The Commission de Sureillance du Secteur Financier shared the news published on 26 September, saying that it had identified infringements during an “on-site inspection carried out by the CSSF in the premises of the Payment Institution in 2020 and 2021”. The administrative sanction was imposed on  on 12 August.

Luxembourg’s financial sector regulator in its statement highlighted “shortcomings regarding the obligation to perform and keep an up-to-date risk assessment, the entry into business relationship processes, the name matching control processes, the obligation of cooperation with the authorities and the adequacy of the internal control arrangements including the resources of the compliance function.”

Unzer Luxembourg SA is a payment solution provider for companies active in e-commerce. The entity has already “undertaken remedial actions to address” its shortcomings, the CSSF reports. The amount it was fined was determined by “aggravating or mitigating factors” as well as the number and degree of severity of the breaches found by the CSSF.

The CSSF on 15 September had announced that it with a €226,000 fine. In January 2022, it had €1.3m. Last year, the regulator had collected over €4m in fines.