The CSSF cited BCP for non-compliance with anti-money laundering and countering the financing of terrorism (AML/CTF) rules. The regulator stated on 29 September:
“This sanction was imposed as the result of an on-site inspection carried out by the CSSF due to serious shortcomings affecting the entire AML/CFT control system of the bank.”
“Our institution has promptly remediated the identified weaknesses and paid the fine,” François Gautier, branch manager of BCP Luxembourg, told Delano on Wednesday. “Our bank is fully committed to conduct its activities in its branches with the same high level of control and governance as in its headquarters.”
In its 2019 annual report, Geneva-based BCP said it was specialised in commodity trade finance and wealth management. As of 31 December 2019, it had a total of CHF3.3bn (roughly €3bn) on its balance sheet and 160.7 full-time equivalent employees, including 5 in Luxembourg.