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On May 5, 2026, the Austrian Financial Market Authority (FMA) imposed a fine of EUR 60,000 on Sparkasse Oberösterreich Bank AG for breaches of anti-money laundering and counter-terrorism financing obligations. The FMA concluded proceedings under an accelerated procedure pursuant to Article 22, paragraph 2b of the Financial Market Authority Act (FMABG). The violations related to the Financial Markets Anti-Money Laundering Act (FM-GwG) and specifically concerned the bank's failure to establish adequate policies and procedures for customer due diligence. The breaches included: failure to develop written policies and procedures to ensure appropriate understanding of customers' ownership and control structures; failure to apply such procedures on an ongoing basis; and failure to ensure regular updates of all information, data, and documents required under the FM-GwG. The sanction reflects the FMA's enforcement of due diligence obligations that require financial institutions to maintain robust systems for identifying beneficial ownership and control arrangements. These requirements are fundamental to preventing money laundering and terrorist financing within Austria's financial sector. The penal order is final and not subject to further appeal. REFERENCES: Financial Market Authority Austria. "Announcement: FMA imposes sanction upon Sparkasse Oberösterreich Bank AG for breach of due diligence obligations for the prevention of money laundering and terrorist financing." May 5, 2026. Available at: https://www.fma.gv.at/