This year’s highest penalty for the Czech banking sector. Fio has been fined almost ten million crowns by the CNB
At the end of October, the Czech National Bank imposed an exceptional fine on the domestic Fio banka. According to the regulator, in previous years it did not have banking systems set up to detect that its clients were on international sanctions lists or were among the persons and companies suspected of money laundering. The result is the highest fine on the domestic banking scene since last January, when UniCredit was slapped with a CZK10m penalty for charging early repayment fees on mortgages. Meanwhile, Fio banka says it has corrected its shortcomings, but the regulator’s fine is far from a first for the financial house.