SAVOYE Fined €85,000 for Failure to Comply with Anti-Money Laundering Regulations
Paris, February 13, 2025 – The French Ministry of Economy and Finance has announced a fine of €85,000 against SAVOYE, a company with SIRET number 33417099000116, for non-compliance with anti-money laundering and terrorist financing regulations.
The investigation, conducted by the French financial intelligence unit TRACFIN, revealed that SAVOYE had failed to implement adequate measures to prevent the use of its services for money laundering or terrorist financing purposes. The company had not conducted sufficient due diligence on its customers, which allowed suspicious transactions to go undetected.
Specifically, SAVOYE was found to have:
- Failed to verify the identity of customers with sufficient thoroughness
- Failed to monitor transactions for suspicious activity
- Failed to report suspicious transactions to TRACFIN
The fine imposed on SAVOYE represents a significant sanction and serves as a reminder of the importance of companies complying with anti-money laundering and terrorist financing regulations. These regulations are designed to protect the integrity of the financial system and prevent it from being used for illicit purposes.
In a statement, the Ministry of Economy and Finance emphasized that it will continue to take a strong stance against non-compliance with anti-money laundering regulations. The ministry urged companies to take all necessary steps to ensure that they are in full compliance with the law.
SAVOYE has not yet publicly commented on the fine. However, the company is required to take corrective action to address the deficiencies identified by TRACFIN. If SAVOYE fails to rectify the situation within a specified time frame, it may face additional penalties.
This incident highlights the growing focus on anti-money laundering compliance in France and other jurisdictions worldwide. Companies must prioritize the implementation of robust anti-money laundering and terrorist financing controls to avoid legal, financial, and reputational risks.
Amende de 85 000 € prononcée à l’encontre de la société SAVOYE (numéro de SIRET : 33417099000116)
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