ECB REVOKES AUSTRIAN BANK LICENCE OVER MONEY LAUNDERING
November 1st, 2019
Money laundering and due diligence failings led the European Central Bank (ECB) to revoke the licence of one of Austria’s oldest financial institutions with immediate effect last week (on November 15). The Austrian Financial Market Authority (FMA - Finanzmarktaufsicht Österreich), which had recommended the move to the ECB, announced that the European Union (EU) institution had revoked the licence of Anglo Austrian AAB Bank AG, which was known as Bank Meinl until June. Both the FMA and ECB refused to confirm why the licence was revoked. However, in September ...
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