Luxembourg's financial services regulator, the CSSF, has issued a fine of €214,000 against Alipay (Europe) Limited SA for various AML and other compliance failings.
Amongst these was a failure promptly deal with "financial sanctions related alerts", with the CSSF noting that Alipay "would not have been in a position to apply restrictive measures in financial matters without delay".
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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
