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. With 23,000 employees and 11.6 million customers, MMA and its parent company Covea are heavyweights in the French insurance sector. But an onsite inspection in 2019 found that the company's sanctions filters did not take alternate spellings of blacklisted individuals' names into account, a flaw that could have allowed them to illegally access financial services. MMA's compliance with sanctions "was seriously deficient in all respects," ACPR determined in a...
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