French bank watchdog ACPR said it had fined BNP Paribas 10 million euros (8.75 million pounds) for inadequate anti-money laundering controls.

Reuters reports that the penalty followed a 2015 inspection of the bank which revealed a number of shortcomings in its provisions for preventing money laundering and financing of terrorism, ACPR said in a statement.

French authorities have been leading a crackdown in these areas after a series of Islamist attacks in recent years.

BNP declined to comment on whether it would contest the decision or pay the fine. The bank has two months to appeal against the decision.

The ACPR said that at the time the bank did not have enough staff dedicated to spotting and notifying suspicious transactions and inefficient tools for detecting unusual customer transactions.

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BNP Paribas fined over weaknesses in anti-money laundering controls

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