The Austrian Financial Market Authority (FMA) announces that it has imposed a fine of EUR 2,070,000 against Raiffeisen Bank International AG as a legal entity for breaches against the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäschegesetz) in relation to two correspondent banking relationships, which respectively cover the execution of payments with a respondent institution established in a third country, because Raiffeisen Bank International AG was unable to prove the adequacy of the AML/CFT checks performed by the two respondent institutions established in third countries. The penal order is not final.
Update: 25.07.2024
Raiffeisen Bank International AG has lodged an appeal to the Federal Administrative Court (BVwG; Bundesverwaltungsgericht/) against the FMA’s penal order.