The reporting obligations related to Austria’s Beneficial Ownership Register (WiEReG), introduced in 2018, have been further tightened. As part of the 10th WiEReG amendment, the EU-derived concept of a “nominee agreement” has been incorporated into the Financial Market Anti-Money Laundering Act. As a result, trustees entering into fiduciary relationships are now subject to extensive information and record-keeping obligations. The amendment also affects legal entities that were previously fully exempt from reporting requirements. Additionally, Austrian private foundations, trusts, and similar legal entities will now face enhanced due diligence and reporting obligations. Another key change is that, during official WiEReG audits, the foundation’s supplementary deed must always be presented. This requirement also applies when dealing with financial institutions subject to the Financial Market Anti-Money Laundering Act.

In simple terms, these changes mean that attempts to bypass reporting and due diligence obligations through certain structuring strategies—promoted by some competitors—have been legislatively blocked. The Austrian government continues to pursue its goal of ensuring maximum transparency through the WiEReG.

Maier advises Austrian and foreign foundations, companies, trusts, and other legal entities on meeting their legal obligations in Austria. We are happy to assist with any inquiries.