economie.gouv.fr,Sanction de 450 000 euros prise à l’encontre de la SAS MONEXT

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France’s Ministry of Economy Imposes €450,000 Fine on SAS MONEXT

Date: January 16, 2025

Source: economie.gouv.fr

Summary:

The French Ministry of Economy has imposed a €450,000 fine on SAS MONEXT, a payment services provider, for violations related to the prevention of money laundering and terrorist financing (AML/CFT).

Details:

  • The investigation revealed that MONEXT failed to implement adequate AML/CFT measures, specifically in the following areas:
    • Customer risk assessment
    • Transaction monitoring
    • Employee training
  • These deficiencies resulted in MONEXT being unable to effectively detect and prevent suspicious financial transactions.

Response from MONEXT:

MONEXT has issued a statement expressing its regret for the violations and commitment to improving its AML/CFT compliance. The company stated that it has already implemented measures to address the identified deficiencies and strengthen its internal controls.

Significance:

The fine against MONEXT is a significant action taken by the French authorities to ensure compliance with AML/CFT regulations and protect against financial crime. It serves as a reminder to payment service providers and other financial institutions of the importance of having robust AML/CFT programs in place.

Additional Information:

Sanction de 450 000 euros prise à l’encontre de la SAS MONEXT

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economie.gouv.fr a new article on 2025-01-16 10:34 titled “Sanction de 450 000 euros prise à l’encontre de la SAS MONEXT”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.


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