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MNB fines Banif Plus Bank HUF 49 mln

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The National Bank of Hungary (MNB) fined Banif Plus Bank HUF 49 million on charges of maintaining weak levels of regulation on the internal operations of the bank, insufficient identification, poor measurement and treatment of credit risks and numerous minor legal breaches.

The central bank obliged Banif Plus Bank to strengthen its business management and risk treatment regulations, and to establish a mid-term business and risk strategy, the MNB’s press statement issued today shows.

During its investigation of the bank wound up in December, the central bank found deficiencies in Banifʼs IT system, and urged it to actualize its regulations.

The bank needs to present changes initiated by the MNB in March, June and at the end of the year, the announcement says.

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