France fines Generali 5 mln euros for lacking laundering controls

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France’s ACPR financial sector regulator has fined Italian insurer Generali five million euros ($5.52 million) for failing to have sufficient money laundering controls in place.

ACPR inspectors found fault with internal money laundering and terrorism financing controls at the company’s French life insurance arm prior to 2012, the regulator said in a ruling.

“These failings can only be explained by insufficient attention towards these questions during the period prior to ACPR’s inspections,” the ACPR said.

Generali said in a statement that it had since taken measures to address the ACPR’s concerns by building up a team of 60 people and committing to invest 31 million euros to deal with the issue.