Financial Intelligence Unit
Financial Intelligence Unit
The Financial Intelligence Unit (A-FIU) is Austria’s central body for combating money laundering and terrorist financing. It is organizationally located within the Federal Criminal Police Office and receives suspicious activity reports from banks, financial service providers, real estate agents, auditors and tax advisors, lawyers, notaries, and providers of virtual currencies. The A-FIU examines these reports, orders a transaction freeze if necessary, and forwards substantiated suspicious cases to the competent law enforcement authorities.
The A-FIU is the national reporting office for suspicious money laundering reports in Austria, established at the Federal Criminal Police Office.
Tasks of the Financial Intelligence Unit
The Financial Intelligence Unit (A-FIU) receives suspicious activity reports and subjects them to careful analysis. If irregularities are found, it can order the postponement or even the prohibition of a transaction to prevent its immediate execution. If the suspicions are confirmed, the A-FIU forwards the case to the competent public prosecutors’ offices and police authorities.
Furthermore, the A-FIU maintains close cooperation with the Financial Market Authority, the Federal Ministry of Finance, and international reporting agencies. This creates a dense network of control and information channels. The A-FIU thus fulfills a central filtering function: only those reports that genuinely establish sufficient suspicion of money laundering proceed to criminal prosecution.
Reporting Entities
Reporting obligations apply to sectors considered particularly susceptible to money laundering activities, including:
- Banks and Financial Service Providers
- Insurance Companies
- Real Estate Agents
- Auditors and Tax Advisors
- Virtual Currency Service Providers
- Lawyers and Notaries – however, only in specific circumstances
Lawyers and Confidentiality
A crucial point is the lawyer’s duty of confidentiality.
- No reporting obligation exists for information obtained within the scope of legal advice or representation in judicial and administrative proceedings.
- A reporting obligation exists only when lawyers actively participate in certain transactions, such as real estate purchases, trust settlements, or company formations.
- If legal advice is demonstrably misused to commit money laundering, a reporting obligation also exists.
For clients, this means: Legal advice remains a confidential space. Reporting obligations apply only in clearly defined exceptional cases.
Peter HarlanderHarlander & Partner Rechtsanwälte „Die anwaltliche Verschwiegenheit bleibt der Grundsatz. Nur in klar abgegrenzten Ausnahmefällen entsteht überhaupt eine Meldepflicht.“
Suspicious Activity Reporting Procedure
The suspicious activity reporting procedure begins with the detection of an unusual transaction by a reporting entity. Subsequently, the report is submitted via the goAML platform in the Business Service Portal. Upon receipt, the A-FIU examines the information and can, if necessary, order a temporary transaction freeze. If the suspicion is confirmed, it informs the competent public prosecutor’s office and forwards the case. On this basis, the law enforcement authorities initiate an investigation and take the necessary steps.
Sebastian RiedlmairHarlander & Partner Attorneys „Verdachtsmeldungen sind ein sensibles Instrument. Ohne rechtliche Begleitung besteht die Gefahr, dass Mandanten unnötig in Ermittlungsverfahren geraten.“
Your Benefits with Legal Assistance
Suspicious activity reports in the area of money laundering can lead to frozen accounts, blocked transactions, or even criminal investigations. For those affected, this entails not only legal uncertainty but also economic risks and personal burdens. Even minor errors in dealing with authorities or in the reporting procedure can have serious consequences.
Legal assistance from a specialized law firm provides security in this situation. We ensure that your interests are protected and that all necessary steps are legally sound:
- protect your rights and interests vis-à-vis all parties involved
- examine whether the respective legal issue is applicable in your case
- guide you through the entire procedure or settlement
- ensure the legally compliant design and implementation of all necessary steps
- assist in enforcing or defending claims
