Regulatory Alerts2015-09-01
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 €50,000 to resolve administrative proceedings regarding failures in its anti-money laundering controls between July 2008 and June 2011. The settlement addresses the bank's failure to identify and report atypical cash transactions involving a client, including significant deposits and withdrawals, and its inadequate first and second-line monitoring systems. This amount is payable to the Treasury upon acceptance of the settlement proposal by the National Bank of Belgium.
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