Idea Bank hit with EUR 2.2 million fine by supervisory body

Tomasz Waszczuk/PAP

Poland's Idea Bank has been fined PLN 10 million (EUR 2.2 million) by the country's Financial Supervision Authority (KNF), the company said in a statement.

The fine follows several violations of company articles of association and irregularities in the distribution of financial instruments, as well as a failure to duly carry out internal audits and perform reporting duties.

Also, in the opinion of KNF, there was a breach of the regulation on the procedure and conditions in managing investment firms, banks and custodial banks due to a failure to act in a reliable and professional manner, in accordance with the principles of fair trading.

Idea Bank is yet to announce whether it will appeal the decision.