The French Prudential Supervision and Resolution Authority (ACPR) has issued Sanctions Decision No. 2023-01 against Banque régionale d’escompte et de dépôts (BRED), a credit institution. The decision, dated June 27, 2024, pertains to violations concerning Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations. The specific nature of the violations and the imposed sanctions are detailed within the decision document.

This enforcement action requires BRED to address the identified AML/CFT deficiencies. Compliance officers at other financial institutions, particularly those operating in France or under similar regulatory frameworks, should review this decision to understand the potential risks and regulatory expectations regarding AML/CFT compliance. While specific compliance deadlines for BRED are not detailed in the summary, the nature of sanctions implies a need for prompt corrective actions to avoid further penalties.