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BNP Paribas Fortis Fined €15 Million for Serious Anti-Money Laundering Failures in Belgium

Money LaunderingBNP Paribas Fortis Fined €15 Million for Serious Anti-Money Laundering Failures in Belgium

BNP Paribas in Belgium has been fined €15 million for severe anti-money laundering (AML) failures, according to an announcement by Belgium’s National Bank (NBB). The violations occurred between 2014 and 2019.

The NBB found that BNP Paribas Fortis, Belgium’s largest bank, had not adequately implemented measures to combat money laundering during this period. The bank lacked effective internal control policies and had a deficient customer verification process for those involved in precious metals trading.

Inspectors discovered significant flaws in the bank’s protocols for identifying and reporting potentially illicit transactions, describing them as “egregious.” BNP Paribas Fortis was found to be using “incomplete and inappropriate” transaction-monitoring rules that did not consider the risks associated with specific financial products, customer profiles, payment destinations, and delivery methods.

BNP Paribas Fortis released a statement explaining that the investigation by the NBB pertained to a period before June 2019, and the reported deficiencies had been addressed since then. The bank asserted that these shortcomings did not harm customers or third parties, as confirmed by the NBB’s decision.

The bank further stated that it had embarked on a comprehensive remediation effort to strengthen AML procedures, systems, and internal controls to prevent money laundering. BNP Fortis affirmed its commitment to upholding the highest standards in the fight against money laundering and contributing to the security of the financial system.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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