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.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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