AT, FISMA E2 Country knowledge
Austria, FISMA E2 Country knowledge
Country report
FISMA E2 Country report.
Prepared by: Elena Pavlova.
Tables and charts (Statistics) prepared by Rajko Vodovnik.
Under guidance of Rainer Wichern Head of unit FISMA E2.
Statistics
Banking indicators
All banks
| Title | 2017-Q4 | 2018-Q4 | 2019-Q4 | 2020-Q4 | 2021-Q4 | 2022-Q4 | 2023-Q4 | 2024-Q2 |
|---|---|---|---|---|---|---|---|---|
| Non-performing loans | 3.5 | 2.6 | 2.2 | 2.0 | 1.8 | 1.8 | 2.2 | 2.2 |
| o/w NFC sector | 5.4 | 3.6 | 3.1 | 3.1 | 2.9 | 2.8 | 3.6 | 3.8 |
| o/w HH sector | 3.8 | 3.3 | 2.8 | 2.6 | 2.3 | 2.1 | 2.3 | 2.3 |
| Coverage ratio | 48.8 | 53.2 | 52.5 | 53.4 | 53.9 | 53.1 | 48.7 | 47.8 |
| Return on equity* | 8.7 | 8.6 | 7.8 | 4.1 | 6.4 | 9.7 | 11.6 | 12.3 |
| Return on assets* | 0.8 | 0.8 | 0.7 | 0.4 | 0.6 | 0.9 | 1.1 | 1.2 |
| Total capital ratio | 18.9 | 18.6 | 18.7 | 19.5 | 19.3 | 19.4 | 20.6 | 20.7 |
| CET 1 ratio | 15.6 | 15.4 | 15.6 | 16.1 | 16.0 | 16.5 | 17.6 | 17.7 |
| Loan to deposit ratio | 97.8 | 98.8 | 100.9 | 90.4 | 88.6 | 92.6 | 95.9 | 97.0 |
|
Source: ECB CBD. Updated on: 2025-01-13. Prepared by FISMA E2.
Domestic banks
| Title | 2017-Q4 | 2018-Q4 | 2019-Q4 | 2020-Q4 | 2021-Q4 | 2022-Q4 | 2023-Q4 | 2024-Q2 |
|---|---|---|---|---|---|---|---|---|
| Non-performing loans | 3.4 | 2.5 | 2.0 | 1.9 | 1.7 | 1.6 | 2.1 | 2.2 |
| o/w NFC sector | 5.3 | 3.6 | 3.0 | 3.0 | 2.8 | 2.7 | 3.6 | 3.8 |
| o/w HH sector | 3.7 | 3.1 | 2.6 | 2.6 | 2.2 | 2.0 | 2.1 | 2.2 |
| Coverage ratio | 50.4 | 53.4 | 53.0 | 54.2 | 54.5 | 54.4 | 49.8 | 48.4 |
| Return on equity* | 9.0 | 8.7 | 8.0 | 4.6 | 8.0 | 9.9 | 11.8 | 12.3 |
| Return on assets* | 0.8 | 0.8 | 0.7 | 0.4 | 0.7 | 0.9 | 1.1 | 1.2 |
| Total capital ratio | 18.8 | 18.4 | 18.3 | 19.2 | 19.1 | 19.2 | 20.3 | 20.5 |
| CET 1 ratio | 15.2 | 14.9 | 15.1 | 15.5 | 15.8 | 16.3 | 17.4 | 17.5 |
| Loan to deposit ratio | 96.7 | 98.6 | 100.9 | 92.2 | 89.5 | 93.1 | 96.2 | 98.5 |
|
|
Source: ECB CBD. Updated on: 2025-01-13. Prepared by FISMA E2.
Credit growth
Vis-a-vis domestic residents
| Title | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024-11 |
|---|---|---|---|---|---|---|---|---|---|
| Total private | 1.8 | 3.8 | 5.2 | 4.9 | 3.9 | 6.6 | 6.1 | 0.6 | 0.6 |
| Non-financial corporations | 1.4 | 5.5 | 7.1 | 6.1 | 4.9 | 8.4 | 9.0 | 2.7 | 1.6 |
| Households | 3.2 | 3.2 | 3.6 | 4.3 | 3.6 | 5.0 | 3.5 | -1.9 | -1.2 |
|
Source: ECB Updated on: 2025-01-13. Prepared by FISMA E2.
