RBI fined millions by FMA for breaching money laundering regulations

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 made this announcement on its website on Friday, specifically highlighting failures in RBI’s money laundering and terrorist financing checks at two correspondent banks. While the penalty ruling is not yet legally binding, reports suggest that the cases involve correspondent banks in Cuba and Bahrain.

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By Samantha Johnson

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