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The National Bank of Hungary (MNB) has fined MKB Bank and savings cooperatives Nyugat Takarék Szövetkezet and Pátria Takarékszövetkezet for failing to exercise sufficient oversight of their currency exchange agents, state news agency MTI reported.
The MNB said the credit institutions did not do enough to ensure their currency exchange agents were in compliance with rules on the prevention of money laundering and the financing of terrorism. It noted that lenders are required to conduct audits of such agents at least once a year.
The central bank fined MKB Bank HUF 9.5 million, Nyugat Takarék Szövetkezet HUF 14 mln, and Pátria Takarékszövetkezet HUF 5 mln.