Reported by Reuters

France’s ACPR financial regulator’s sanctions commission has decided to fine BMW Finance 500,000 euros ($550,400) for shortcomings in its money-laundering and terror-financing controls, the ACPR said on Friday.

“BMW Finance took too long to devote sufficient human resources to these controls and comply with regulation, especially since it is part of a big group with important staff, technical and financial resources,” the ACPR said in a statement.

Source: https://www.reuters.com/business/finance/french-regulator-fines-bmw-finance-weak-dirty-money-controls-2023-05-26/