Vis-a-vis Euro area residents
| Title | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024-11 |
|---|---|---|---|---|---|---|---|---|---|
| Total private | 2.3 | 4.1 | 6.3 | 4.9 | 4.3 | 7.2 | 5.7 | 0.6 | 0.1 |
| Non-financial corporations | 2.5 | 6.9 | 9.3 | 7.0 | 5.0 | 8.5 | 7.8 | 2.4 | 1.4 |
| Households | 3.1 | 3.0 | 3.6 | 4.3 | 4.5 | 5.9 | 3.8 | -1.9 | -1.2 |
| HH consumer credit | -0.6 | 1.2 | 1.5 | -0.4 | -5.4 | 0.9 | 1.9 | 0.4 | 2.5 |
| HH housing loans | 4.4 | 4.7 | 4.4 | 6.1 | 6.9 | 7.9 | 4.8 | -2.5 | -2.0 |
| HH other lending | 1.6 | -0.6 | 2.3 | 0.9 | 1.5 | 1.4 | 1.0 | -1.1 | 0.0 |
|
Source: ECB Updated on: 2025-01-13. Prepared by FISMA E2.
Real estate
| Title | 2016-Q4 | 2017-Q4 | 2018-Q4 | 2019-Q4 | 2020-Q4 | 2021-Q4 | 2022-Q4 | 2023-Q4 | 2024-Q3 |
|---|---|---|---|---|---|---|---|---|---|
| Mortgage loans credit growth | 4.4 | 4.7 | 4.4 | 6.1 | 5.5 | 6.9 | 4.4 | -2.4 | -2.0 |
| Mortgage loans interest rate | 1.9 | 1.9 | 1.8 | 1.4 | 1.3 | 1.2 | 2.9 | 4.2 | 3.9 |
| Residential property prices | 108.0 | 112.7 | 121.2 | 128.7 | 138.7 | 157.3 | 166.3 | 161.4 | 165.4 |
|
Source: ECB Updated on: 2025-01-13. Prepared by FISMA E2.
ECFIN forecast
| Title | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real GDP growth, annual % ch. | 2.3 | 2.5 | 1.8 | -6.3 | 4.8 | 5.3 | -1.0 | -0.6 | 1.0 | 1.4 |
| Unemployment rate total, % of active pop. | 5.9 | 5.2 | 4.8 | 6.0 | 6.2 | 4.8 | 5.1 | 5.3 | 5.3 | 5.0 |
| HICP (All-items), annual % ch. | 2.2 | 2.1 | 1.5 | 1.4 | 2.8 | 8.6 | 7.7 | 2.9 | 2.1 | 1.7 |
| GG gross debt, % of GDP | 78.9 | 74.5 | 70.9 | 83.2 | 82.4 | 78.4 | 78.6 | 79.5 | 80.8 | 81.8 |
| GG balance, % of GDP | -0.8 | 0.2 | 0.5 | -8.2 | -5.7 | -3.3 | -2.6 | -3.6 | -3.7 | -3.5 |
| Current account balance, % of GDP | 1.4 | 1.0 | 2.5 | 3.5 | 1.8 | -0.8 | 1.4 | 1.7 | 1.5 | 1.5 |
|
Source: ECFIN Autumn 2024 forecast. Prepared by FISMA E2.
Insurance
Assets
| Title | 2017 Q4 | 2018 Q4 | 2019 Q4 | 2020 Q4 | 2021 Q4 | 2022 Q4 | 2023 Q4 | 2024 Q2 |
|---|---|---|---|---|---|---|---|---|
| Total assets of all insurers, % of GDP | 37.5 | 34.8 | 35.0 | 37.1 | 35.8 | 28.5 | 27.9 | 27.1 |
| Total assets of life insurers, % of GDP | 3.0 | 2.8 | 2.8 | 2.9 | 2.7 | 1.9 | 1.8 | 1.8 |
| Total assets of non-life insurers, % of GDP | 3.8 | 3.7 | 3.6 | 4.1 | 4.5 | 4.1 | 3.9 | 3.9 |
| Total assets of other insurers, % of GDP | 30.6 | 28.4 | 28.5 | 30.0 | 28.6 | 22.4 | 22.1 | 21.4 |
|
Source: EIOPA Updated on: 2024-12-17. Prepared by FISMA E2.
