MNB fines Sopron Bank for regulatory shortfalls

MNB

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The National Bank of Hungary (MNB) on Friday said it fined Sopron Bank Burgenland HUF 28 million for compliance shortcomings uncovered in a probe, according to a report by state news wire MTI.

The central bank and financial market regulator said it found inadequate compliance with rules on enterprise management, credit risk management, capital adequacy, IT systems, data provision, and deposit insurance.

The violations do not pose a systemic risk to the financial system and do not affect the bank's reliable operation, MNB added.

MNB acknowledged Sopron Bank's cooperation and remedial measures taken during the probe.

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