MNB fines Biztonság-Trade HUF 500 mln for unlicensed activity
The National Bank of Hungary (MNB) today said it had fined Biztonság-Trade HUF 500 mln for providing unlicensed financial services – the maximum amount for the offense.
Biztonság-Trade collected mainly cash from clients and promised yields of 20-40%, the MNB said. It also failed to observe tax and anti-money laundering regulations, it added.
Biztonság-Trade has failed to refund the more than HUF 4 billion it collected, the MNB said, and has warned investors against falling victim to Ponzi schemes that promise unrealistically high yields.
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.