French regulator fines BMW Finance for weak dirty money controls

PARIS, May 26 (Reuters) – France’s ACPR financial regulator’s sanctions commission has decided to fine BMW Finance 500,000 euros ($550,400) for shortcomings in its money-laundering and terror-financing controls, the ACPR said on Friday.

“BMW Finance took too long to devote sufficient human resources to these controls and comply with regulation, especially since it is part of a big group with important staff, technical and financial resources,” the ACPR said in a statement.

($1 = 0.9084 euros) (Reporting by Leigh Thomas; editing by Jason Neely)