MNB fines MagNet Bank in money laundering case
The National Bank of Hungary (MNB) yesterday announced it fined MagNet Bank HUF 19 mln after being found guilty of violating the law against money laundering.
The MNB cited several shortcomings related to anti-money laundering regulations in a targeted investigation it launched in March in connection with bank accounts opened for clients with passports from Guinea-Bissau and other countries.
The MNB ordered the bank to cease any unlawful activity. MagNet came under scrutiny earlier this year after former Socialist deputy chairman Gábor Simon was arrested on suspicion of asking a friend to open an account in his name with a Hungarian bank using a forged passport from an African country.
Simon quit his party post and gave up his seat in parliament in February, after reports that he had undeclared assets worth HUF 240 mln held on an Austrian bank account.
Lenders' Home Loan Outlays at HUF 344 bln in H2 2023
Gov't Calls on Fuel Companies to Adjust Prices to Regional A...
Spar Magyarország Revenue Climbs Close to 16% in 2023
Hungary Launches HUF 15 bln Tourism Sector Support Program
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
