Compliance package (Austria)
Compliance-Package
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Documents filed in the Austrian register of beneficial owners that obliged entities such as banks can access.
The compliance package saves repeated requests about the ownership structure – provided the documentation is complete and up to date.
In practice
A compliance package saves repeated requests for documents: banks and other obliged entities can view the evidence on ownership and control directly in the register. For family offices with Austrian companies or private foundations, it is worth keeping the package complete and current – including an organisation chart of the structure and evidence of fiduciary arrangements. Changes should be made at the same time as the register report, so that register and package match.
Distinctions and common mistakes
The compliance package is voluntary and is submitted by a professional representative such as a lawyer, notary or tax adviser. It does not generally release banks from their own enquiries: where the risk is higher or there are doubts, further evidence remains necessary. Typical mistakes are outdated documents after a restructuring, missing evidence of fiduciary arrangements and an organisation chart that no longer matches the reported percentages.
Relevant in: Austria
Related terms
- WiEReG
- Austrian act on the register of beneficial owners kept by the Federal Ministry of Finance.
- Beneficial owner under Austrian law
- The Austrian term for the beneficial owner under the Beneficial Owners Register Act (WiEReG) and the Financial Markets Anti-Money Laundering Act (FM-GwG).
- Private foundation (Austria)
- Austrian legal form under the Private Foundations Act for permanently dedicating assets to a purpose set by the founder.