CSSF Luxembourg fines Rakuten Europe Bank €185,000 for persistent AML/CFT failings, citing weak transaction monitoring, delayed suspicious activity reporting, and inadequate customer risk controls

The sanction, amounting to about 1 % of the bank’s annual turnover, reflects the gravity and duration of the compliance breaches. The inspection uncovered a number of gaps, including the bank had failed to implement an adequate transaction monitoring system. Monitoring scenarios were outdated, did not cover all transactions and could no longer be properly configured following staff departures…