Austria’s Financial Market Authority (FMA) has imposed a fine of EUR 2.07 million on Raiffeisen Bank International (RBI) for deficiencies in its money laundering controls. The FMA announced this on its website on Friday. Specifically, this concerns failures in RBI’s money laundering and terrorist financing checks at two correspondent banks, the statement said. The penalty ruling is not legally binding.
According to a report by the Reuters news agency, citing an insider, the cases involve correspondent banks in Cuba and Bahrain.