MNB fines K&H Bank HUF 27 mln

Competition

The National Bank of Hungary (MNB) fined K&H Bank HUF 27 million on charges of violating money transfer regulations, according to reports yesterday.

In their financial watchdog role, MNB charged K&H Bank with not providing free bank statements for microbusinesses, violating rules on the opening of bank accounts and failing to comply with deadlines for forint and credit card payment transfers, Hungarian news agency MTI reported.

According to the central bank, the practices K&H Bank is being charged with generated a “significant amount of unjustified revenue from fees and interest”, MTI said, citing the MNB’s statement on the fine.

MNB set June 30 as a deadline for K&H Bank correcting its practices.

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