Austria (AT)

Jurisdiction Overview

IDQuestionAnswer
360 *Are there criminal sanctions, custodial sentencing or any other statutory sanctions for breaches of banking secrecy? Yes, there are prison terms for disclosing client's banking data to any third party (and possibly fines).
 Data Date: 2018

Notes

 
According to Austria's Ministry of Finance, to protect banking secrecy there is a prison term/custodial sentencing of up to 1 year or a fine of up to 360 daily rates as per Art. 38 in conjunction with Art. 101 of Banking act (BWG). According to Art. 18 of the Criminal Code (StGB) the prison term/custodial sentencing has to be at least one day and the value of one daily rate is minimum EUR 4 and maximum EUR 5.000. The fine has to be at least two daily rates according to Art. 19 of the Criminal Code (StGB) (TJN-Survey 2017). The 2018 Global Forum report does not add any information in this regard (Gf 2018: 78).

Sources

TJN-Survey 2017; Art. 38 in conjunction with Art. 101 of Banking act; Art. 18 of the Criminal Code
 
GF 2018: 78