CSSF slaps €350,000 fine on private bank BEMO Europe

Luxembourg’s financial regulator has issued a €356,000 fine to private bank BEMO Europe for failing to comply with anti-money laundering and terrorist financing rules and poorly managing conflicts of interest.

The CSSF noticed “important weaknesses”, in particular regarding due diligence, transaction monitoring, and name matching controls during an on-site inspection which started in 2020, the regulator said on Thursday.

The fine was issued in July but the regulator published the information for the first time on Thursday.

The penalty also points to “inadequate management of conflicts of interest”, the CSSF said.

The regulator took into consideration actions the bank has put in place to remedy the deficiencies when deciding on the amount of the fine, the CSSF wrote.

BEMO Europe is a private bank headquartered in Luxembourg which also has an office in Paris. In 2011, it expanded to offer wealth management services.

The bank did not respond to a request for comment.

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