As reported by Radio 100,7 on Friday, the Financial Sector Supervisory Commission (CSSF) is expected to issue a sanction involving Spuerkeess and BGL, with both banks given the chance to respond before a final decision is made.

The CSSF has reportedly informed the two banks involved in the Caritas embezzlement scandal of its decision, and the institutions now have time to respond.

When contacted for comment, both the CSSF and Spuerkeess confirmed that the procedure is still ongoing. For that reason, Spuerkeess declined to make any further statements at this stage.

According to Claude Marx, Director of the CSSF, their aim is to conclude the case before the summer holidays, by the end of July. The procedure is adversarial in nature, meaning each party is given the opportunity to present its position and findings. Should a decision or sanction be issued, the banks will have the right to appeal.

In addition to the national regulator, the European Central Bank is examining whether the banks made any errors in connection with the Caritas affair. The CSSF’s investigation is limited to potential money laundering.