Bank settles 175 million euros for unlicensed activities
Two Moroccan banking institutions agreed to a financial settlement with the Belgian Federal Prosecutor's Office exceeding 175 million euros, to resolve legal proceedings related to their engaged in banking and financial activities within Belgium without proper licenses. Investigations began in 2020 and included searches of their premises in Brussels, Molenbeek, and other locations, amid suspicions of providing banking services and conducting financial transfers outside the legal framework.
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