The sanctions commission of the Prudential Control and Resolution Authority (ACPR) released a decision dated April which does not help Cardif Assurance Vie, a life insurance subsidiary of BNP Paribas. It is a reprimand and a penalty of 2.5 million euros due to “serious deficiencies” in its system for combating money laundering and the financing of terrorism.

According to the ACPR, the shortcomings are linked to difficulties with a new software implemented in 2015. They "were in particular likely to compromise the possibility for Cardif to comply with its obligations of vigilance and the transmission without delay of declarations of suspicion to Tracfin. The unit for the fight against money laundering and the financing of terrorism attached to Bercy thus received declarations at the end of periods deemed “excessively long”, we note.