City Wire: CSSF fines Spuerkeess, Luxembourg’s state‑owned bank €5M for deficiencies in its AML/CFT controls – marking one of the largest penalties ever imposed in the country

The fine of €4.97 million was levied by the CSSF, Luxembourg’s financial regulator, following an on-site inspection carried out between August and December 2024. The investigation was initiated in response to a major fraud case involving a Luxembourg charitable foundation. Although the CSSF has not officially named the foundation involved, local media reports have linked…