Watchdogs Bite: MBH Bank Group Fined by National Bank of Hungary
- 2 Jan 2025 7:58 AM
The National Bank of Hungary (NBH) has fined MBH Bank and its unit MBH Investment Bank HUF 27.5m for failing to complete remedial measures, the central bank and financial market watchdog said on Monday.
The NBH had ordered the banks to correct IT shortfalls in a probe covering the period 2022-2023. The banks' failure to follow through with the remedial measures poses no risk to their secure operation, the NBH said, but noted MBH Bank's significant market scale.
Meanwhile, Competition Office levies more than HUF 4bn of fines in 2024
Hungary's Competition Office (GVH) has levied more than HUF 4bn of fines in 2024, the watchdog's head, Csaba Balazs Rigo, said in an interview with daily Magyar Nemzet.
Rigo said fines had been reduced by a combined HUF 2.5bn for companies that had cooperated with GVH, acknowledging violations and waiving their right to legal recourse. He highlighted a HUF 1.2bn fine for cartel activity involving a public procurement contract for railway developments around Debrecen (E Hungary).
Rigo said a probe of Spar Magyarorszag, to determine if the supermarket chain had fulfilled earlier commitments, could wind up in H1 2025. He added that probes of online marketplace Temu and software company Microsoft were also ongoing.
Rigo said urgent measures were needed to address the big competitive advantage tech giants enjoy in the area of artificial intelligence.
He said an online platform for comparing food prices at Hungary's biggest supermarket chains had saved shoppers around HUF 20bn during a three-month period and would continue to operate in 2025.
MagNet Bank group fined for shortfalls
The National Bank of Hungary (NBH) has fined MagNet Bank and MagNet Faktor HUF 63m for failure to comply fully with regulations on enterprise management, risk management and IT security, the central bank and financial market watchdog said on Tuesday.
The NBH set deadlines for taking remedial measures.
Source:
MTI - The Hungarian News Agency, founded in 1881.
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