The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 40,000 against Raiffeisen-Landesbank Steiermark AG. 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, Raiffeisen-Landesbank Steiermark AG failed to continuously apply its policies and procedures regarding customer due diligence for monitoring of the business relationship on an ongoing basis. The penal order is final.