Key Benefits:
427. Regulation of the Federal Minister for Economic Affairs, Family and Youth on increased risks of money laundering or terrorist financing in accordance with the Industrial Regulations 1994 (GTV-GewO)
On the basis of § 365s (5) of the Commercial Code 1994, BGBl. No. 94/1994, as last amended by the Federal Law BGBl. I No 85/2012, shall be arranged:
Increased risk of money laundering or terrorist financing
§ 1. (1) There is an increased risk of money laundering or terrorist financing if:
| 1. |
the customer has his residence or registered office in one of the States listed in paragraph 2, or |
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| 2. |
the person authorised to represent the client is domicated or domicated in one of the States referred to in paragraph 2; or |
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| 3. |
a person to which the customer has a substantial business relationship has his residence or registered office in one of the States listed in paragraph 2, or |
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| 4. |
the trustee or the beneficial owner has his residence or registered office in one of the States listed in paragraph 2, or |
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| 5. |
the transaction is carried out through an account set up at a credit institution in one of the countries listed in paragraph 2. |
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(2) States where there is at least an increased risk of money laundering or terrorist financing are:
| 1) |
Islamic Republic of Iran, |
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| 2) |
Democratic People's Republic of Korea |
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| 3) |
Plurinational State of Bolivia, |
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| 4) |
Republic of Cuba, |
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| 5) |
Democratic Federal Republic of Ethiopia, |
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| 6) |
Republic of Ecuador, |
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| 7) |
Republic of Ghana, |
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| 8) |
Republic of Indonesia, |
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| 9) |
Republic of Yemen, |
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| 10) |
Republic of Kenya, |
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| 11) |
Republic of the Union of Myanmar, |
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| 12) |
Federal Republic of Nigeria, |
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| 13) |
Islamic Republic of Pakistan, |
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| 14) |
Democratic Republic of São Tomé and Príncipe, |
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| 15) |
Democratic Socialist Republic of Sri Lanka, |
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| 16) |
Arab Republic of Syria, |
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| 17) |
United Republic of Tanzania, |
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| 18) |
Kingdom of Thailand, |
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| 19) |
Republic of Turkey and |
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| 20) |
Socialist Republic of Vietnam. |
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entry into force
§ 2. This Regulation shall enter into force at the end of the day of its operation.
Mitterlehner
