The Financial Inspectorate of the Ministry of Finance had fined Zagrebačka banka (ZABA) HRK 33 million (€4.4m) for failing to meet its obligations under the Money Laundering and Terrorist Financing Prevention Act between 1 January 2017 and 8 November 2019. This is the highest fine so far for any credit institution in Croatia that has been fined on any grounds. The entire investigation and analysis were carried out by the Croatian National Bank (HNB), and the Financial Inspectorate.
During its supervision, the HNB established that ZABA perpetrated 11 breaches of the relevant law from 1 January 2017 to 8 November 2019, considering the risk assessment of certain business relations, identification and monitoring of suspicious, complex and unusual transactions, the reporting of suspicious transactions to the Anti-Money Laundering Office, the implementation of stronger due diligence regime for 72 clients, and so on. The bank is found responsible for failing to conduct an in-depth analysis of 1,126 transactions that are perceived by the authorities to have been complex and unusual.
HNB, as the supervisory body and authorized prosecutor, complying with the obligations under the Law on Misdemeanours, informed ZABA of its right to an agreement, which ZABA used, admitted guilt and agreed to a fine.
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Source: hr.n1info.com