Regulatory Alerts2013-01-22
Added · Updated
Amicable settlement proposed by the Board of Directors of the NBB and accepted by BANK X
BANK X is required to pay a fine of EUR 250,000 to resolve administrative proceedings regarding failures in its anti-money laundering controls. The settlement addresses specific deficiencies in monitoring clustered transactions involving large cash withdrawals by a client, Y NV, between January 2009 and April 2010. These failures included the lack of written reports on atypical activities by first-line staff and the failure to analyze automated alerts generated by the bank's second-line monitoring system. The payment settles the procedure definitively and will be collected by the Administration of the Cadastre, Registration and Domains for the benefit of the Treasury.
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