The watchdog said it had identified certain “weaknesses in its arrangements for combating money laundering and terrorist financing.”

Following the Panama Papers scandal, the CSSF had sanctioned four banks and five financial entities.

BIL responded on Monday with a press release saying that the controls, carried out in 2017 and 2018 “concerned a sample of customers from the countries of the Commonwealth of Independent States, representing a limited number of customers whose inherent risk is generally considered high.”

Above all, it stressed, “no money laundering or terrorist financing activities were identified.”

The press release goes on to point out that “with the new shareholding structure and under the leadership of the new CEO, BIL has quickly taken the appropriate measures to correct the weaknesses identified.”