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Jolly Joker: Currency Trader Fined Millions of Forints by Hungarian National Bank

• 16 Jun 2023 9:51 AM
• Hungary Around the Clock

The MNB has fined Jolly Joker Ft 12.5 million because the currency exchange network operator continued its activity after its licence expired as it lost its agency contract with a bank, the financial supervisory announced.

The MNB conducted an onsite inspection, including test purchases.

The company also operated a website, jokervaluta.hu, and at least two business premises in Budapest.

Based on the data collected during the investigation, at least 500 illegal transactions were made over the last year and a half.

According to the supervisory, aggravating factors were that the company continued its illegal activities for an extended period of time, and that – given it had a proper licence before – it was aware that its activities were illegal.

The MNB ordered Jolly Joker to cease its illegal activities.

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