The French banking and insurance supervisor announced on Friday that it had fined BMW Finance 500,000 euros for deficiencies in its controls to combat money laundering and terrorist financing. BMW Finance is a specialized credit institution, affiliated with the German automobile manufacturer BMW.
The French Prudential Supervision and Resolution Authority (ACPR) “held that BMW Finance’s anti-money laundering and terrorist financing (LCB-FT) system and its asset freezing system had several deficiencies,” a statement said. press. He felt that BMW Finance had “taken too long to dedicate sufficient human resources to these devices and to comply with the regulations.”
Economic sanction accompanied by a reprimand.
Only two people were affected by the implementation of their ML-FT system during the control of the authority, a number “manifestly insufficient taking into account the volume of activity of the establishment and the breadth of the tasks entrusted to these employees”, asserts the ACPR .
In its decision, the Sanctions Committee “however, noted that the specificities of BMW Finance’s activity led it to consider that the scope of the deficiencies identified in the ML-FT system was relatively limited” and “took into account the fact that that “significant corrective measures had been initiated after an internal audit and had been deployed during and after the control.”This economic sanction, imposed on May 16, is accompanied by a reprimand.
BMW Finance offers its customers financing products for long-term rental or with the option to purchase vehicles for individuals and professionals, customers of the group’s dealer network.
It also sells guarantees, insurance and maintenance and mechanical breakdown loans to some 172 BMW dealers in France (in 2022) to “allow them to finance certain operational needs and acquire or renovate their real estate premises”, details the ACPR.
Source: BFM TV
