MNB fines CIB, Raiffeisen for lax compliance with money-laundering rules

Telco

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) on Tuesday said it fined CIB Bank and Raiffeisen Bank for failing to fully comply with rules to prevent money laundering and the financing of terrorism, state news wire MTI reports.

Photo by Adriana Iacob/Shutterstock.com

MNB faulted both banks for insufficient internal controls used to identify suspicious transactions. It said CIB was late in reporting such transactions to the authorities on a number of occasions, while Raiffeisen often failed to report such transactions.

The national bank fined CIB almost HUF 10 million for the shortfalls and Raiffeisen HUF 20 mln. It gave the lenders 90-105 days to remedy the problems and submit a report on actions taken.

Hungary Signs HUF 6 bln Tied Aid Deal With Kenya Analysis

Hungary Signs HUF 6 bln Tied Aid Deal With Kenya

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

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.