Luxury brands told to tighten AML compliance as Dutch regulator fines Louis Vuitton
Money laundering is no longer a concern just for financial services and real estate. It is everybody’s business. But are most businesses adequately prepared for tighter AML rules? What does compliance need to know?
On Feb. 12, the Dutch operation of French fashion business Louis Vuitton was fined €500,000 ($582,400) for failing to prevent money laundering. According to the Dutch Public Prosecution Service, a woman spent over €2 million (USD $2.3 million) on Louis Vuitton luxury items using a variety of names between August 2021 and February 2023. The goods were sent to China to be resold.
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