White columns/rows: Not all data avaiable to calculate the ranks for related country group.
Own funds
| Title | 2017 Q4 | 2018 Q4 | 2019 Q4 | 2020 Q4 | 2021 Q4 | 2022 Q4 | 2023 Q4 | 2024 Q2 |
|---|---|---|---|---|---|---|---|---|
| Eligible own funds to SCR (all) (%) | 2.9 | 2.7 | 2.7 | 2.5 | 2.7 | 3.0 | 3.1 | 3.0 |
| Eligible own funds to SCR (life) (%) | 2.2 | 2.5 | 2.2 | 2.0 | 1.9 | 2.3 | 2.6 | 2.6 |
| Eligible own funds to SCR (non-life) (%) | 3.9 | 3.6 | 3.3 | 3.6 | 3.7 | 4.0 | 3.8 | 3.6 |
|
|
Source: EIOPA Updated on: 2024-12-17. Prepared by FISMA E2.
White columns/rows: Not all data avaiable to calculate the ranks for related country group.
Protection gap
| Title | 2022 | 2023 | 2024 |
|---|---|---|---|
| Coastal Flood | 0.0 | 0.0 | 0.0 |
| Earthquake | 2.0 | 2.0 | 2.0 |
| Flood | 2.5 | 2.5 | 2.5 |
| Wildfire | 2.5 | 2.5 | 2.5 |
| Windstorm | 1.0 | 1.0 | 1.0 |
The historical losses show the highest protection gap for flood*. The protection gap for the other perils is low (score <=2).
Flood* is the highest risk in Austria. The insurance penetration is the highest for windstorm, followed by flood. The current protection gap in Austria is not relevant (scores are all <3). However, perils such as flood and wildfire need to be monitored. Coastal flood is not a relevant risk for Austria. The considered databases did not include any losses for wildfire for Austria.
Source: EIOPA Updated on: 2024-12-17. Prepared by FISMA E2.
CMU
Saving and investment
NFC funding
AT Composition of Non-financial corporations
funding % of GDP.
| Title | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Loans | 62.1 | 60.8 | 61.5 | 63.2 | 62.8 | 65.7 | 67.8 | 66.3 | 64.0 |
| Trade credit and advances | 5.4 | 5.8 | 5.6 | 5.6 | 5.7 | 6.5 | 7.6 | 6.7 | 6.3 |
| Bonds | 12.1 | 12.3 | 10.9 | 10.3 | 9.5 | 12.4 | 11.0 | 7.8 | 7.4 |
| Listed shares | 15.0 | 16.3 | 21.3 | 16.4 | 18.4 | 18.8 | 22.5 | 16.8 | 17.3 |
| Unlisted shares | 9.2 | 9.0 | 7.3 | 8.3 | 7.5 | 8.4 | 9.0 | 8.3 | 8.4 |
| Other equity | 57.2 | 58.3 | 65.2 | 65.1 | 65.3 | 70.6 | 72.9 | 68.4 | 65.9 |
|
The sum of NFC liabilities only reflects the total for the NFC liabilities considered.
Source: Eurostat. Updated on: 2025-01-13. Prepared by FISMA E2.
White columns/rows: Not all data available to calculate the ranks for related country group.
HH financial assets
AT Composition of Households financial assets.
