In a decision rendered on Tuesday, November 21, 2023, the Sanctions Committee of the Prudential Control and Resolution Authority (ACPR) imposed a fine of 600,000 euros, together with a reprimand, and an advertisement for five years, against Mutuelle de Poitiers Assurances (MDPA), for breaches in matters of law of the gel device assets. The MDPA may appeal this decision

Although non-life insurance is less exposed to the risk of money laundering and terrorist financing, the situation does not exempt actors from their obligation to comply, recalls the financial policeman. Non-life insurance is also concerned with the fight against money laundering and the financing of terrorism

Operating mainly in non-life insurance, while recently diversifying with pension activities, the mutual insurance company (458 million euros in turnover in 2022), was the subject of an inspection by the ACPR from September 6, 2021 to January 24, 2022, which revealed several failures.

Thus, the check by the insurance policeman revealed that the mutual insurance system did not make it possible to detect “neither the persons subject to an asset freeze, nor the transactions for the benefit of one of these persons”. By way of illustration, the audit revealed that, between September 15 and 24, 2021, MDPA concluded four contracts with a company managed by a person subject to a freeze measure