K&H Bank Fined for Shortcomings on Money Laundering & Terrorism Financing
- 1 Sep 2023 11:57 AM
- Hungary Around the Clock
The MNB has fined K&H bank Ft 20 million for failing to fully comply with rules on the prevention of money laundering and the financing of terrorism, the central bank and financial market watchdog said.
The KBC subsidiary failed to report numerous suspicious transactions and had inadequate customer due diligence practices.
The MNB emphasised the importance of complete and up-to-date records of lenders’ clients to manage risks related to money laundering and financing terrorism.
The MNB set deadlines for the bank to report on remedial measures.
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