Austrian regulators fine Raiffeisen for money laundering lapses
FRANKFURT, June 28 (Reuters) -Austrian regulators fined Raiffeisen Bank International RBIV.VI for lapses in its money laundering controls, the country's Financial Market Authority said on Friday, imposing a fine of just over 2 million euros ($2.1 million).
The penalty, a record amount in Austria, was handed out after regulators found failings in RBI's money laundering and terror financing checks on two correspondent banks, the regulators said.
A person with direct knowledge of the matter named those countries as Cuba and Bahrain.
The punishment, albeit minor compared to penalties that could be imposed by the United States, further tarnishes Raiffeisen's image as the biggest Western bank in Russia comes under mounting pressure to sever ties there.
The United States, whose authorities are looking at Raiffeisen's Russia links, has more clout than Austria, as it controls access to the dollar, a cornerstone of international trade and the lifeblood of banking.
Last month, Raiffeisen was warned by the U.S. Treasury in writing that its access to the U.S. financial system could be curbed because of its Russia dealings, Reuters has reported.
The warning was the strongest yet to the biggest Western bank in Russia and follows months of pressure from Washington, which has been looking into RBI's business in the nation for more than a year.
While many Western governments and corporations have radically reduced ties to Moscow since it invaded Ukraine over two years ago, Austria remains linked with Russia through critical gas pipelines, with Vienna still serving as a hub for cash from Russia and its ex-Soviet neighbours.
RBI had vowed to spin off its Russian business, which provides a payment lifeline to hundreds of companies there, after coming under pressure from international regulators. But two years into war, little has changed.
Although Italy's UniCredit also has a business in Russia and is similarly reluctant to leave, RBI is far larger and has become a test of western resolve to end ties with Russia.
($1 = 0.9340 euros)
Reporting By John O'Donnell
Editing by Miranda Murray
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