Watchdog Fines OTP Bank for Regulatory Shortfalls

Banking

The National Bank of Hungary (MNB) has fined OTP Bank HUF 102 million for failing to fully comply with regulations regarding the provision of payment of services, the central bank and financial market regulator said on Wednesday, according to a report by state news wire MTI.

MNB found OTP Bank violated the act on the provision of payment services, MNB decree on the handling of money transactions, the European Parliament and European Council decree on cross-border payments in the EU, among other regulations.

MNB gave OTP until November to take remedial measures.

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