The third edition of the Austrian Financial Market Authority (FMA) series Let’s talk about supervision addresses the issue of “identification in non-face-to-face operations”. Technological developments have changed the framework conditions for the financial sector in many ways. This is the case in relation to the prevention of money laundering and terrorist financing (ML/TF) for example in the conclusion of transactions online. The unambiguous and secure identification of customers – within the know your customer (KYC) procedure – constitutes a key measure for the prevention of ML/TF. Let’s talk about supervision explains the legal basis as well as the FMA’s supervisory expectations for online identification.
This edition can also be found (in German only) under the following link: https://www.fma.gv.at/querschnittsthemen/geldwaescherei-und-terrorismusfinanzierung/
New information series for supervised entities
Let’s talk about supervision – is the FMA’s new regular information series for supervised entities. This format is intended for covering new areas of supervision as well as thematic areas where a need for explanation has been detected in the market. Relevant thematically-specific information is intended to be communicated in a quick and easy to understand manner, to create greater clarity as well as contributing towards ensuring that supervisory standards are observed.
The first two editions of Let’s talk about supervision address “Outsourcing of core services for CASPs” as well as the provision about “groups of connected clients (GCCs)”.
Enquiries should be addressed to:
Boris Gröndahl
Phone: +43 (1) 249 59-6010
Mobile: +43 676 8824 9995
E-Mail: [email protected]