French regulators have fined ING's local subsidiary €3 million after finding that the Amsterdam-headquartered lender's entire system for complying with anti-money laundering rules, including its process for vetting online customers, fell short of expectations. During an onsite inspection that concluded in February 2019, France's Prudential Supervision and Resolution Authority, or ACPR, found an "inoperative and incomplete" risk-classification program that did not address the inherent vulnerability of certain loans and other financial products to criminal abuse, and did not sufficiently account for the origins of customers' wealth. "The risk profiles of clients were not very discriminating and, in particular, did not make...
Gaps in French law, poor compliance and awareness by French firms, or a combination of those things kept financial crime in France's real estate and art sectors alarmingly high in 2020, authorities said, even as a new threat emerged in the form of disruptive financial technology.
Bank of China's payment of nearly €4 million to settle charges of laundering the proceeds of tax fraud and other crimes in France could spur similar settlements of cases against banks in the country, sources said.
A round of regulatory examinations in France have exposed inadequate communications between French banks and their overseas affiliates for anti-money laundering purposes, the Prudential Supervision and Resolution Authority, or ACPR, claimed.