The Austrian Financial Market Authority FMA today published a “Circular on anti-money laundering officials for the prevention of money laundering and terrorist financing”. The circular addresses in particular the position of the anti-money laundering official within the structure of the particular organisation, the official’s powers and responsibilities, the compatibility with other functions, and the outsourcing of the function or of individual responsibilities entailed in it.
With regard to the position of the official within the structure of the organisation, the circular specifies that the anti-money laundering official is solely responsible to the managing directors (or the management board) and must report directly to them. The task of the anti-money laundering official within the company is to ensure compliance with the due diligence requirements that are aimed at combating money laundering and terrorist financing, and the corresponding required powers should be vested in the function. Concerning the compatibility with other functions, the circular stipulates that the individual holding the position can exercise more than one function simultaneously provided that consideration is given to ensure the availability of sufficient resources and to avoiding any conflict of interest. The position of anti-money laundering official, or individual responsibilities entailed in it, may be outsourced to other positions within the sector or group organisation provided that a qualified staff member with a minimum level of responsibilities and powers is appointed as a local contact person in each case. These minimum requirements are also detailed in the circular.
The circular has been prepared on recommendation by the Financial Action Task Force (FATF).
The circular can be downloaded in full (in German) from the FMA website at https://www.fma.gv.at/en/fma/fma-circulars/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676/882 49 516