Austria Consulting on Implementation of Fifth Anti-Money Laundering Directive

Austria's Ministry of Finance has announced a draft bill for consultation on the implementation of the Fifth EU Anti-Money Laundering Directive. This includes measures to provide for:

• The supervision of virtual currency service providers by the Financial Market Authority (FMA);
• The establishment of enhanced due diligence on transactions and business relationships with high-risk third countries;
• Improved cooperation between the FMA and other national and international authorities for the pur…