BIL (Banque internationale a Luxembourg) has just been fined 4.6 million euros from the CSSF. The gendarme of the financial center identified within BIL certain “weaknesses in its system for combating money laundering and the financing of terrorism”.
Following the Panama Papers scandal, the CSSF had already sanctioned four banks and five financial entities.
Following this decision, BIL decided to communicate quickly. He recalled that the checks, carried out in 2017 and 2018, “covered a sample of customers from countries of the Commonwealth of Independent States, thus representing a limited number of customers whose inherent risk is generally considered to be high.” Above all, underlines the bank, “no money laundering or terrorist financing activity has been identified”.
And to indicate, in his press release, that with “the new shareholding structure and under the direction of the new CEO, BIL quickly took the appropriate measures to correct the weaknesses identified”.