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.