MNB Fines Raiffeisen HUF 52 mln for Violations
The National Bank of Hungary (MNB) on Saturday said it fined Austrian-owned Raiffeisen Bank HUF 52 million for violating the law governing the provision of payment services and several regulatory decrees of MNB, according to a report by state news wire MTI.
The central bank considered it an aggravating factor that the violations existed continuously in some cases and were built into the IT system and internal procedures of the bank, and that a wide range of payment transactions was not cleared immediately.
MNB ordered Raiffeisen Bank to correct its practices in most cases by the end of December 2022 and for some by the end of March 2023.
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