The sanctions commission of the ACPR, the banking watchdog, announced on Tuesday that it would impose a reprimand and a fine of one million euros on Treezor, a subsidiary of Socit Générale, for very serious failings in the fight against money laundering and the financing of terrorism.
Acquired in 2019 by Socit Generale, Treezor was one of the first in France to practice banking-as-a-service (BaaS), meaning offering white label payment services for clients, mainly fintechs. (banking and insurance start-up).
This decision sanctions very serious breaches which seriously affected several fundamental elements of the system to combat money laundering and the financing of terrorism (AML-FT) of this establishment, indicates the Prudential Control and Resolution Authority (ACPR) in a press release.
Treezor takes note of the decision
The Treezor company had not determined, at the time of the inspection, a risk profile for its business relationships enabling it to respect its obligation of constant vigilance. Its operations monitoring system was, on many points, insufficient, according to the decision.
The commission, however, took into account in its decision the upgrading efforts made by Treezor, which allow us to say that it is today a very different company from what it was when it was created or in 2019, when it was founded. repurchase by Socit Générale, according to the press release.
Treezor takes note of the decision, a spokesperson indicated to AFP, specifying that the company has since this control initiated at the beginning of 2021 taken necessary measures (…) in order to improve its compliance system.
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