The CSSF (Commission de Surveillance du Secteur Financier) announced yesterday that on May 8 it had imposed an administrative sanction on the credit institution BGL BNP Paribas S.A.

. The CSSF imposed a fine of 3 ME on the institution for "failure to comply with professional obligations in the fight against money laundering and the financing of terrorism".

The fine was imposed taking into account all the elements of law, the facts set out and discussed in adversarial proceedings, the number, seriousness and duration of the breaches as ascertained at the time of the inspection, and the degree of cooperation shown by the credit institution.

The CSSF states that the credit institution has "fully cooperated" throughout the investigation, and that it has implemented a general action plan and initiated corrective measures during and after the inspection to remedy the violations observed.

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