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Compliance Corner: RBI

Editorial Staff

2 January 2020

Raiffeisen Banking Group
The Austrian Supreme Administrative Court, or VwGH, has annulled a €2.7 million administrative fine against Austria-based 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.