ČSOB fined €1.5m for violation of money laundering legislation
The police Financial Intelligence Unit fined ČSOB €1.5m for violation of the money laundering legislation. In 2016-19, it insufficiently checked suspicious operations of shell companies, including high cash deposits, and allowed over €500m of dubious funds to flow through Slovakia. One of the clients whose sources of funds were not verified was an unnamed Supreme Court judge, who received €0.6m from three persons. The bank responded that it reported most cases correctly and will challenge the fine in court. The police maintain that the bank did not close suspicious accounts fast enough and allowed suspicious transactions during the notice period.
