French state bank fined for failing to detect money transfers tied to terror suspects

A program is seen before the start of a round table with international delegations at a conference to discuss ways of cutting funding to groups including Islamic State and al-Qaeda, at the Organisation for Economic Co-operation and Development (OECD) headquarters in Paris, France, 26 April 2018. EPA-EFE/PHILIPPE WOJAZER / POOL MAXPPP OUT

French state bank fined for failing to detect money transfers tied to terror suspects


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France’s banking regulator imposed a €50 million fine on the nation’s postal office bank, Banque Postale,  after finding that it had failed to disrupt cash transfers to and from people suspected of terrorist activities.

The watchdog discovered that between 2009 and 2017 Banque Postal facilitated 75 transfers between 10 individuals whose assets had been frozen, nine of which were flagged in the wake of anti-terror investigations.

The French Prudential Supervision and Resolution Authority wants the lender to check whether people were subject to asset freezes before allowing them to use money transfer services.

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