Finland – two convicted of breaching Russian sanctions

The press in Finland has reported the conviction of two individuals for breaching EU trade sanctions with Russia.

The first individual, a Russian national, was given a three-month suspended prison sentence for seven cross-border trips carrying cash and goods.

The second individual, a Belarusian, was given a four-month suspended sentence for attempting to export €22,000 worth of air-cooled condensers.

Luxembourg – CSSF fines bank €1.56 million for sanctions and AML compliance failings

The Luxembourg financial services regulator, the CSSF, has announced today the imposition of a fine of €1.56 million on Banque Degroof Petercam Luxembourg SA.

The fine followed an inspection which started in September 2019, and relates to compliance failings in the context of AML and terrorist financing, and a failure to adequately screen clients for inclusion on EU sanctions lists.

The CSSF noted that remedial steps have been taken by the bank since the inspection of 2019/2020.

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