US EditionLouis Vuitton’s Dutch Arm Agrees to Pay 500,000 Euros to Settle a Money Laundering Case
Louis Vuitton's Dutch branch settled for €500,000 after failing to identify customers involved in a money laundering scheme with over €2 million in transactions, prosecutors said.
- On Thursday, Louis Vuitton's Dutch branch agreed to pay 500,000 euros in an out-of-court settlement linked to a money-laundering probe, prosecutors announced.
- The Netherlands' national public prosecution office said the breach involved Louis Vuitton's Dutch business violating the Money Laundering and Terrorist Financing Act by failing to properly identify repeat cash spenders.
- A 36-year-old woman allegedly used different names to buy luxury goods, prosecutors say, and spent more than 2,000,000 euros on retail purchases at luxury stores such as Louis Vuitton.
- The Rotterdam District Court said the out-of-court deal was reached while a case continues against the woman and two suspects, including a former Louis Vuitton sales assistant, and the company did not immediately respond to requests for comment.
- Prosecutors allege the laundering method involved buying luxury handbags and sending them to China for resale, while a former Louis Vuitton sales assistant is accused of tipping off the buyer about stock and spending limits.
11 Articles
11 Articles
The Netherlands fined Louis Vuitton because the company did not apply the controls required to prevent money laundering in its stores, which are recognized for offering luxury products. The Netherlands Prosecutor’s Office determined that Louis Vuitton will have to pay a fine of 500 thousand euros by failing to verify the identity of customers who made recurring purchases in cash. The Netherlands imposes a fine on Louis Vuitton for failing contro…
Marka violated the money-laundering prevention laws by not confirming the identity of clients who paid reimbursed amounts in cash.
Louis Vuitton’s Dutch arm fined €500,000 over money laundering
Associated Press News
Louis Vuitton’s Dutch arm agrees to pay 500,000 euros to settle a money laundering case
Louis Vuitton’s Dutch business has agreed to pay 500,000 euros in an out-of-court settlement after prosecutors linked the fashion house and luxury goods maker to a money laundering case.
Coverage Details
Bias Distribution
- 50% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
