Luxembourg’s financial services regulator, the CSSF, has today announced a fine of €40,000 on Dock Financial S.A.
The fines relates to AML and sanctions compliance failings identified as part of an on-site inspection between December 2021 and November 2022.
In relation to sanctions, the CSSF has found that:
“A substantial part of the EMI’s client portfolio was not subject to name screening controls on a daily basis, over a substantial period of time, thus constituting a failure to comply with the obligation to detect persons, entities and groups subject to restrictive measures in financial matters without delay so that the necessary restrictive measures can be applied to them in line with all United Nations Security Council resolutions, acts adopted by the European Union (resolutions and acts directly applicable in Luxembourg) and national regulations“.
This was identified as a breach of CSSF regulations requiring detection of designated persons.