Hungary’s National Bank fines major bank over anti-money laundering shortfalls

The National Bank of Hungary (NBH) on Wednesday said it fined Raiffeisen Bank over HUF 41 million shortfalls regarding the prevention of money laundering and financing of terrorism.

The National Bank said the bank’s customer due diligence procedures did not fully comply with the legislation, and the bank did not classify certain customers into the appropriate risk level. The bank’s control processes did not effectively support the bank’s risk assessment and screening processes, it added. The shortfalls identified do not endanger the bank’s reliable operation, the NBH said. The NBH set deadlines for the bank to remedy the shortfalls and to monitor the effectiveness of the remedial measures.

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