Austrian Regulatory Authority Imposes Fine of Over 20000 on Raiffeisen

The Austrian Financial Market Authority has stated that the Austrian regulatory body has fined Raiffeisen Bank International just over $21,000 for anti-money laundering control failures. This sanction, which is the largest ever imposed by Austrian regulators, stems from lapses in the bank’s checks regarding two unnamed banks, which according to a source are based in Cuba and Bahrain. Despite the relative size of the fine, it further damages the reputation of Raiffeisen, which is already under scrutiny for continuing operations in Russia while many Western banks have severed ties. The bank plans to contest the sanction in court, claiming that the accusations are unfounded and that it has appropriate mechanisms to combat money laundering. Read more:

The three stocks in Cathie Wood’s investment portfolio that are worth close attention. US authorities are also investigating Raiffeisen’s Russian connections, which pose a potentially more serious threat to its business. Last month, the US Treasury Department warned the bank that its access to the US financial system could be restricted due to its dealings in Russia. This came after more than a year of investigations by Washington.