As a result of its breaches in its policy against money laundering practices, BNP Paribas Fortis has received an administrative fine of 15 million euros.

In a reaction delivered on Monday, BNP Paribas Fortis states that the investigation covered a period prior to June 2019 and that in the meantime, the “deficiencies noted have been resolved”. The shortcomings of the time “did not have harmful consequences for customers or for third parties, as confirmed by the BNB in its decision,” BNPP Fortis continues

"Since then, the bank has followed an extensive remediation process aimed at strengthening internal procedures, systems and control measures to prevent money laundering. The bank will continue to strive to apply the highest standards in the fight against money laundering and to actively contribute to the security of the financial system”, concludes the banking institution.

This is the biggest fine ever imposed by the National Bank in Belgium. The fact that the name of the bank is mentioned is also part of the penalty. This comes after an audit carried out by the BNB. It emerged that BNP Paribas Fortis was not doing enough to counter money laundering practices