BNP Paribas Fortis fined €15 million for lax procedures against money laundering

BNP Paribas Fortis bank has been fined €15 million for breaches of its anti-money laundering policy.

The bank said in a statement that the investigation by the National Bank of Belgium (NBB) related to a period prior to June 2019 and that in the meantime the “shortcomings identified have been resolved”.

Those shortcomings at the time “did not have any detrimental consequences for customers or third parties, as confirmed by the NBB in its decision”, BNP Paribas Fortis said.

“Since then, the bank has followed an extensive remediation programme aimed at strengthening its procedures, systems and internal control measures for the prevention of money laundering.

"The bank will continue to apply the highest standards in the fight against money laundering and to contribute actively to the security of the financial system."

This is the largest fine ever issued by the National Bank in Belgium. The fact that the bank's name is mentioned is also part of the penalty.

The fine follows an audit carried out by the NBB which revealed that BNP Paribas Fortis was not doing enough to combat money laundering.

The findings of the investigation concerned “the risk approach relating to the system for monitoring customer transactions and detecting atypical operations”, according to the bank.

Since 2017, anti-money laundering legislation has been much stricter in Belgium and the potential penalties have also become more severe.