respective sanctions regulations (e.g. Articles 4 to 7 of Regulation (EU) No 269/2014 as amended). Applications for releasing of frozen assets are to be submitted exclusively to the FMA as the competent authority via the Incoming Platform.
The application should present in a conclusive and comprehensible manner,
- the type of releasing of assets you are requesting,
- the regulation on which the application is based,
- the underlying factual circumstances,
- the documents (contracts, invoices etc.) that the circumstance that is relevant for the application is based, and
- the payment or crypto-asset transfer recipient (name, wallet address including information about whether it is a self-hosted wallet or a custodial wallet, stating the name of the crypto-asset service provider or IBAN to which the crypto-assets should be paid out to).
Reporting requirements for frozen funds / crypto-assets (Asset Freeze)
Within the extension of the scope of addressees under Article II of the Act regarding Amendments in relation to the FATF Country Inspection of 2024 (FATF-Prüfungsanpassungsgesetz 2024), with effect from 01.01.2026 the FMA also supervises observance of financial sanctions regarding crypto-asset service providers (CASPs).
All funds and economic resources, belonging to, owned, held or controlled by natural or legal persons, entities or bodies listed in the underlying Sanctions Regulations (“sanctioned persons”) or the natural or legal persons, entities or bodies listed linked to them listed therein are required to be frozen (Asset Freeze). Funds or economic resources shall not be allowed to be made available to or accrue to the benefit, either directly or indirectly, of such sanctioned persons.
In order to be able to monitor CASPs’ compliance with sanctions, frozen accounts are required to be reported to the FMA on a quarterly basis. Such reports are made via the Incoming Platform.
In addition reference is also made to the notification requirement in accordance with Article 8 Regulation (EU) 269/2014 as amended. In summary, under this reporting obligation, natural and legal persons, entities and organisations are obliged to report any information to the Austrian Financial Market Authority (FMA) as the competent authority that they have in relation to funds in European Union territory that are related to persons subject to an asset freeze (sanctioned persons). CASPs are also considered as legal persons and are therefore subject to this reporting obligation.