Money Laundering: RBI Is Fined EUR 2.7 Million

Professional ServicesFinancial Services ♦ Published: April 1, 2018; 15:51 ♦ (Vindobona)

The Austrian Financial Market Authority (FMA) has imposed the highest fine ever imposed by the FMA, i.e. a fine of EUR 2.748 million against Raiffeisen Bank International AG.

RBI Raiffeisen Bank International is fined EUR 2.75 million / Picture: © Raiffeisen Bank International / K. Keinrath

The punishment is indirectly related to revelations by the Panama Papers.

The penal order is not final.

The FMA accuses the RBI of "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…