365.bank fined €2m for violating the Money Laundering Act

A Financial Intelligence Unit fined 365.bank of the J&T Group €2m for violating the Money Laundering Act. The bank considers the fine disproportionate and is appealing it. According to the police, in 2017-20 the bank did not adequately verify suspicious transactions of various companies (especially cash deposits) and allowed dubious money to flow through Slovakia. The police say the bank should have rejected some transactions and terminated the relationship with the client immediately. Last year, ČSOB was fined €1.5m for similar reasons.

(hnonline.sk)