FMA Inspection Plan 2020: 172 on-site inspections, significantly increased intensity of inspections
In 2020 the Austrian Financial Market Authority (FMA) is conducting 172 on-site inspections. As a result, on average every fifth entity supervised by the FMA will be under scrutiny. The planning of inspections is conducted on a risk-based basis – i.e. The greater the risk, the higher the frequency of inspections – and thematically spread across the six annual priorities for supervision published by the FMA from digitalisation risks through to improving internal governance.
In 2020, according to the plan 45 banks will specifically be inspected in 2020 in relation to solvency supervision (in this instance the inspection will be conducted by the OeNB) and conduct supervision. 43 on-site inspections will be conducted at investment firms and investment services providers. There are 27 on-site inspections for insurance undertakings and 20 for investment fund managers on the inspection plan. Occupational severance and retirement funds as well as Pensionskassen will be subject to a total of seven inspections.
In order to continue to be able to guarantee an orderly financial centre in Austria, 30 on-site inspections will also be conducted in the field of the prevention of money laundering. Such inspections will be predominantly conducted at credit institutions. As a result of the FMA’s new competence to also monitoring the observance of due diligence obligations for the prevention of money laundering also for providers in relation to virtual currencies, such entities have also been included in the FMA’s inspection planning.
Journalists may address further enquiries to
Ms. Lucija Stjepanovic