Yahoo Finance: Louis Vuitton Netherlands faces a €500,000 penalty after AML failures allowed millions in illicit cash to be channelled into China through “daigou” luxury handbag sales

According to prosecutors, the brand did not fully monitor its customers and effectively allowed the laundering of millions of euros through purchases of luxury bags and other goods. The Dutch Public Prosecutor’s Office imposed a fine on the local subsidiary of Louis Vuitton; the company was found guilty of violating financial controls and evading anti-money-laundering measures in the stores…