Money Laundering And Terrorism Financing Risk Regulation 2016 - Gtv 2016

Original Language Title: Geldwäscherei- und Terrorismusfinanzierungsrisiko-Verordnung 2016 – GTV 2016

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422. Regulation of the Financial Market Supervisory Authority (FMA) on further cases of increased money laundering or terrorism financing risk (Money Laundering and Terrorism Finance Risk-Regulation 2016-GTV 2016)

On the basis of § 40b (1) of the Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 117/2015, and section 131 (1) of the Insurance Supervision Act 2016-VAG 2016, BGBl. I n ° 34/2015, as last amended by the Federal Act BGBl. I n ° 112/2015, is ordered with the approval of the Federal Minister of Finance:

Scope

§ 1. This Regulation lays down further cases of an increased risk of money laundering or terrorist financing within the meaning of Section 40b (1) of the Federal Elections Act and Section 131 (1) of the VAG 2016, in which enhanced due diligence and monitoring obligations are to be applied.

Increased risk of money laundering or terrorist financing

§ 2. (1) An increased risk of money laundering or terrorist financing shall be provided where:

1.

(a) the customer or

b)

the person authorised to represent him or her for the purposes of Section 40 (1) of the Federal Elections Act or of Section 129 (1) of the VAG 2016 Act; or

c)

a person to which the customer has a substantial business relationship,

the place of residence or seat in one of the States referred to in paragraph 2,

2.

the trustee or the beneficial owner has his residence or registered office in one of the States listed in paragraph 2, or

3.

the transaction is carried out through an account set up at a credit institution in one of the countries listed in paragraph 2.

(2) States in which there is at least an increased risk of money laundering or terrorist financing shall be

1.

the Islamic Republic of Iran,

2.

the Democratic People's Republic of Korea,

3.

the Republic of the Union of Myanmar,

4.

the Republic of Yemen,

5.

the Islamic Republic of Pakistan,

6.

the Republic of Somalia and

7.

the Syrian Arab Republic.

entry into force

§ 3. This Regulation shall enter into force 1. Jänner 2016 in force.

Ettl Kumpfmüller