Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

March 2, 2020

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Format: Chicago

Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), (USA: International Monetary Fund, 2020) accessed December 26, 2024

Summary

This Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrorism. It provides a targeted review of Austria’s progress in addressing the Money Laundering/Terrorism Financing vulnerabilities. Several initiatives, the amendments introduced to the Financial Markets Anti-Money Laundering Act, the Beneficial Owners Register Act, and other sectoral laws have led to significant enhancements of the legal and regulatory framework which resulted in a number of upgrades on technical compliance ratings by the Financial Action Task Force in the context of the two follow-up reports. The authorities took steps to transpose the Fourth and the Fifth Anti-Money Laundering Directives into national legislation. Steps have been taken to improve the legal and regulatory framework that applies to lawyers, notaries and tax advisors, and other Designated Non-Financial Business and Professions, but there is room for enhancing implementation. The authorities have recently adopted a comprehensive set of reforms to enhance entity transparency, including through the establishment of a Register of Beneficial Ownership.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Commercial banks, Crime, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Legal support in revenue administration, Revenue administration, Technology, Virtual currencies

Keywords: AMLC, Anti-money laundering and combating the financing of terrorism (AML/CFT), Authority, CFT framework, CFT obligation, CFT regime, CFT supervision, Commercial banks, Company, Country, CR, Customer, Eastern Europe, Europe, Financial Sector Assessment Program, ISCR, Legal support in revenue administration, Risk profile, Southern Europe, TF risk, TF scandal, Virtual currencies

Publication Details

Pages:

40
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/065
Stock No:

1AUTEA2020005
ISBN:

9781513535838
ISSN:

1934-7685

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