Austria Austria

New Documents

Austria FMA Releases Report on AML Trends, Challenges in 2022

The Austria Financial Market Authority released a report that analyzes money laundering and terrorist financing-related trends and themes, concluding that 20% of virtual asset service providers in the nation pose a high risk of money laundering.

August 14, 2023

GRECO Publishes Evaluation Report on Anti-Corruption Measures in Austria

The Council of Europe’s Group of States against Corruption published a fifth round evaluation report on Austria’s measures for corruption prevention with respect to top executive functions and law enforcement authorities.

March 3, 2023

Austria FMA Highlights 2023 Supervisory Priorities

January 6, 2023

Austria FMA Publishes 2021 Annual Report

May 10, 2022

GRECO Report Examines Corruption Prevention Efforts in Austria

May 2, 2022

News

Weekly Roundup: Russia Holds Sway in FATF, Wirecard Fugitive Tied to Espionage, and More

Weekly Roundup: Russia Holds Sway in FATF, Wirecard Fugitive Tied to Espionage, and More

April 5, 2024

Midweek Roundup: Nigeria Prepares Binance Charges, ‘Micro-Debit’ Scheme Duped Banks, and More

Sanctions evaders adopt Tether, Gunvor settles bribery case, and more, in the midweek roundup.

April 3, 2024

Weekly Roundup: Fintrac Investigates ‘Cyber Event,’ US Officials Warn Austrian Bank, and More

March 22, 2024

Weekly Roundup: Russian Payment Network Blacklisted, Lloyds Bank Under Investigation, and More

February 23, 2024

Midweek Roundup: Austrian Bank Sees Path Around Sanctions, FinCEN Advances Real Estate Rule, and More

December 20, 2023

Enforcement Actions

FMA Disciplines European American Investment Bank Aktiengesellschaft for AML/CTF Failures

The Austrian Financial Market Authority penalized the Vienna, Austria-based bank for failure to comply with its anti-money laundering and counterterrorist financing obligations.

January 19, 2024

Austria FMA Revokes Registration of Crypto Management GmbH

The Financial Market Authority revoked the registration of the Vienna, Austria-based virtual asset service provider pursuant to the Financial Markets Anti-Money Laundering Act.

November 20, 2023

FMA Fines Wiener Städtische Versicherung AG Vienna Insurance Group €367,542 for AML Failures

May 5, 2023

Austria FMA Fines Raiffeisenbank Altenmarkt-Flachau-Eben eGen €100,000 for AML/CTF Breaches

August 8, 2022

Austrian Regulator Revokes License of Xtrader24 GmbH for AML Non-Compliance

January 6, 2022

Key Documents

Austria Upgrades AML Law to Comply with Third EU Money Laundering Directive

December 14, 2007

Austria Publishes Amended Banking Act

April 2, 2002

Austria Enacts Legislation to Supervise Electronic Money Institutions

May 17, 2011

Austria Establishes Financial Market Authority as Regulator

September 1, 2011

Important Facts

  • The U.S. State Department classifies Austria as a jurisdiction of primary concern because it is a major financial center. Austrian banking groups control significant shares of the banking markets in Central, Eastern and Southeastern Europe. Money laundering occurs to some extent within the Austrian banking system as well as in nonbank financial institutions and businesses. Organized crime groups typically launder proceeds derived from fraud, smuggling, corruption, narcotics trafficking and human trafficking. Austrian conviction and investigation statistics reveal that theft, drug trafficking and fraud are the main predicate crimes in the country. Casinos and gambling are legal; casinos must comply with their anti-money laundering and combating the financing of terrorism obligations. Migrant workers in Austria send money home via all available channels, including regular bank transfers, money transmitters, as well as informal and illegal remittance systems. However, there is no evidence to prove that money is being laundered through these channels.
  • KYC Covered Entities: Banks and credit institutions; domestic financial institutions authorized to conduct financial leasing, safe custody, portfolio and capital consulting, credit reporting, and mergers and acquisitions services; brokers and securities firms; money transmitters and exchanges; insurance companies and intermediaries; casinos; all goods dealers; auctioneers and real estate agents; lawyers, notaries, certified public accountants, and auditors
  • STR Covered Entities: Banks and credit institutions; domestic financial institutions authorized to conduct financial leasing, safe custody, portfolio and capital consulting, credit reporting, and mergers and acquisitions services; brokers and securities firms; money transmitters and exchanges; insurance companies and intermediaries; casinos; all goods dealers; auctioneers and real estate agents; lawyers, notaries, certified public accountants, auditors, and customs officials
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 336 (2013); Convictions: 8 (2013)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 methodology

Technical Effectiveness
Compliant : 18 High : 0
Largely Compliant : 18 Substantial : 3
Partially Compliant : 4 Moderate : 6
Non-Compliant : 0 Low : 2

Austria's technical compliance was re-rated in a Nov. 22, 2018 follow-up report.

BASEL i

Rank : 23/110
Score : 4.42/10

TRANSPARENCY INTERNATIONAL i

Rank : 15/180
Score : 76/100

Tax Justice Network i

Rank : 36/133
Score : 56/100