Watchdog Fines Trustee Company Over Unlicensed Lending
The National Bank of Hungary (MNB) on Tuesday said it fined Primus Trust Asset Management Zrt. HUF 300 million for providing loans on a commercial basis without a license, according to a report by state news wire MTI.
MNB conducted a probe including a dawn raid at Primus Trust and found that it provided loans of tens of billions of forints to several companies and private individuals over the five years preceding the probe even though it is not licensed to provide financial services. MNB prohibited Primus Trust from continuing the practice and will also file a report over suspicion of unlicensed financial activity.
The central bank is currently conducting a probe at Primus Trust to check compliance with anti-money laundering and terrorist financing legislation.
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