The CSSF did not provide details regarding the reprimand but indicated that it had taken into consideration the cooperation of the bank and the remedial actions it had undertaken. Photo:  Romain Gamba / Maison Moderne

The CSSF did not provide details regarding the reprimand but indicated that it had taken into consideration the cooperation of the bank and the remedial actions it had undertaken. Photo:  Romain Gamba / Maison Moderne

Luxembourg financial regulator, CSSF, has issued a reprimand to Banque J. Safra Sarasin on the basis of an anti-money laundering and terrorist financing provision.

An inspection by the grand duchy’s watchdog had started in 2019, targeting compliance with fight against money laundering and terrorism financing standards. J. Safra Sarassin (Luxembourg) was found wanting with regard to name matching controls and cooperation with authorities. 

“The identified deficiencies relate to facts observed at the time of the on- site inspection. Since then, the Bank has undertaken remedial actions to address them,” states the CSSF in a press release.

The CSSF did not provide details regarding the reprimand but indicated that it had taken into consideration the cooperation of the bank and the remedial actions it had undertaken.

, of which the Luxembourg bank is a subsidiary, faced lawsuits from investors amid the CumEx files investigation into the tax fraud scheme discovered in 2017