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BMW Finance fined by banking supervisor


Highlights: BMW has been accused of not doing enough to combat money laundering. The company has been fined $1.5 million for failing to comply with anti-money laundering rules. The fine is part of an agreement between the company and the European Commission to prevent money laundering in the future. The European Commission has also ordered the company to make changes to its anti-Money Laundering (AML) procedures. The measures are intended to prevent the spread of money laundering across the European Union and the rest of Europe.

The Autorité de contrôle prudentiel et de régulation (ACPR) considers that the subsidiary of the German manufacturer has not been sufficiently involved in the fight against money laundering and the financing of terrorism.

BMW Finance has just been pinned in France by the banking policeman for deficiencies in controls to combat money laundering and the financing of terrorism. The Autorité de contrôle prudentiel et de régulation (ACPR) imposed a fine of 500,000 euros on the specialised credit institution, accompanied by a reprimand.

The banking gendarme believes that the subsidiary of the German manufacturer BMW has "taken too long to devote sufficient human resources to these devices and to comply with the regulations". At the time of the ACPR's audit in 2021, only two people were assigned to the implementation of anti-money laundering (AML-CFT) measures. A number "manifestly insufficient in relation to the volume of activity of the establishment and the extent of the tasks entrusted to these employees", says the ACPR.

In its decision, the ACPR Sanctions Committee "noted, however, that the specificities of BMW Finance's activity led to consider that the scope of the shortcomings identified in the AML-CFT system was relatively limited".

Read alsoBMW aims for an operating margin between 8 and 10% in the automotive sector in 2023

It also found that "significant remedial actions had been undertaken following an internal audit and deployed during and after the audit". BMW Finance offers customers in the group's dealer network financing products for long-term leasing (LDD) or with option to purchase (LOA) of passenger and business vehicles.

It also sells maintenance guarantees and mechanical breakdowns, insurance and credits to concessionaires, to "enable them to finance certain operating needs and to acquire or renovate their real estate premises", details the ACPR.

Source: lefigaro

All business articles on 2023-05-26

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