Regulatory Alerts2016-08-30
Added · Updated
Amicable Settlement Proposed by the Board of the NBB and Accepted by BANK X
BANK X is required to pay a fine of €250,000 for failing to properly identify client A as a Politically Exposed Person (PEP) and for inadequate anti-money laundering controls. The bank failed to update client risk profiles, neglected to investigate alerts generated by cash deposits and international transfers, and submitted a Suspicious Transaction Report to the Financial Intelligence Processing Unit (CFI) with significant delay. These deficiencies occurred despite internal knowledge of the client's high-risk status and the existence of automated monitoring alerts that were not analyzed in a timely manner.
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