Regulator fines go through the roof in 2017

In its Annual Report 2017 published on 29 August 2018, the CSSF explained this amount, which was “substantially higher than in previous years”, was mostly due to the transposition and application of European directives into Luxembourg law and which introduced further penalties for non-compliance. 

Various exceptional events also swelled the numbers. In June 2017, the Edmond de Rothschild Bank (Europe) was fined €8,985 million for failures in connection with the alleged corruption case concerning the Malaysian sovereign wealth fund 1MDB.

The Chinese ICBC was also fined €3,768 million for failures in internal governance and professional obligations in the fight against money laundering and the financing of terrorism.

In total, eight fines were imposed against banks, including one of €828,000 for inaccurate or incomplete information on risk.

In December 2017, the CSSF also imposed fines on nine entities, including four banks, as part of the Panama Papers investigation. The total of these fines amounted to

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