The Kyiv Post on 31st March reported that Austrian regulators smacked Raiffeisenbank International with a €2.74 million fine, the biggest in Austrian history, on March 30th over charges that the bank failed to impose adequate AML/CFT controls. This is said to have followed an investigation after the 2016 Panama Papers leak revealed a series of loans going from the bank to companies affiliated with Ukrainian President Petro Poroshenko. The article claims that Raiffeisen’s reputation in Eastern Europe as a bank with more lenient compliance and a willingness to cut deals made it the go-to lender for numerous oligarchs wishing to move money westward.
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