The Luxembourg Commission de Surveillance du Secteur Financier has carried out on-site and off-site investigations at BGL BNP Paribas into aspects of its anti-money laundering and combatting the financing of terrorism obligations, following the revelation of a fraud against a Luxembourg charitable foundation whose accounts were held at the bank. The CSSF has communicated the results to the institution and considers its supervisory intervention closed. The work reviewed the bank’s application of a risk-based approach and the adequacy of customer due diligence measures calibrated to money laundering and terrorist financing risk, including transaction monitoring, with a particular focus on the foundation’s accounts. The investigations were conducted between September 2024 and January 2025.
Luxembourg Commission de Surveillance du Secteur Financier 2025-07-30
Luxembourg Commission de Surveillance du Secteur Financier closes anti money laundering and counter terrorist financing investigations at BGL BNP Paribas after charitable foundation fraud
The Luxembourg Commission de Surveillance du Secteur Financier completed investigations at BGL BNP Paribas regarding anti-money laundering and combatting the financing of terrorism obligations, following a fraud incident involving a Luxembourg charitable foundation. The review assessed the bank's risk-based approach and customer due diligence measures. The CSSF communicated the findings to the bank and considers the supervisory intervention closed.