MNB fines CIB Bank HUF 25 mln
The National Bank of Hungary (MNB) has fined CIB Bank HUF 25 mln for infringements of the regulations on money transfer services, Hungarian news agency MTI reported Thursday.
The MNB has ordered the credit institution to remedy the infringements by the end of January 2015 at the latest.
The MNB has established that CIB Bank has violated regulations on money transfer services. Among other infringements, the bank generally restricted its clients' right to refunds on collection orders, and executed payment orders with delay in numerous cases. Furthermore, it credited the amount of clients' incoming payment transactions with delay in many cases, and applied a crediting date that was not advantageous to its clients.
Most of the infringements had been built into processes, persisted for an extended period of time and affected a wide range of clients and payment transactions, the MNB said when explaining the size of the fine.
ADVERTISEMENT
Households Make Net Withdrawals in April
Parl't Approves Amendments to Legislation on Judiciary
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.
