AAB Bank AG’s banking license revoked

AAB Bank AG’s banking license revoked 26.11.2019

15 November 2019 the information about revocation of license of Anglo Austrian AAB Bank AG (former Meinl Bank AG) has been published on the official website of Austrian Financial Market Authority (German: Finanzmarktaufsichtsbehörde, FMA).

FMA is a regulatory authority responsible for permanent control of banking activities in Austria. However, AAB Bank AG’s licensehas been revoked by European Central Bank (ECB) on its own, as it is entitled to make such decisions relating to banks operating in any EU member state without participation of national regulating authority.

ECB’s decision is immediately effective since the date of its publication by the FMA, that is AAB Bank AG’s license is deemed to be revoked since 15 November 2019. Still, said bank has a right to appeal against this decision in a prescribed manner.

The official sources do not refer to particular reasons of license revocation, but mass media repeatedly informed that suspicious transactions of some banks from CIS countries (e.g. Ukraine) made through deposits in AAB Bank AG (previously Meinl Bank AG) took place several times. Such transactions were not compliant with anti-money laundering rules.  

Tags: Bank

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