News

After assessing a €2 million fine against American Express, France's Autorite de Controle Prudentiel et de Resolution, or ACPR, is now sounding the alarm on banks outsourcing their anti-money laundering tasks without monitoring how their contractors implement them. Recent years have seen a growing number of French banks and other financial institutions tackle an increasingly rising volume of complex anti-financial crime obligations by hiring vendors, consultants and other third parties to identify their customers, screen transactions and conduct due diligence-related investigations. But some of those institutions appear unaware that they will be held responsible for any subsequent violations by those...