Tag: Luxembourg

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:

• • • “name screening controls aiming at detecting persons subject to prohibitions and restrictive measures in financial matters had not been carried out for all clients of the trading desk, as their names were not
      included in the databases used to feed the name screening systems”;
    • “the name screening tools were updated only once a week, and
      no additional controls were in place, particularly when new European and United Nations lists are issued”; and
    • “the absence of a complete and exhaustive client database”.

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 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.

The Luxembourg financial services regulator, the CSSF, has today imposed a a fine of €55,000 on ANF Luxembourg SA for AML and sanctions compliance failings.

The penalty notice noted failings in compliance in relation to UN sanctions, but does not specify which regime was implicated.