Reported by John O’Donnell and Tom Sims

Austria’s financial regulator FMA has been investigating Raiffeisen Bank International over anti-money-laundering failures, the Austrian bank said on Thursday in its annual report.

The investigation is focused on the so-called know-your-customer rules, the bank said, referring to a key safety guard to prevent money laundering.

It comes as the group, the largest Western bank in Russia, is also under investigation by the United States’ sanctions authority – the Treasury Department’s Office of Foreign Assets Control.

The regulator is examining payments involving three customers, processed between 2017 and 2020, in an inquiry that could lead to fines, the bank said in the annual report, adding that it had been informed of the inquiry in January 2023.

Read full report: https://uk.news.yahoo.com/regulator-probes-money-laundering-controls-095646032.html