French bank fined for failure in fight against terrorism
La Banque Postale was sanctioned by the French Supervisor of Banking with 50 million euros for failures in the fight against the financing of terrorism
Through a recent resolution, the French Banking Supervisor sanctioned the bank La Banque Postale (LBP) for failures in the fight against the financing of terrorism. The fine amounts to 50 million euros.
The internal audits that have been carried out to the French bank since 2015 had determined inconsistencies in the transactions, the identification of customers and other irregularities for which actions had been indicated.
It was learned that since that year “the absence of a device that would allow that bank to detect, before its execution, cash transfers for the benefit of people who were subject to a freezing of assets” was observed.
In fact, between December 2009 and March 2017, the bank made an average of 75 transfers on behalf of clients against whom a freeze had already been ordered, mostly for connection with terrorist activities.
Given the risks of non-compliance in the application of the corrective measures and the lack of knowledge on the part of the entity of such activities, the French Banking Supervisor decided to apply the fine. The LBP, for its part, filed an appeal against the measure before the Council of State.
M.Pino
Source: Bancaynegocios
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