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NEWS: French regulator fines BMW Finance for weak dirty money controls

Premium May 26, 2023

France, Paris, 2023-05-24. Photograph by Xose Bouzas / Hans Lucas. Meeting, bilateral talks, working lunch, between the president of the French republic, and the president of the Republic of Lithuania at the Elysee Palace. Illustration of a French tricolor flag on a mast at the entrance of the Elysee Palace.
France, Paris, 2023-05-24. Photographie par Xose Bouzas / Hans Lucas. Reunion, entretien bilaterale, dejeuner de travail, entre le president de la republique francaise, et le president de la republique de Lituanie au Palais de l Elysee. Illustration d un drapeau francais tricolore sur un mat a l entree du palais de l Elysee.

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By Leigh Thomas

France’s ACPR financial regulator’s sanctions commission has decided to fine BMW Finance 500,000 euros ($550,400) for shortcomings in its money-laundering and terror-financing controls, the ACPR said on Friday.

“BMW Finance took too long to devote sufficient human resources to these controls and comply with regulation, especially since it is part of a big group with important staff, technical and financial resources,” the ACPR said in a statement.

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BREAKING: UK sanctions trio of wealthy oligarchs in new campaign against dirty money

INSIGHT: Corporate secrecy ‘scourge’ in fight against fincrime, time for fully public BO registers, says Financial Times

 Premium

NEWS: Former billionaire Bill Hwang sentenced to 18 years in prison for massive US fraud

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