MNB fines lenders for oversight shortfalls
The National Bank of Hungary (MNB) has fined MKB Bank and savings cooperatives Nyugat Takarék Szövetkezet and Pátria Takarékszövetkezet for failing to exercise sufficient oversight of their currency exchange agents, state news agency MTI reported.
The MNB said the credit institutions did not do enough to ensure their currency exchange agents were in compliance with rules on the prevention of money laundering and the financing of terrorism. It noted that lenders are required to conduct audits of such agents at least once a year.
The central bank fined MKB Bank HUF 9.5 million, Nyugat Takarék Szövetkezet HUF 14 mln, and Pátria Takarékszövetkezet HUF 5 mln.
ADVERTISEMENT
Business Confidence Worsens, Consumer Confidence Improves
Parliament Negates Mandatory Membership in MOK
Haulier Koncsek Trans Invests HUF 150 mln in Garage Upgrade
Budapest Leaders Unveil Plans to Scale Back Traffic on Thoro...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
