Announcement: FMA imposes sanction against Anglo Austrian AAB Bank AG (formerly Meinl Bank AG) for breaches against the Banking Act (BWG) as well as against a person responsible at the time of the offences being committed against the Banking Act (BWG) and the Securities Supervision Act (WAG 2007)

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The Austrian Financial Market Authority (FMA) hereby announces that the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) has imposed a fine of EUR 45,000.00 in the appeal procedure against the FMA’s penal order dated 24.04.2018 against Anglo Austrian AAB Bank AG (formerly Meinl Bank AG) for breaches against due diligence obligations pursuant to Article 39 para. 2 of the Banking Act (BWG; Bankwesengesetz), Article 11 para. 2 of the Regulation on Credit Institution Risk Management (KI-RMV; Kreditinstitute-Risikomanagementverordnung) in conjunction with Article 99d BWG following the limitation of the appeal to the amount of the fine. Sanctions were imposed for deficiencies regarding business continuity management as well as IT contingency planning. In the same procedure, the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) has confirmed the issue of guilt in relation to the FMA’s penal order of 24.04.2018 against a person responsible at the time of the offences being committed for breaches of due diligence obligations pursuant to Article 39 para. 2 BWG, Article 11 para. 2 KI-RMV in conjunction with Article 98 para. 5 no. 4 BWG as well as breaches of organisational requirements pursuant to Article 17 para. 3 of the Securities Supervision Act 2007 (WAG 2007; Wertpapieraufsichtsgesetz) in conjunction with Article 95 para. 2 no. 2 WAG 2007 and has imposed a fine of EUR 5,000.00. The orderly final right of appeal was declared not to be permissible in the respective instances. The decisions are final.

 

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