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".
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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.
