Economy: BRED in the sights of the Banking Commission

Bred has just been sanctioned for a lack of clarity regarding its means of combating money laundering.
The Banking Commission, which is dependent on the Bank of France, has ordered Bred-Banque Populaire to pay a financial penalty  of €200,000 for the "deficiencies" of its anti-money laundering system. This Commission assures on its website that"Bred has breached several essential provisions of the regulations on combating money laundering and financing of terrorism”.

Insisting on the"the seriousness of these failings for an establishment of this importance",she pronounces a"blame"assisted by a "sanction  » of €200,000. This decision was taken on February 1st and revealed by the Parisian.The Banking Commission accuses Bred, among other things, of having failed to report  " some atypical financial movements »has Tracfin, the anti-money laundering unit of Bercy, as it has a legal obligation to do.*

The audit focused on 7 cases, including that of a police officer who, for a monthly salary of €2,000, received an income of €111,000 in 2006 and €33,000 in the first four months of 2007. Bred - Banque Populaire belongs to the Banque Populaire-Caisse d'Epargne group.

(BPCE). Its customers are mainly located in Normandy, Ile-de-France, Overseas Territories and Departments.

* "The legal obligation of banks relates to sums that could come from drug trafficking, arms trafficking, corruption or organized criminal activities or that could contribute to the financing of terrorism."

Source:Le Point.fr