FINANCIAL MONITORING IN AUSTRIA

FINANCIAL MONITORING IN AUSTRIA

Who carries out financial monitoring in Austria?

Financial market participants, financial market infrastructure and securities trading are subject to special state supervision due to the economic interest in a stable financial sector. Since 2002, the Financial Market Authority (FMA) has been entrusted with this task. The FMA was established in 2002 as an independent independent body based on international recommendations and standards.

In addition, there is a supervisory mechanism in Europe that includes the European Systemic Risk Board (ESRB), the European System of Financial Supervisory Authorities (EBA, EIOPA, ESMA), the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM).

Who is subject of financial monitoring in Austria?

With the implementation of the 4th Money Laundering Directive in Austria, the regulations for preventing the use of the financial system for the purpose of money laundering and terrorist financing for credit and financial institutions were summarized in one law for the first time. These regulations place great emphasis on the “know your customer” principle, which is intended to deprive money launderers of the benefit of anonymity. Objects of financial monitoring in Austria are the customers who:

• enter into a permanent business relationship with a financial institution (in the classic case, opening a savings account);
• carriy out a transaction with a value of at least EUR 15,000 that does not fall within the framework of an ongoing business relationship;
• make a deposit to or a withdrawal from savings deposits if the amount to be deposited or withdrawn is at least EUR 15,000;
• raise the suspicion of money laundering or terrorist financing and if there are doubts about the identification data already received.

Identification is by means of an official photo ID. If the customer is a minor or a legal entity, the authority to represent and the identity of the person represented must be proven in addition to their own identity. The identity of the trustor must also be disclosed in the trust relationship. If there is a suspicion of money laundering or terrorist financing, a report must be made to the Austrian Money Laundering Reporting Office in the Federal Ministry of the Interior.

If money laundering or terrorist financing is suspected, the Austrian Anti-Money Laundering Office of the Federal Ministry of the Interior must be notified.

• What amount of funds can be deposited in a Austrian bank account?
• What to do when the bank requested documents on the origin of funds?
• What documents confirm the origin of funds?
• Where to get documents confirming the origin of funds?
• What to do if there are not enough documents about the origin of the funds?
• How to withdraw (return) blocked funds in a Austrian bank?
• How to close a bank account?
• How to legally bypass financial monitoring in Austria?
• What to do if there is no source of funds?
• How to pass financial monitoring in a Austrian bank?

A lawyer (lawyer) in the field of banking in Austria is one of our main job profiles. Our bank lawyer will advise you on the following issues: