August 5, 2019 / 7:33 PM / 4 months ago

Austrian court upholds 2.75 mln euro fine against Raiffeisen

VIENNA, Aug 5 (Reuters) - An Austrian administrative court has rejected Raiffeisen Bank International’s challenge against a 2.75 million euro ($3.1 million) fine over insufficient anti-money-laundering checks, the bank said on Monday.

Austria's Financial Market Authority imposed the fine last year here over a breach of RBI's due diligence requirements for the prevention of money laundering and terrorist financing.

The decision to impose the fine was the result of a review carried out by the FMA after RBI was mentioned in the ‘Panama Papers’ data leak on how firms and wealthy individuals use offshore companies to reduce their tax burden, often legally.

“The Federal Administrative Court agreed with the FMA that in a small number of isolated cases RBI did not fulfil its legal documentary obligations,” a spokeswoman for RBI said of the ruling, which was first reported by newspaper Die Presse.

“RBI is ... of the opinion that it fulfilled all legal requirements on the prevention of money laundering and that the FMA’s corresponding requirements are excessive,” the spokeswoman said, adding that RBI plans to appeal the ruling before Austria’s top administrative court. ($1 = 0.8929 euros) (Reporting by Alexandra Schwarz-Goerlich Writing by Francois Murphy, editing by Deepa Babington)

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