Country and sanctions lists
Countries with an increased risk
Institutions supervised by the Financial Market Authority are required to undertake a risk assessment with regard to prevention measures in relation to money laundering and terrorist financing. In such a risk assessment, the geographical risk associated with the persons, transactions and business relations must also be assessed by the institutions themselves. The preventative measures taken by the institutions must be oriented against this risk assessment.
The Financial Market Authority therefore draws attention to the particular increased risk associated with the countries listed in the following documents:
Article 40 para. 8 Article 40a para. 7 and Article 41 para. 3b of the Austrian Banking Act (BWG; Bankwesengesetz) and Article 130 para. 5, Article 132, and Article 133 para. 5 of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz) contain simplifications in conjunction with third countries, that have introduced equivalent requirements with those contained in Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (3rd Anti Money Laundering Directive). The notification about third countries with equivalent requirements in relation to the combatting of money laundering and terrorist financing (last updated on 8 February 2012) lists those third countries, for which this condition is satisfied.
Sanctions Lists
The sanctions lists fall within the scope of competences of the Oesterreichische Nationalbank (OeNB). Information about the OeNB Regulations under the scope of the Exchange Control Act (DevG – Devisengesetz) – (in German only) can be found at https://www.oenb.at/Ueber-Uns/Rechtliche-Grundlagen/Verordnungen-nach-DevG.html and sanctions relating to Iran can be found (in German only) at https://www.oenb.at/Ueber-Uns/Rechtliche-Grundlagen/Finanzsanktionen/iran.html.