Austrian Bank Fined for Money Laundering Deficiencies at Correspondent Banks in Cuba and Bahrain

Austria’s Financial Market Authority (FMA) has fined Raiffeisen Bank International (RBI) EUR 2.07 million for deficiencies in its money laundering controls. The FMA made this announcement on its website on Friday, specifically noting failures in RBI’s money laundering and terrorist financing checks at two correspondent banks. The penalty ruling is not yet legally binding, but according to a report by Reuters, the cases involve correspondent banks in Cuba and Bahrain.

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