Reporting obligation for sanctioned persons – reports under Article 9 Council Regulation (EU) 269/2014 as amended
Persons subject to asset freezes under Council Regulation (EU) 269/2014 as amended (sanctioned persons) must immediately report any funds that they hold with Austrian credit, financial or payment institutions to the Oesterreichische Nationalbank (OeNB) as the competent authority. To this end, the OeNB provides a specific reporting template.
Legal basis for this reporting obligation
According to Article 9 paragraph 2 lit a and lit b Council Regulation (EU) 269/2014 as amended, natural or legal persons, entities and bodies listed in Annex I to said regulation shall (a) report before September 1, 2022, or within six weeks from the date of listing in Annex I, whichever is latest, funds or economic resources within the jurisdiction of the member state belonging to, owned, held or controlled by them, to the competent authority of the member state where those funds or economic resources are located, and (b) cooperate with the competent authority in any verification of such information. Failure to comply with the reporting obligation as defined in Article 9 paragraph 2 lit a Council Regulation (EU) 269/2014 as amended shall be considered as participation in activities the object or effect of which is to circumvent the measures referred to in Article 2 (see Article 9 paragraph 1 Council Regulation (EU) 269/2014 as amended).
Therefore, the natural or legal persons, entities or bodies listed in Annex 1 must report any funds they hold with Austrian credit, financial or payment institutions to the Oesterreichische Nationalbank (OeNB) as the competent authority. Said funds must be reported to the OeNB at the latest by August 31, 2022, or within six weeks from the date of listing in Annex I to Council Regulation (EU) 269/2014 as amended, by using the reporting template available below. Please send filled-in templates by e-mail to sanktionen@oenb.at.
Please note that ONLY FUNDS held with Austrian credit, financial and payment institutions must be reported to the OeNB. Economic resources, on the other hand, must be reported to the department for state protection and intelligence (Direktion Staatsschutz und Nachrichtendienst) of Austria’s Federal Ministry of the Interior (Reporting obligation Sanctions (dsn.gv.at)). For the purpose of this reporting obligation, please refer to the definition of “funds” given in Article 1 lit g Council Regulation (EU) 269/2014 as amended and to the definition of “economic resources” given in Article 1 lit d Council Regulation (EU) 269/2014 as amended.
Please also refer to related guidelines on the OeNB’s website and frequently asked questions (FAQs) on the website of the European Commission.