MNB fines MagNet Bank in money laundering case

History

The National Bank of Hungary (MNB) yesterday announced it fined MagNet Bank HUF 19 mln after being found guilty of violating the law against money laundering. 

The MNB cited several shortcomings related to anti-money laundering regulations in a targeted investigation it launched in March in connection with bank accounts opened for clients with passports from Guinea-Bissau and other countries.

The MNB ordered the bank to cease any unlawful activity. MagNet came under scrutiny earlier this year after former Socialist deputy chairman Gábor Simon was arrested on suspicion of asking a friend to open an account in his name with a Hungarian bank using a forged passport from an African country.

Simon quit his party post and gave up his seat in parliament in February, after reports that he had undeclared assets worth HUF 240 mln held on an Austrian bank account.

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