AML/KYC Requirements in Austria: A Practical Guide for Business Owners
Anti-money laundering compliance in Austria is strict and enforced. Understanding your obligations as a business owner is essential to avoid fines and licence revocation.
Austria's AML framework is based on the EU's Anti-Money Laundering Directives (AMLD) and implemented through the Finanzmarkt-Geldwäschegesetz (FM-GwG). All obliged entities — including payment institutions, crypto businesses, and certain professional service providers — must have a robust AML/KYC programme in place.
Who Are Obliged Entities?
The following businesses are subject to AML obligations in Austria:
- Banks, payment institutions, and EMIs
- Crypto asset service providers (VASPs/CASPs)
- Real estate agents and notaries
- Auditors, tax advisors, and accountants (in certain contexts)
- Casinos and gambling operators
Core KYC Requirements
Customer Due Diligence (CDD) must be performed for every new client and periodically reviewed. This includes:
- Identity verification (passport, utility bill)
- Beneficial ownership identification (UBO registry check)
- PEP and sanctions screening
- Source of funds / source of wealth documentation
- Ongoing transaction monitoring
Penalties for Non-Compliance
The FMA can impose fines of up to €5 million or 10% of annual turnover for serious AML violations. Licence revocation is also possible. NEXORA helps you build a compliant AML programme tailored to your business model.
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