Banks to face larger fines

  • 2014-01-08
  • From wire report
TALLINN - Estonian Justice Minister Hanno Pevkur agrees that the punishment rates for Estonian financial sector misdemeanors are too small, and said that the new maximum fine rate will be 400,000 euros, reports Public Broadcasting.Estonian outgoing Financial Supervision Authority director general Raul Malmstein said in an interview to Postimees that the punishment rates in the financial sector are the lowest in Europe – the biggest possible punishment against a bank is 32,000 euros. Since the punishment rates are so small, the Authority prefers, instead of fining, to convince ba...
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