The Commission de Surveillance du Secteur Financier (CSSF), a Luxembourg financial regulator, has imposed a fine of 283,000 euros on AllianzGI's Luxembourg office for shortcomings in its anti-fraud controls. money laundering and the financing of terrorism (LCBFT

The sanction imposed on AllianzGI follows an on-site inspection launched in November 2018, during which the regulator discovered multiple breaches. It was about an incomplete risk assessment that did not adequately cover more than 1,000 direct investors in its funds

Deficiencies were also noted in the company's due diligence procedures. Also, the CSSF cited the absence of an appropriate internal audit cycle for AML/CFT compliance, including for the two years following the inspection, namely 2019 and 2020, despite the regulatory requirements for annual evaluations