French regulator fines BMW Finance for deficiency in money-laundering control
The financial regulators’ sanctions commission Autorité de Contrôle Prudentiel et de Résolution in France, has decided
By: : Daniel
Update: 2023-05-26 19:45 GMT
French regulator fines BMW Finance for deficiency in money-laundering control The independent administrative authority exercises supervision of regulated financial firms such as banks and insurance companiesThe financial regulators’ sanctions commission Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, has decided to fine BMW Finance 500,000 euros ($550,400)...
French regulator fines BMW Finance for deficiency in money-laundering control
The independent administrative authority exercises supervision of regulated financial firms such as banks and insurance companies
The financial regulators’ sanctions commission Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, has decided to fine BMW Finance 500,000 euros ($550,400) for shortcomings in its money-laundering and terror-financing controls.
In its statement, ACPR said, “BMW Finance took too long to devote sufficient human resources to these controls and comply with regulations, especially since it is part of a big group with important staff, technical, and financial resources."