Friday, October 23, 2020

Belgian bank Degroof Petercam’s audit under scrutiny by ECB over AML


Belgian bank Degroof Petercam has been audited by the Belgian central bank over how it guards against money laundering, and a source at the European Central Bank said the ECB’s Supervisory Board would take up its case at a meeting starting on Thursday.

In a statement on Wednesday, which came after national media reported alleged money-laundering flaws at the bank, Degroof Petercam said it was implementing recommendations the National Bank of Belgium made after the audit.

The Degroof Petercam issue is on the agenda of this week’s board meeting of the Frankfurt-based ECB supervision body, a European Union official told Reuters on Thursday. The board, which meets on Thursday and Friday for a regular biweekly meeting, assesses risks at banks under its watch.

Under EU rules, money-laundering risks are mostly monitored by national authorities. The ECB is the euro zone’s top supervisor of bank financial stability, which can be put at risk by exposure to financial crime.

- Advertisement -

“The case is on the agenda because it is not totally unimportant,” the official said. Audits on money laundering are conducted by national supervisory authorities only in exceptional cases where there are reasons for concern, the source said.

A spokesman for Degroof Petercam said the Belgian national bank carries out regular audits and rejected any accusation of money laundering.

“The investigation by the National Bank of Belgium is therefore not one into money laundering facts within the bank but a standard audit on the anti-money laundering procedures that is regularly performed by regulators on Belgian and European financial institutions,” the bank said in a statement.

An ECB spokesman declined to comment. The Belgian central bank was not immediately available for comment.

Degroof Petercam, which is not listed and focuses on serving wealthy clients, is one of the seven Belgian banks that fall under the direct supervision of the ECB. Frankfurt considers it significant at the euro zone level because of its large cross-border assets, which are concentrated in the bank’s subsidiaries in France, Luxembourg and Spain.

- Advertisement -

Money-laundering allegations caused the collapse of two banks in the euro zone last year, Latvia’s ABLV and Malta’s Pilatus Bank.


Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...

Latest News

This Week

Former Blue Bell Creameries CEO indicted for fraud linked to 2015 listeria outbreak

The former president and CEO of Blue Bell Creameries L.P., a Texas ice cream company, was indicted Tuesday on wire fraud charges in connection with a scheme...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Ex-CEO of dietary supplement maker USPLabs sentenced to prison in fraud case

They wanted to lose weight and get stronger to boost their military careers. But after taking USPLabs' dietary supplements – with ingredients made in...

Rapper Nuke Bizzle charged with COVID-19 relief aid fraud after bragging in music video

A rapper who bragged about defrauding the government’s unemployment program in a music video has been arrested on federal charges of carrying out the...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks