The Tunisian Foreign Bank (TFB) has just been reprimanded and fined €1.7 million by the ACPR for serious breaches of its compliance obligations.
The decision, which has been circulating on the networks and confirmed to us by the bank’s CEO Mondher Ghazali, was reportedly taken by the French banking regulator following an audit carried out in 2022, which revealed a number of serious deficiencies in the bank’s governance and internal controls.
The main shortcomings identified were internal control weaknesses, poor risk management, the absence of a defined risk appetite framework and a formalized process for reviewing credit files.
There were also inappropriate staff remuneration policies and neglected solvency ratios due to the lack of procedures for calculating solvency ratios, which are essential for assessing the bank’s financial strength.
It is important to note that in its communication to TF Bank, the French supervisory authority stated that all the shortcomings identified had been remedied since the last inspection, which explains why the fine was reduced from €2 million to €1.7 million.
