On Wednesday 30 July 2025, Luxembourg bank Spuerkeess (Banque et Caisse d'Épargne de l'État) announced the Commission de Surveillance du Secteur Financier (CSSF) has fined the bank €4.96m, in connection with the financial fraud case at Caritas.
Authorities have been conducting a judicial investigation into the allegations of the embezzlement of funds within Caritas Luxembourg since they first emerged in July 2024. Caritas processed payments through two Luxembourg-based banks: state-owned Spuerkeess and BGL BNP Paribas.
In an official statement, Spuerkeess stated the CSSF conducted an on-site inspection at the bank, which focused on transaction monitoring in relation to its anti-money laundering procedures, specifically in relation to post-transaction monitoring, during which investigators uncovered “structural weaknesses”.
Spuerkeess stated that based on the initial findings of the investigation, and before the publication of the CSSF’s final conclusions, it promptly implemented additional measures to further strengthen its transaction monitoring. According to the bank, these included improvements to surveillance tools, updates to procedures and monitoring scenarios, risk classification of certain client categories, additional staff training and enhanced governance.
The bank said: “Compliance with a complex legal and regulatory framework is a continuous improvement process, which must constantly adapt to evolving rules and practical lessons learned.”
According to the press release, authorities determined the fine in accordance with applicable legal provisions, with the amount based on the findings of the investigation, the financial results and size of the bank, as well as the bank’s cooperation in the investigative process. The €4.96m fine represents less than 0.5% of the bank’s turnover for the reference year.
Spuerkeess said: “As a systemic banking institution, we fully assume our professional responsibilities and maintain a robust compliance framework, ensuring exemplary management in the interest of our clients, counterparties and the financial centre as a whole.”
Spuerkeess noted that the CSSF, in its role as supervisory authority, does not rule, within the scope of its inspections, on liability related to potential fraud committed against its clients, nor on any causal link to it. It added that the authority’s oversight focused on the Bank’s compliance with the legislative and regulatory framework and said it will “strengthen the configuration of its monitoring system to better identify suspicious transactional patterns”.
