The Sanctions Commission of the ACPR, the banking and insurance police, announced on Monday that it had imposed a reprimand and a fine of one million euros against Axa Banque, the banking subsidiary of Axa, for deficiencies in its controls.
The Prudential Control and Resolution Authority Commission (ACPR) mainly penalized the fact that the know-your-customer system of the insurance group’s banking subsidiary showed deficiencies, and that its monitoring and analysis of customer transactions was based on an inadequate and incomplete set of scenarios, a statement said.
She also felt that Axa Banque had taken the measure of its obligations in terms of the fight against money laundering and the financing of terrorism (LCB-FT) too late.
The decision, sent to the press on Monday, dates from February 15.
Attached to the Banque de France, the Prudential Control and Resolution Authority is the administrative authority that controls the banking and insurance sectors and monitors financial stability.