MMA, France's leading property and casualty insurance firm, will have to pay €4 million after the country's Autorite de Controle Prudentiel et de Resolution, or ACPR, identified several significant sanctions-related shortcomings.
French police in the past two months have dismantled two networks that allegedly laundered at least €100 million for Paris-based drug traffickers by routing the funds through Chinese textile wholesalers and separately through Pakistani-led construction companies.