FCC Flash

On July 10, 2023, BNP Paribas Fortis, Belgium’s largest bank, was fined USD 16.5 million by the Belgian National Bank for its failure to comply with internal procedures against money laundering.

An investigation conducted by the National Bank revealed that inadequate measures were implemented to combat money laundering between November 2014 and June 2019 in the Belgian subsidiary of BNP Paribas.

The bank was found to have insufficient internal control policies and a flawed customer verification process specifically for individuals involved in trading precious metals.