Dusseldorf The supervisors of the European Central Bank (ECB) have withdrawn the concession from the former Meinl Bank. Thus, the Austrian private bank, meanwhile Anglo Austrian ABB means that since Friday no more banking transactions.
The license withdrawal procedure had been in progress for months. The decision was announced by the Austrian supervisory authority FMA in a press release on Friday. The Anglo Austrian ABB has the opportunity to appeal against the decision, it says.
The case was preceded by allegations that Anglo Austrian ABB violated anti-money laundering rules. According to an investigative research by the news magazine "profil", the Organized Crime and Corruption Reporting Project (OCCRP) and the ORF, the bank was at the center of a global financial structure between 2009 and 2015, through which Eastern European business people and bankers smuggled at least € 500 million.
The money came from 16 bankruptcy private banks in Ukraine, Lithuania and Latvia, and landed at offshore companies. Alone 113 million are probably the case of a Russian businessman and Meinl customer, who was involved in three insolvent banks.
Meinl Bank has had frequent problems with the judiciary in the past. For example, Julius Meinl V., the scion of a traditional Viennese entrepreneurial family, was accused of unfaithfulness in connection with the payment of a dividend from Meinl Bank. However, the indictment was rejected in 2015 by the Higher Regional Court of Vienna.
In September 2016, the FMA imposed a penalty notice against Meinl Bank for breaches of due diligence requirements to prevent money laundering and terrorist financing.
It is not unlikely that Julius Meinl V. will complain about the now decided withdrawal of concession.
More: The new Governor of the Austrian National Bank, Robert Holzmann, brings the workforce against him by personnel decisions.
Bank (t) Bank (t) Banking Supervisor (t) Investment (t) ORF (t) Julius Meinl (t) Banks & credit institutions