MNB Fines Raiffeisen HUF 52 mln for Violations

Banking

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.

ADVERTISEMENT

Voluntary Pension Fund Contributions Climb 20% in Q1-Q3 Figures

Voluntary Pension Fund Contributions Climb 20% in Q1-Q3

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...

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.