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PSzÁF fines financial service providers

Hungarian financial market regulator PSzÁF announced fines it levied on three financial service providers.

PSzÁF fined Raiffeisen Bank HUF 1 million for keeping securities on a client's account although no purchase order was placed. PSzÁF counted the bank's decision to exchange the investment fund units on the account as a mitigating factor.

PSzÁF fined Agrokont HUF 500,000 and instructed the company to follow rules on client deposits, on the recording of orders and on anti-money laundering measures to the letter.

PSzÁF fined AKKAD97 HUF 5m for providing financial services without the necessary license. (MTI – Econews)