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FMA administrative proceeding

In January 2023, RBI was informed by the Austrian Financial Market Authority (FMA) that an administrative proceeding had been started based on the alleged non-compliance with certain legal requirements regarding the know-your-customer principle. 

  • By Communications

The proceeding resulted from an FMA on-site inspection in Q1 2019. According to the interpretation of FMA, RBI had not sufficiently satisfied itself that two correspondent banks had appropriate due diligence procedures in place regarding customers of their own correspondent banking business. Thus, in the view of FMA, RBI failed to fully comply with its administrative obligations in this regard. FMA did not state that any money laundering or other crime had occurred or that there was any suspicion of or any relation to any criminal act. In June 2024, the FMA sent a fining order in the amount of € 2.07 million to RBI.

RBI is of the opinion that the allegations in question are unfounded and that it had implemented appropriate AML (Anti Money Laundering)-systems, procedures and controls for its correspondent banking relationships in line with applicable legal requirements and international market standards. RBI will therefore challenge the fining order in its entirety in court.