The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 70,000 against Kurant GmbH. The proceedings were concluded in an accelerated manner pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The reason for the fine is a breach of the Financial Markets – Anti-Money Laundering Act (FM-GwG). Specifically Kurant GmbH’s policies and procedures for ensuring compliance with the obligation for ongoing monitoring of the business relationship were not set out in written form. The penal order is final.