At the beginning of 2023, the CSSF informed Reference Financial Services of the final conclusion of its 2019 inspection of internal control procedures for the prevention of money laundering (AML/CFT). Although the inspection carried out did not reveal any illegal acts, the CSSF found certain deficiencies in the processes and imposed an administrative sanction taking into account the corrective actions. Since 2019, Reference Financial Services has strengthened its internal governance and is constantly improving its compliance controls, procedures and tools, including investing in strengthening its compliance and risk teams.