Austria’s Financial Market Authority FMA has published two circulars that are intended to serve supervised companies as a guide to complying with the provisions governing the fight against money laundering and terrorist financing.
The Circular on suspicious transaction reports in connection with money laundering, terrorist financing and violation of the requirement to disclose trusteeships explains the provisions governing suspicious transaction reports and the impact this has on the companies. It applies equally to credit institutions, financial and payment institutions, investment firms and investment service providers, as well as to insurance undertakings.
The Circular on the provision of information on the payer pursuant to Regulation (EC) No. 1781/2006 on information on the payer accompanying transfers of funds is aimed at assisting credit institutions, financial institutions and payment institutions in implementing the directly applicable EU regulation “on information on the payer accompanying transfers of funds”. The regulation applies to all transfers of funds within the European Union and regulates the obligations of the payment service providers (PSPs) involved. It includes recommendations set forth in the Common Understanding of the 3L3 Anti Money Laundering Task Force (AMLTF). If a PSP regularly fails to supply the complete information, this must be reported to the anti-money laundering unit. The FMA therefore recommends the Austrian PSPs to introduce effective procedures suitable for verifying in advance that the information is complete, as well as to adopt an internal policy defining how to deal with incomplete information.
In publishing these Circulars the FMA is following the explicit recommendations of the Financial Action Task Force (FATF); these recommendations will require amendments to additional laws (2010 Prevention of Terrorism Act, 2010 Anti-money Laundering Amendment).
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516