The Commissariat aux Assurances fined Lombard International Assurance €1.68m for multiple failures in their anti-money laundering (AML) and counter-terrorist financing (CFT) efforts. Identified shortcomings include lack of risk assessment, flawed scoring methodology, insufficient controls over procedures, and inadequate management of AML/CFT risks. These issues were discovered during inspections conducted between November 2021 and February 2022.
Lombard International Assurance has launched a compliance plan to address these shortcomings, which also extends to its international operations. The plan’s progress is under close scrutiny by Luxembourg regulators, in collaboration with relevant foreign authorities.
In response, Lombard International Assurance clarified that the fine is unrelated to any involvement in money laundering or terrorist financing. They reaffirmed their commitment to a zero-tolerance policy against such activities and compliance with evolving legal and regulatory standards.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}