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MNB fines CIB, Raiffeisen for lax compliance with money-laundering rules

The National Bank of Hungary (MNB) on Tuesday said it fined CIB Bank and Raiffeisen Bank for failing to fully comply with rules to prevent money laundering and the financing of terrorism, state news wire MTI reports.

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MNB faulted both banks for insufficient internal controls used to identify suspicious transactions. It said CIB was late in reporting such transactions to the authorities on a number of occasions, while Raiffeisen often failed to report such transactions.

The national bank fined CIB almost HUF 10 million for the shortfalls and Raiffeisen HUF 20 mln. It gave the lenders 90-105 days to remedy the problems and submit a report on actions taken.