In France, Financière des Paiements Électroniques (FPE), a subsidiary of BNP Paribas bank and responsible for Nickel’s banking services, was fined by the Commission des Sanctions (CdS) of the ACPR, the Autorité de contrôle prudentiel et de résolution of the Banque de France, which oversees the activities of banks and insurance companies in France. The decision resulted in a warning and a fine of one million euros for failure to comply with anti-money laundering and combating the financing of terrorism rules.
The CdS decision highlights eight infringements, including incomplete risk classification, inadequate transaction monitoring, a deficient asset freeze system and shortcomings in internal control measures. In addition, shortcomings were noted in the enhanced examinations and suspicious transaction reports, which were incomplete and late. In addition to these shortcomings, it is interesting to note that the CdS paid particular attention to compliance with asset freeze measures, although the ACPR audit took place between July 2020 and January 2021 and does not reflect a strengthening of regulatory controls following the sanctions against Russia in 2022.
Nickel, created in 2014 by the FPE and acquired by BNP Paribas in 2017, offers banking services accessible without income requirements, notably in tobacconists’ shops. Last January, Nickel announced that it had reached three million customers in France. In its decision, the CdS stresses that the FPE, although it states that it is aware that its services do not exempt it from taking into account the risks to which it is exposed, due to its contribution to banking inclusion, requires particular vigilance.
Solutions to be KYC and Anti-Money Laundering compliant
There are several IT solutions available on the market that can ensure that companies comply with the regulations that govern the monetary and financial sector, particularly in terms of Know Your Customer (KYC) and the fight against money laundering. An automated KYC cleansing process can help speed up regulatory compliance by quickly identifying customers who need to be monitored and their data updated.
