The Belgian National Bank's Sanction Committee gave a €15 million fine to BNP Paribas Fortis for breaches of anti-money laundering legislation, the National Bank (NBB) announced on Monday.
The National Bank conducted an investigation into the Belgian subsidiary of BNP Paribas and found that insufficient measures were implemented to combat money laundering between 2014 and 2019, L'Echo reported.
BNP Paribas Fortis, Belgium's largest bank, had failed to develop effective internal control policies and had a poor verification process for customers trading in precious metals.
According to a statement from BNP Paribas Fortis, the investigation by the NBB related to a period prior to June 2019 and the "reported shortcomings have since been resolved".
The shortcomings at the time "did not have any detrimental consequences for customers or third parties, as confirmed by the NBB in its decision", BNP Fortis added.
"Since then, the bank has followed an extensive remediation path aimed at strengthening procedures, systems and internal control measures with regard to money laundering prevention," the banking establishment said.
"The bank will continue to strive to apply the highest standards in the fight against money laundering and to actively contribute to the security of the financial system."