Including virtual currencies in the prevention of money laundering: providers are subject to supervision by the FMA, applications for registration possible from 01.10.2019
From 10 January 2020 digital currencies will be included in the European regime for the prevention of money laundering and terrorist financing. Providers of financial services that issue and sell virtual currencies, providers for transferring of virtual currencies, platforms for exchanging and trading virtual currencies (irrespective of whether virtual currencies are exchanged between one another or against fiat currencies or vice versa)as well as electronic wallet providers must register with the competent supervisory authority in advance. From 10 January 2020 these providers – as is already the case for credit institutions and financial institutions – such providers shall also have to comply with the due diligence and reporting obligations for the prevention of money laundering and terrorist financing. Applications for registration may already be submitted to the FMA from 1 October 2019.
“Incorporating virtual currencies into the regime for the prevention of money laundering and terrorist financing on the one hand is a significant step in the struggle against money laundering,while on the other hand making a large contribution towards creating fair conditions for competition between providers of analogue financial services as well as providers of digital financial services”, remarked the FMA’s Executive Directors, Helmut Ettl and Klaus Kumpfmüller.
The new rules are enshrined in the 5th Anti Money Laundering Directive (Directive (EU) 2018/843), which has been transposed in Austria by the Financial Markets Anti Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäschegesetz).
Further information about who is required to register, how such an application is to be made as well as which documentation must be attached to such an application, can be found on the FMA website.
Journalists may address further enquiries to:
Ms. Annemarie Bauer
+43/ (0) 676 / 88 249 519