Paris, May 26. The French Prudential Control and Resolution Authority (ACPR) has imposed a fine of 500,000 euros on the financial subsidiary of the German automobile group BMW for deficiencies in its device to combat money laundering and the financing of terrorism.
In the decision published this Friday on its website, the French supervisory authority for the banking and insurance sector identifies nine points that show the shortcomings of BMW Finance.
In its investigation, the ACPR found that the company, which is mainly dedicated to financing the long-term rental of BMW, Mini or Motorrad brand vehicles, only had two people to control these risks, a figure “manifestly insufficient” considering Keep in mind that every year it manages tens of thousands of contracts.
This translated into a series of failures, such as that some alerts were not dealt with or that the period for transmitting suspicions to the public body Tracfin, in charge of investigations, was very long (103 days on average in 2021).
The control authority also found problems in in-depth knowledge of the clientele, which resulted in poor detection of the so-called “politically exposed persons”. EFE
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