New FMA standards against money laundering

Companies ♦ Published: May 27, 2010; 00:00 ♦ (Vindobona)

In the future, all transfers in Austria can be traced back; donations to certified organizations and payments of up to € 1000 are exempt.

New FMA standards against money laundering / Picture: © FMA Finanzmarktaufsicht

The Financial Market Authority has published new guidelines in the fight against money laundering. All financial institutions must improve their internal systems so that all future transfers can be traced back. Exceptions are small donations to charitable institutions, which are provided with the official "seal of approval”.

Currently there are 207 non-profit organizations in…

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