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Raiffeisen Bank fined for failure to remedy shortfalls

Banking

The National Bank of Hungary (MNB) on Tuesday said it fined Austrian-owned Raiffeisen Bank HUF 34 million for failing to correct and report on compliance shortfalls, in spite of two warnings, according to a report by state news wire MTI.

The central bank and financial market watchdog said the lender had failed to correct about one-quarter of the shortfalls it pointed out in a resolution in 2020.

In its latest resolution, MNB gave Raiffeisen Bank until the end of October to bring its IT systems into compliance and to fix problems in the areas of work-out and deposit insurance "without delay".

MNB noted that the violations did not impact Raiffeisen Bank's clients.

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