Luxembourg Times: CSSF upholds €283 K fine on Allianz Global Investors for AML breaches highlighting deficiencies in PEP due diligence and internal controls

The fine stems from a 2018 on-site inspection, with the CSSF citing multiple breaches, including failure to properly assess and document over 1,000 direct fund investors, insufficient due diligence on both regular and intermediary investors, and inadequate procedures for politically exposed persons (PEPs)…