The Financial Sector Supervisory Commission (CSSF) has just imposed a fine of 4.6 million euros on the International Bank in Luxembourg. In particular for certain weaknesses observed in its system for combating money laundering and the financing of terrorism.

BIL (Banque internationale à Luxembourg) has just been fined 4.6 million euros by the CSSF. The police of the financial center has 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. And to recall that the controls, carried out in 2017 and 2018, “concerned a sample of customers from the 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 its 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”.