FMA imposes sanction against Raiffeisen Bank International AG for breaches against the Financial Markets Anti-Money Laundering Act (FM-GwG) and the Banking Act (BWG)

Release Date: |
Categories:

The Austrian Financial Market Authority (FMA) hereby announces that the Federal Adminstrative Court (BVwG) has confirmed subject to (minor) conditions the penal order issued by the FMA on 23.03.2018, in which the FMA imposed a fine of EUR 2,748,000.00 against Raiffeisen Bank International AG for inadequate checking of the identity of the beneficial owner and failure to regularly update the necessary documents, data and information required to be able to understand ownership and control structures with regard to high-risk customers in specific individual cases. The orderly final right of appeal was declared to be permissible.