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.
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