The 6th edition of the “FMA Workshop on Compliance and Anti-Money Laundering” was held on 09 September 2024 in Vienna, attended by around 350 compliance and AML officers of banks. The FMA’s experts provided an overview about the latest national and international developments as well as about supervisory initiatives about compliance, conduct supervision and anti-money laundering, and discussed the practice of the market with attending delegates. Topics included the EU’s AML Package and the new EU Anti-Money Laundering Authority (AMLA) as well as Austria’s forthcoming FATF inspection, as well as topics about conduct supervision such as supervisory experiences and expectations surrounding fitness and propriety of key function holders, the distribution of sustainable financial products and marketing communications. The guest speaker, economist Marcel Seifert from the Institute of Advanced Studies, reported on current findings in behavioural economics in relation to investor behaviour regarding sustainable financial products.<\/p>
FMA Executive Director Helmut Ettl emphasised in his opening statement that he considers compliance officers and AML officers to be partners of the supervisory authority and that it is now generally understood in Austria that the management of non-financial risks are not only a “nice to have” option, but are an absolute necessity. He also emphasised that the FMA will continue to pursue its tried and tested zero tolerance policy in a consequent manner in the interests of ensuring a clean financial centre.<\/p>