The Federal Financial Markets Service of the Russian Federation imposed fines on three banks – VTB 24, the International Industrial Bank (MezhPromBank), and Bank Société Générale Vostok. The fines amounted to 700,000 RUR, 700,000 RUR, and 500,000 RUR, respectively, and were imposed for the banks’ failure to comply with the Service’s orders regarding the incongruence of their internal audit rules with the current legislation, Kommersant reports.

The newspaper says the banks are obliged to train all of their employees in terms of mechanisms in which the law on counteracting money-laundering is applied; such is the requirement of the Bank of Russia and the Federal Financial Markets Service.

According to head of the Federal Financial Markets Service Vladimir Milovidov, there are plenty of other banks which did comply with the requirement.