| Title | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Currency and deposits | 73.6 | 74.0 | 73.8 | 73.7 | 73.9 | 82.5 | 80.4 | 74.0 | 70.4 |
| Insurance and pension funds | 38.9 | 38.5 | 37.0 | 35.5 | 37.2 | 39.3 | 36.8 | 28.8 | 28.3 |
| Investment funds | 15.7 | 16.2 | 17.0 | 15.6 | 17.4 | 19.3 | 22.0 | 19.0 | 19.7 |
| Bonds | 11.2 | 10.1 | 9.0 | 8.0 | 7.5 | 6.9 | 6.0 | 4.8 | 6.2 |
| Listed shares | 6.0 | 6.3 | 7.1 | 6.1 | 7.1 | 8.3 | 10.1 | 8.5 | 9.1 |
| Unlisted shares | 0.8 | 0.8 | 1.1 | 1.1 | 2.0 | 2.3 | 2.4 | 1.1 | 1.1 |
| Other equity | 33.0 | 34.2 | 38.2 | 38.7 | 36.4 | 42.5 | 45.3 | 43.8 | 41.4 |
| HH Debt (liability) | 51.3 | 51.0 | 50.2 | 49.5 | 49.4 | 52.8 | 51.6 | 48.3 | 45.0 |
|
|
| Title | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Currency and deposits | 29.3 | 30.2 | 30.9 | 32.0 | 33.0 | 35.3 | 36.6 | 36.9 | 36.6 |
| Insurance and pension funds | 15.5 | 15.7 | 15.5 | 15.4 | 16.6 | 16.8 | 16.7 | 14.4 | 14.7 |
| Investment funds | 6.3 | 6.6 | 7.1 | 6.8 | 7.8 | 8.2 | 10.0 | 9.5 | 10.2 |
| Bonds | 4.5 | 4.1 | 3.8 | 3.5 | 3.4 | 3.0 | 2.7 | 2.4 | 3.2 |
| Listed shares | 2.4 | 2.6 | 3.0 | 2.6 | 3.2 | 3.5 | 4.6 | 4.2 | 4.7 |
| Unlisted shares | 0.3 | 0.3 | 0.5 | 0.5 | 0.9 | 1.0 | 1.1 | 0.5 | 0.6 |
| Other equity | 13.1 | 14.0 | 16.0 | 16.8 | 16.2 | 18.2 | 20.6 | 21.9 | 21.5 |
| HH Debt (liability) | 20.4 | 20.8 | 21.0 | 21.5 | 22.1 | 22.6 | 23.5 | 24.1 | 23.4 |
|
|
The sum of HH assets only reflects the total for the HH assets considered.
Source: Eurostat. Updated on: 2025-01-13. Prepared by FISMA E2.
White columns/rows: Not all data available to calculate the ranks for related country group.
MFI assets
AT Composition of Monetary Financial
Institutions assets in % of GDP.
| Title | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024-11 |
|---|---|---|---|---|---|---|---|---|---|
| Loans to NFC | 44.5 | 45.4 | 46.7 | 48.3 | 52.0 | 52.8 | 51.3 | 49.9 | 48.9 |
| Loans to HH | 44.2 | 43.7 | 43.4 | 43.8 | 47.5 | 47.3 | 44.6 | 41.4 | 39.4 |
| Loans to MFI | 44.2 | 42.8 | 43.5 | 43.5 | 64.8 | 63.0 | 53.0 | 48.1 | 47.8 |
| Loans to IC and PF | 7.8 | 7.1 | 7.4 | 6.9 | 7.5 | 7.5 | 7.3 | 7.5 | 7.1 |
| Loans to GG | 8.0 | 6.7 | 6.5 | 6.0 | 6.5 | 6.3 | 5.2 | 5.1 | 5.5 |
| GG Bonds | 14.5 | 12.2 | 10.6 | 9.4 | 10.5 | 9.5 | 7.7 | 8.4 | 9.6 |
| Other | 72.9 | 62.8 | 61.0 | 62.4 | 64.4 | 59.6 | 58.1 | 53.8 | 56.1 |
|
Source: ECB, data on non-consolidated basis. Updated on: 2025-01-13. Prepared by FISMA E2.
Investment protection and market funding ratio
AT Investment protection and market funding
impact.
Source: CMU Dashboard indicators. Updated on: 2024-11-26. Prepared
by FISMA E2.
Households
| Title | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Saving rate | 14.8 | 13.0 | 13.3 | 13.0 | 13.7 | 12.8 | 13.4 | 13.0 | 19.1 | 17.3 | 15.0 | 14.9 |
| Disposable income | 24779.0 | 24677.0 | 24829.0 | 25106.0 | 25533.0 | 25788.0 | 26442.0 | 26740.0 | 26779.0 | 28939.0 | 31052.0 | 32502.0 |
Source: Eurostat. Updated on: 2025-01-13. Prepared by FISMA E2.
