Compliance
Compliance Corner: RBI
The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.
Raiffeisen Banking Group
The Austrian Supreme Administrative Court, or VwGH, has annulled
a €2.7 million administrative fine against Austria-based Raiffeisen
Banking Group relating to the Panama Papers case.
The fine had been imposed by the Austrian Financial Market
Authority, but a senior court had ruled that the fine was
illegal.
“RBI has always maintained the position that it fulfils all legal
obligations to prevent money laundering and that the requirements
of the FMA were excessive. The decision by the Supreme
Administrative Court on the illegality of the FMA’s penalty has
confirmed RBI’s view,” Christoph Lehner, head of compliance at
RBI, said.