Idea Bank hit with EUR 2.2 million fine by supervisory body
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.