ECB Gets Court OK To Withdraw Anglo Austrian Bank License

Law360, London (February 7, 2020, 3:51 PM GMT) -- Anglo Austrian AAB Bank lost its attempt on Friday to hit pause on a European Central Bank decision that stripped it of its license amid allegations of money laundering and compliance failures.

The president of the European Union's General Court has ruled in favor of the ECB after months of back and forth about the Vienna-based bank's license, which was suspended in November. Austria’s financial regulator requested that AAB Bank's authorization should be withdrawn after it took numerous supervisory measures against the lender.

The private bank and its owner, Belegging-Maatschappij Far-East BV, lodged a complaint with the General Court of the European...

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