The Federal Administrative Court in Austria ruled in favor of the markets regulator for fining Raiffeisen Bank International AG €2.7 million over poor money laundering prevention methods, Reuters reported Aug. 5, citing Die Presse.

The bank was fined in 2018 by the Austrian Financial Market Authority over a breach of due diligence requirements for the prevention of money laundering and terrorist financing. The regulator had been investigating the bank since 2016 after it was cited in the "Panama Papers" leaks that detailed the use of tax havens.

An RBI spokesperson said the administrative court agreed with the regulator "that in a small number of isolated cases RBI did not fulfill its legal documentary obligations," according to the report.

The spokesperson said that the bank will appeal the decision before the country's top administrative court as it believes it complied with all legal requirements on anti-money laundering.