CMU dashboard
| Title | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Market funding ratio | 34.41 | 35.10 | 35.30 | 36.09 | 35.13 | 33.99 | 32.75 | 34.35 | 32.34 | 29.54 | 29.03 | – |
| Market breadth on bond markets | – | – | – | – | 6.56 | 11.72 | 7.14 | 6.64 | 5.87 | 5.45 | 5.10 | – |
| Bid-ask spread on equity markets | – | – | 0.55 | 0.63 | 0.43 | 0.52 | 0.55 | 0.71 | 0.38 | 0.73 | 0.76 | – |
| Private equity, % of GDP | 0.17 | 0.11 | 0.35 | 0.05 | 0.12 | 0.28 | 0.08 | 0.07 | 0.22 | 0.14 | 0.35 | – |
| Venture capital, % of GDP | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.17 | 0.04 | 0.02 | – |
| Investment protection, index | – | – | – | – | – | – | – | – | – | 73.33 | 69.35 | 70.00 |
|
Source: CMU Dashboard indicators. Updated on: 2024-11-26. Prepared by
FISMA E2.
Business
| Title | 2021-Q4 | 2022-Q2 | 2022-Q4 | 2023-Q2 | 2023-Q4 | 2024-Q2 | 2024-Q3 |
|---|---|---|---|---|---|---|---|
| Bankruptcy declarations | 157.0 | 170.6 | 156.1 | 170.3 | 185.5 | 211.5 | 211.7 |
| Registrations | 90.4 | 98.1 | 92.8 | 93.5 | 93.1 | 89.0 | 82.7 |
|
Source: Eurostat. Updated on: 2025-01-13. Prepared by FISMA E2.
White columns/rows: Not all data avaiable to calculate the ranks for related country group.
Sector support
Recovery and Resilience Facility
AT, Recovery and Resilience Facility
FISMAE2 Country report.
Source: Recovery and Resilience Scoreboard. Prepared by FISMA E2.
State aid
AT, State aid in the financial sector
FISMAE2 Country report.
Source: DG COMP. Prepared by FISMA E2.
TSI measures
AT, Technical Support from DG REFORM
| Summary | Description | Beneficiary.Authority | Project.total.amount |
|---|---|---|---|
| 19AT15, Fighting tax fraud, money laundering and terrorism financing | Phase 1 structured in two parts (this would be done and financed by Austria itself): a) Implementation/Customizing goAML/goINTEL • Planned date to go online with the website for the obliged entities: May 2019 • Implementation of the first interfaces to national databases b) Diagnostic mission of Egmont Center of FIU Excellence and Leadership (ECOFEL) to define the best way to identify the specific technical assistance needs and elaborate an action/rehabilitation plan to address them. • On-site diagnostic mission at the A-FIU in November 2018; • Report drafting by the on-site experts two weeks after the visit; template for the report is provided by ECOFEL • Report revision by ECOFEL; completed by Monday, 24. December 2018 • Action plan designed by ECOFEL; completed by Wednesday, 9. January 2019 o FIU, mission and ECOFEL will collaborate to determine priority actions to be implemented. Establishment of deadlines, evaluation processes and follow up methods. Phase 2 (SRSS) After the evaluation of the diagnostic report and determining the priority actions and needs (workshops, trainings) it is necessary to find suitable project partners. For this reason the A-FIU requests support from the SRSS to host workshops/trainings. In detail the A-FIU would propose the following: 4-6 workshops and trainings (maximum of 10 working days): • How to use goAML for operational and strategic analysis. How to use the goAML database with additional tools like e.g. i2. • How to connect goAML to national and international communication channels; e.g. connection to FIU.net • The meanings and outcomes of strategic analysis. How to set up red flags for obliged entities. • The meanings and outcomes of operational analysis. Differences in operational analysis and criminal investigation. The distinct core functions of FIUs from those of other authorities, especially when the FIU is located within the existing structure of another authority (e.g. criminal intelligence service) • Preparation of a read- and useable organization manual: defining of workflows, statistical requirements to be internationally comparable • Workshop X: in case of the need of an additional one; depending on the output of the diagnostic mission by ECOFEL Phase 3 (SRSS) International Conference -End of the SRSP project to learn from and share the gained experience with European partners and counterparts. Presentation of lessons learned during the reorganization of the A-FIU and the technical implementation of goAML. -Optional discussion within the goAML-User-community how to further develop goAML/goINTEL | Ministry of the Interior - Criminal Intelligence Service Austria - A-FIU | 99.650,00 € |
| 20AT01, National strategy for financial literacy | Design of a national strategy for financial literacy in Austria. This includes mapping report, high level document and a road map. | Federal Ministry of Finance, Department Economic Policy, Financial Markets and Customs | 250.000,00 € |
