- within Law Department Performance and Accounting and Audit topic(s)
Luxembourg's financial services regulator, the CSSF, has issued a fine against Rakuten Bank SA for various compliance failings including sanctions and AML.
One of the failings identified was "accumulated significant and recurring delays in processing alerts relating to customer screening against list of persons subject to restrictive measures in financial matters". The Notice identified a particular example of a customer subject to anti-terrorism sanctions where the review of the alert took more than six months.
Another failing identified was a failure to "apply 'without delay' potential restrictive measures in financial matters".
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