Austria

New Documents

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

The Austrian Financial Market Authority published a report concerning currents trends and strategies for 2023, highlighting supervision priorities and efforts to keep pace with the rapidly advancing digitalization of the financial sector.

January 6, 2023

Austria FMA Publishes 2021 Annual Report

May 10, 2022

GRECO Report Examines Corruption Prevention Efforts in Austria

May 2, 2022

Six EU Countries Support Creation of AML/CTF Supervisor, Other Reforms

March 28, 2022

News

Midweek Roundup: US Prosecutors Assemble Case Against SBF, Russia Seeks Help in Avoiding Blacklist, and More

Scotiabank exits AML enforcement action, Japan eyes stronger AML rules for cryptocurrency, and more, in the midweek roundup.

May 24, 2023

Weekly Roundup: FinCEN Flags Sanctions Evasion Schemes, Latvian Banker Faces Murder Trial, and More

Revolut hits U.K. roadblock, Austrian bank prepares to ditch Belarusian clients, and more, in the weekly roundup.

May 19, 2023

Weekly Roundup: Credit Suisse Allegedly Violated US Tax Crime Settlement, Report Ties South African Banks to Gold Smuggling Scheme, and More

March 31, 2023

Midweek Roundup: Austrian Bank Faces US Probe, EU Nations Back Plan for Bloc-wide Sanctions Agency, and More

February 22, 2023

In Europe, Suspicious Payments Triple Thanks to VASPs, Cryptocurrency

October 25, 2022

Enforcement Actions

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

The Austrian Financial Market Authority imposed a €367,542 fine on the Vienna, Austria-based insurance company for multiple breaches of customer due diligence obligations as required by the Financial Market Authority Act.

May 5, 2023

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

The Financial Market Authority of Austria imposed a €100,000 fine on the Pongau, Austria-based bank for two breaches of anti-money laundering and counterterrorist financing obligations.

August 8, 2022

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

January 6, 2022

FMA Highlights License Revocation of ATIRA GmbH for AML/CTF Failures

December 30, 2021

FMA Revokes License of BTM Service GmbH for AML Violation

December 30, 2021

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