France's ACPR has issued a press release making public a fine of €600,000 imposed on Banque Delubac.
The detailed Décision, make clear that the compliance failings predominantly relate to AML and CTF failings, but Complaint 9 relates to sanctions compliance. The ACPR noted a failure by the bank to collect data on directors and beneficial owners for more than a quarter of its business customers. Further, the bank applied no screening at all on transactions valued at below €1,000 between 2020 and 2022/203.
The size of the fine is said to reflect the €3m spent on improving the bank's compliance, and the bank's loss for the financial year 2024.
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