Obligation to report transfers of funds out of the European Union (EU) – reporting obligation pursuant to Article 5r of Regulation (EU) 833/2014 as amended

Reporting obligation for companies

Pursuant to Article 5r Regulation (EU) 833/2014, legal persons, entities and bodies established in the EU (Austria) whose proprietary rights are directly or indirectly owned for more than 40% by a legal person, entity or body established in Russia, a Russian national or a natural person residing in Russia shall, as of May 1, 2024, report to the OeNB within two weeks of the end of each quarter any transfer of funds exceeding EUR 100,000 out of the EU that they made during that quarter in one or several operations.

The first report submitted by companies required by Article 5r para. 1 covers transfers made in the period from January 1, 2024, to March 31, 2024. Reporting dates (i.e. the date of reporting to the OeNB) for the first quarter only start from May 1, 2024. This is to give reporting parties more time for submitting their first reports, making it easier to comply with the new reporting obligation. From the second quarter 2024 on, reports must reach the OeNB within two weeks of the end of each quarter. This translates into the following reporting deadlines: reporting for Q2: July 15, 2024; reporting for Q3: October 15, 2024; reporting for Q4: January 15, 2025; reporting for Q1 2025: April 15, 2025. Please use the template provided in the download area for your report.

Reporting obligation for credit and financial institutions

Credit and financial institutions shall, as of July 1, 2024, report to the competent authority of the member state where they are located (Austria), within two weeks of the end of each semester (i.e. half year), information on all transfers of funds out of the EU of a cumulative amount, over that semester, exceeding EUR 100,000 that they initiated, directly or indirectly, for the legal persons, entities and bodies referred to in Article 5r para. 1.

The reports shall be made within two weeks of the end of each semester. The reporting obligation for credit and financial institutions that have initiated transfers as specified in Article 5r para. 2 starts on July 1, 2024, i.e. on the day after the end of the first semester. This means that the first report shall be submitted by July 15, 2024, and the report for the second semester 2024 by January 15, 2025. Please use the template provided in the download area for your report.¹

¹The template will be available shortly.