The Austrian Financial Market Authority (FMA) has imposed a fine of Euro 4,000 upon the Chief Executive Officer of an entity. Proceedings were concluded under the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The penal order was issued for the unauthorised conducting of money remittance business pursuant to Article 99 para. 1 in conjunction with Article 1 para. 2 no. 6 of the Payment Services Act 2018 (ZaDiG 2018; Zahlungsdienstegesetz 2018).
The Chief Executive Officer repeatedly organised transfers of funds, by creating a clearing system that was used to transfer funds from payers to payee in and from foreign countries. The penal order is final.