Money Laundering And Terrorism Financing Risk Regulation - Gtv

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

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

On the basis of § 40b (1) of the Banking Act-BWG, BGBl. No. 532/1993, as last amended by Federal Law BGBl. I n ° 77/2011, and Section 98d (1) of the Insurance Supervision Act-VAG, BGBl. No 569/1978, as last amended by Federal Law BGBl. I n ° 77/2011, is ordered with the approval of the Federal Minister for Finance:

Scope

§ 1. This Regulation lays down further cases of increased risk of money laundering or terrorist financing within the meaning of Article 40b (1) of the Federal Elections Act and Section 98d (1) of the VAG, 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 98b (1) VAG, 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.

Islamic Republic of Iran,

2.

Democratic People's Republic of Korea

3.

Plurinational State of Bolivia,

4.

Republic of Cuba,

5.

Democratic Federal Republic of Ethiopia,

6.

Republic of Kenya,

7.

Republic of the Union of Myanmar,

8.

Federal Republic of Nigeria,

9.

Democratic Republic of São Tomé and Príncipe,

10.

Democratic Socialist Republic of Sri Lanka,

11.

Arab Republic of Syria and

12.

Republic of Turkey.

entry into force

§ 3. This Regulation shall enter into force on 31 December 2011.

Ettl Pribil