Administrative fine for AML/CFT professional obligation breaches and breach of sound and prudent management
Following an on-site inspection that began in 2018, the CSSF found AML/CFT weaknesses at Banque de Luxembourg S.A., including unreported suspicions of money laundering, late suspicious activity reports, delays in client file reviews and transparency shortcomings on certain transactions. On 15 November 2021 the CSSF imposed an administrative fine of EUR 1,320,000 under Articles 2-1(1) and 8-4 of the amended Law of 12 November 2004 and Article 63 of the Law of 5 April 1993. The decision states the deficiencies reflect the situation at the time of the inspection.
la CSSF a prononcé une amende d'ordre d'un montant de 1.320.000 euros
The CSSF took into account the bank's cooperation and the corrective actions already undertaken and those it committed to take.