It is being reported that a number of government ministers in Luxembourg have filed a criminal complaint with the Public Prosecutor’s Office.
The complaint was filed against Spacety Luxembourg SA, the Luxembourg subsidiary of the Chinese company Spacety. The parent company has been sanctioned by the EU for providing support to Russia’s war in Ukraine.
The Luxembourg company has now filed for bankruptcy and the progress of the criminal matter is not known.
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.
Luxembourg’s Financial Intelligence Unit (the CRF) has published its Annual Report which includes statistics on sanctions-related SARS and investigations, as well as an indication of funds frozen as part of these investigations.
The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has imposed fines of €109,000 and €17,200 for compliance failings on abrdn Investments Luxembourg S.A.
The fine of €17,200 related to failings in relation to AML/CFT, and included in these failings was failure to “perform initial name screenings controls against international and European financial sanctions lists”.
The CSSF had conducted on-site inspections in 2020.
The Luxembourg financial services regulator, the CSSF, has today published a report of an administrative penalty imposed on Fuchs & Associés Finance SA.
The fine was €785,000.
Some of the compliance failings relate to AML and KYC more generally, and some were specific to sanctions. The sanctions-specific failings were:
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.
The Luxembourg financial services regulator, the CSSF, has today imposed a a fine of €145,000 on Unzer Luxembourg SA for AML and sanctions compliance failings.
The penalty notice noted that the failings, including in sanctions screening, were identified as part of an on-site inspection in 2020 and 2021, and noted that the lack of a fine took into consideration the bank’s efforts at remediation.
The Luxembourg financial services regulator, the CSSF, has today imposed a reprimand on Banque J Safra Sarasin (Luxembourg) SA for AML and sanctions compliance failings.
The penalty notice noted that the failings, including in sanctions screening, were identified as part of an on-site inspection in 2019, and noted that the lack of a fine took into consideration the bank’s efforts at remediation.
The Luxembourg financial services regulator, the CSSF, has today fined BEMO Europe Banque Privée SA €356,000 for AML and sanctions compliance failings.
The penalty notice noted that the failings, including in sanctions screening, were identified as part of an on-site inspection in 2020, and noted that the size of the fine took into consideration the bank’s efforts at remediation.
The Luxembourg financial services regulator, the CSSF, has today fined Banque Puilaetco Dewaay Luxembourg SA €15,000 for AML and sanctions compliance failings.
The penalty notice noted that the failing was “a temporary deficiency of the ongoing screening system of the client database against sanction lists”, and noted that the deficiency had since been remediated.
