Budapest Bank receives HUF 11.5 mln fine

Competition

The National Bank of Hungary (MNB) fined Budapest Bank HUF 11.5 million on charges of violating payment service rules, the central bank announced yesterday according to reports.

The central bank charged Budapest Bank with not providing, in some cases, obligatory information to retail and micro company clients concerning contractual terms or terms of notice and, among others, did not observe rules for refunding money transfers and fulfilling or denying transfer requests, Hungarian news agency MTI reported. 

Under the MNB order, the Budapest Bank must amend its practices by September 33 at the latest and provide evidence of changed practices by November 15, MTI noted.

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