The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 52,000 against Volksbank Niederösterreich 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 due to breaches of the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäsche-Gesetz). Specifically, Volksbank Niederösterreich AG did not have appropriate policies and procedures in place to ensure observance of the obligation to obtain and verify the origin of funds when conducting incoming payments made in cash and accompanying ex-post checks. The penal order is final.