After the transposition of the 5th Anti-Money Laundering Directive in 2020 and the evaluation by the FATF (Financial Action Task Force) of its anti-money laundering and counter-terrorist financing system in 2021, France is particularly attentive to the adoption of and compliance with the new rules. The European Commission’s July 2021 legislative package also aims to strengthen and harmonise AML/CFT regulation in the EU, including the proposed creation of a European supervisory authority (AMLA).

The regulatory framework has been strengthened by the Order of 6 January 2021, which details the elements of the internal control system and clarifies the governance requirements that financial institutions and companies must put in place.

Financial institutions have an obligation of result and failure to comply with these rules will result in significant penalties. They relate to risk classification, implementation of due diligence obligations, knowledge of customer identity (KYC) and compliance with Tracfin reporting obligations.

 

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