Luxembourg’s CSSF fines Alipay (Europe) SA €214,000 for AML/CTF breaches, including lapses in suspicious transaction reporting and customer identity verification

Inspectors highlighted shortcomings in transaction monitoring, delayed processing of alerts, missing customer identification documents and insufficient oversight of outsourced compliance functions. Alipay had failed to file suspicious transaction reports in six cases linked to counterfeit goods, the CSSF said, three of which “were closed without notification to the Financial Intelligence Unit, in breach of the…