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Last month, Raiffeisen was warned by the US Treasury in writing that its access to the US financial system could be curbed because of its relations with Russia, Reuters reported.
Austrian regulators have fined Raiffeisen Bank International (RBI) for money laundering.
This initiative opens a new tab for errors in money laundering controls, the country's Financial Market Authority said on Friday, imposing a record fine of just over 2 million euros, Reuters news agency reports .
The penalty, the largest ever handed down by regulators in Austria, came after RBI found failures in its money laundering and terror financing controls at two banks it dealt with, regulators said, without naming the banks or countries. where they were based.
A person with direct knowledge of the matter said the banks in question were based in Cuba and Bahrain.
The punishment, while minor compared to the penalties that could be handed down, further tarnishes the image of Raiffeisen, which has been under pressure to continue doing business in Russia when its Western counterparts have severed ties.
The RBI, which successfully reduced a fine imposed earlier for similar failures through legal action, said it would launch a court challenge to the penalty.
"The allegations are baseless," a spokesman said, adding that there were adequate anti-money laundering controls.
Meanwhile, authorities in the United States continue to scrutinize Raiffeisen's ties to Russia, with the potential for more serious damage to its business.
Last month, Raiffeisen was warned by the US Treasury in writing that its access to the US financial system could be curbed because of its relations with Russia, Reuters reported.
The warning was the strongest yet for the biggest Western bank in Russia and follows months of pressure from Washington, which has been scrutinizing the RBI's business in the country for more than a year.
While many Western governments and corporations have radically reduced ties with Moscow since it invaded Ukraine more than two years ago, Austria remains connected to Russia through critical gas pipelines, with Vienna still serving as a hub for cash from Russia and its former Soviet neighbors.
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