| 21AT04, Identification of ominous bank behaviour and efficient handling of complaints and requests | The objective of the project was to support two financial supervisors in Austria: FMA (Austria’s financial market supervisory authority) and OeNB (Central Bank of Austria). For FMA the objective of the project component was the reorganisation and digitalisation of the internal processes for handling enquiries and complaints and conversion to a uniform database (Increased efficiency and reliability of FMA’s complaints and requests handling process). The desired digitalisation and partial automation of the processing of requests and complaints was achieved by conceptualising a uniform database for incoming requests and complaints, designing a workflow tool (ticketing system), connecting relevant interfaces, providing management reporting tools and enabling longevity and adaptability for future technical enhancements. For OeNB, the project supported dentification of publicly available bank data and their conversion into signals for forecasting ominous bank behaviour (Increased capability of OeNB to identify non-typical bank behaviour). New methods were developed that integrate other data sources, such as publicly available data and information from the FMA’s complaint management, in a structured, processable and usable form. In order to achieve this, these data were developed using innovative technological approaches such as machine learning and artificial intelligence (in order to identify recurring patterns or risk factors that potentially indicate regulatory violations, identification of ominous bank behaviour and efficient handling of complaints and requests or deficiencies and to better and more comprehensively recognise implausible developments on the financial market). | Oesterreichische Nationalbank (OeNB) and Austrian Financial Market Authority (FMA) | 550.000,00 € |
| 22AT05, Establishing a nationwide Financial Education online Platform | The low levels of financial literacy in Austria are a policy concern as they may negatively affect the financial well-being of the whole population, and the health of the Austrian economy. This Project will result in a financial literacy website for a broad audience to support the implementation of its national financial literacy strategy adopted in 2021. It will act as a central repository of up-to-date, unbiased, quality information for eight different life stages, and include a financial literacy self-assessment tool. The website will be the basis for other measures to be taken. This Project is expected to raise awareness about its existence and support its implementation. | Austrian Federal Ministry of Finance Department Economic Policy, Financial Markets and Customs | 520.000,00 € |
| 22AT08, EUSDFA - AT - FMA | Similarly to other financial supervisory authorities across the globe, the beneficiary authority faces the challenges associated to the fast expansion of digitally-enabled financial innovations. These impose to keep up with emerging developments, while acquiring adequate skills to mitigate associated risks and reap the opportunities and benefits provided by technology. | Austrian Financial Market Authority (FMA) | 252.483,00 € |
| 23AT07, Regional and local authorities – Enhancing Quality of public administration and cooperation, Prevention of money laundering and terrorist financing | The AML/CFT supervision over Designated Non-financial Businesses and Professions (DNFBPs) needs to be enhanced. Based also on a Commission review of the 4th AML/CFT Directive, the conclusions were that supervision is lacking quality and depth, know-how, coordination, cooperation (national/international) and that there is a need to review the staffing by local authorities. There is also a lack of understanding and awareness amongst DNFBPs about their roles and responsibilities as gatekeepers in the AML/CFT framework. An indication for this is the ultra-low number of suspicious transaction reports as compared to the high ML/TF risks in their sector. Supervision is conducted by 120(!) local authorities who all rely on their proper region for allocation of resources. This makes the framework extra complex. | Bundesministerium für Arbeit und Wirtschaft - BMAW (Federal Ministry of Labour and Economics) for the nine Austrian Länder (states) | 625.000,00 € |
Source: DG REFORM. Prepared by FISMA E2.
For more details on various projects: https://reform-support.ec.europa.eu/our-projects/country-factsheets/austria_en
DG FISMA E2
rajko.vodovnik@ec.europa.eu