BNP Paribas Cardif, sanctioned

The insurance supervisory authority has sanctioned BNP Paribas Cardif for breaches in the fight against money laundering and terrorism financing. The life insurance subsidiary of BNP Paribas has thus been fined 2.5 million EUR (3.03 million USD).

The French life insurer has already been sanctioned with a 10 million EUR (12.15 million USD) penalty in 2014 for delaying to find the beneficiaries of life insurance contracts whose underwriters had deceased.