Austria’s Monetary Market Authority (FMA) has imposed a tremendous of EUR 2.07 million on Raiffeisen Financial institution Worldwide (RBI) for deficiencies in its cash laundering controls. The FMA introduced this on Friday. Particularly, this issues failures in RBI’s cash laundering and terrorist financing checks at two correspondent banks, the assertion stated. RBI intends to contest the executive penalty resolution, however it’s not but legally binding.
The RBI defined in an announcement that it had already been knowledgeable by the FMA in January 2023 that an administrative process had been initiated because of the potential non-compliance with sure authorized necessities concerning the “Know Your Buyer Precept”. The process was the results of an on-site inspection by the FMA within the first quarter of 2019.
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In keeping with the FMA, the RBI had not sufficiently satisfied itself that two correspondent banks – in keeping with the Reuters report, these are Cuba and Bahrain – had applicable due diligence measures in place with regard to prospects of its personal correspondent banking enterprise. Within the authority’s view, the RBI had subsequently not totally complied with its obligations on this regard.
The FMA has not discovered that cash laundering or some other prison offense has taken place or that there’s any suspicion of a prison act, the RBI harassed.
The RBI considers the allegations to be unfounded and intends to problem the prison conviction in its entirety.
This text was up to date on June 28, 2024 at 3:43 p.m.
