Rahman Ravelli
Rahman Ravelli Logo
24hr Rapid Response Team: 0800 559 3500
24hr Rapid Response Team: 0800 559 3500
 

/ News / ONE MILLION EURO FINE FOR LIFE ASSURANCE COMPANY’S MONEY LAUNDERING WEAKNESSES

ONE MILLION EURO FINE FOR LIFE ASSURANCE COMPANY’S MONEY LAUNDERING WEAKNESSES

The Central Bank of Ireland has fined a life assurance company €1 million for four breaches of the Money Laundering and Terrorist Financing Act.

Intesa Sanpaolo Life, the life assurance wing of one of Italy’s largest banks, has admitted what the Central Bank called “significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and counter terrorist financing”.

In a statement, the Central Bank said the breaches related to risk assessment, customer due diligence, suspicious transaction reports and anti-money laundering and terrorist financing procedures.

It is another case that emphasises the need for all financial institutions to adopt robust, effective measures to prevent and identify money laundering and terrorist financing.

This can be demanding, as the law may change in this area and those looking to launder money may use increasingly sophisticated methods. But failure to meet the legal requirements can be costly, as Intesa has learned.

Read our article: MAKING SURE YOU DO ENOUGH TO PREVENT MONEY LAUNDERING

ONE MILLION EURO FINE FOR LIFE ASSURANCE COMPANY’S MONEY LAUNDERING WEAKNESSES

Rahman Ravelli

Serious Fraud, Regulatory and Complex Crime Lawyers

enquiries@rahmanravelli.co.uk
0800 559 3500 -

Request a Callback

Share this article on