(Patria) - The Austrian financial regulator (FMA) announced yesterday that it has imposed a fine of two million euros on Raiffeisen Bank International (RBI) for deficiencies in anti-money laundering controls.
"RBI did not thoroughly verify the anti-money laundering and counter-terrorism financing controls in two correspondent banks based abroad," the FMA statement said.
The fine is not final, it added.
An unnamed source told Reuters that the two mentioned correspondent banks are based in Cuba and Bahrain.
RBI announced it would challenge the regulator's decision in court.
- The allegations are unfounded - the bank's spokesperson stated, adding that RBI has adequate anti-money laundering controls.
The bank had already successfully challenged a fine of 2.7 million euros imposed by the regulator in 2019 before the Austrian Supreme Administrative Court, also for deficiencies in anti-money laundering controls, after its name appeared in the Panama Papers.
Their publication caused a major scandal as they showed how companies and individuals avoided tax obligations by opening accounts in tax havens.
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