06 Aug 2019
An Austrian administrative court has rejected Raiffeisen Bank International’s challenge against a 2.75 million euro ($3.1 million) fine over insufficient anti-money-laundering checks, the bank said on Monday.
Austria’s Financial Market Authority imposed the fine last year here over a breach of RBI’s due diligence requirements for the prevention of money laundering and terrorist financing.
The decision to impose the fine was the result of a review carried out by the FMA after RBI was mentioned in the ‘Panama Papers’ data leak on how firms and wealthy individuals use offshore companies to reduce their tax burden, often legally.
“The Federal Administrative Court agreed with the FMA that in a small number of isolated cases RBI did not fulfil its legal documentary obligations,” a spokeswoman for RBI said of the ruling, which was first reported by newspaper Die Presse.
By Alexandra Schwarz-Goerlich, Reuters, 5 August 2019
Read more at Reuters
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet