Spuerkeess has been fined almost €5 million by the Financial Sector Supervisory Commission (CSSF) in connection with the financial fraud case at Caritas.

On Wednesday 30 July, Luxembourg’s financial regulator, the CSSF, announced it had fined Spuerkeess nearly €5 million following an investigation triggered by the Caritas fund misappropriation case.

According to a press release, the CSSF's inspection focused on the bank’s “retrospective monitoring of certain types of transactions where structural weaknesses were detected". The probe assessed Spuerkeess’s compliance with professional obligations related to anti-money laundering and counter-terrorist financing.

Spuerkeess acknowledged the fine, confirming that it had received an administrative sanction on 2 May 2025 totalling €4.96 million. The bank noted that this amount represents "less than 0.5% of its turnover”, and said it had already implemented measures to strengthen transaction monitoring before the regulator’s conclusions were published.

However, the CSSF clarified that its role is not to determine the bank’s liability in the fraud committed against Caritas, nor to assess whether a flawless monitoring system would have prevented the incident.

"As a systemic banking institution, we fully uphold our professional responsibilities and maintain a robust compliance system to ensure exemplary management in the interest of our customers, counterparties, and the broader financial market," the State Treasury said in response.

Further details to be added as soon as they become available.