Magyar Cetelem group receives HUF 18.5 mln fine

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Magyar Cetelem Bank and Oney Magyarország Pénzügyi Szolgáltató, a unit of the Cetelem group, have been fined a combined HUF 18.5 million by the National Bank of Hungary (MNB), for deficiencies affecting credit risk management, capital requirement calculation, accounting, data provision and IT security, according to reports.

According to the central bank, the infringements do not threaten the groupʼs operation, neither pose a systemic risk, however Magyar Cetelem Bank and Oney Magyarország Pénzügyi Szolgáltató were ordered to correct the shortfalls by the end of March, according to Hungarian news agency MTI.

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