French Financial Watchdog Enforces AML Policies and Procedures

The Autorité des Marchés Financiers (AMF), France’s financial regulator, has implemented guidelines on compliance management and the role of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) officers in line with European Banking Authority (EBA) directives. The AMF is strictly enforcing AML policies and procedures outlined under Article 8 and Chapter VI of Directive EU 2015/849.

Key Responsibilities

• The AML/CFT compliance officer has specific tasks and defined roles and responsibilities within the organization.
• Senior management and the management body have key responsibilities in ensuring effective implementation of AML/CFT measures.

Internal Policies and Procedures

The internal policies, controls, and procedures outlined in Articles 8, 45, and 46 of Directive EU 2015/849 are being strictly adhered to by financial institutions operating in France. These guidelines cover:

• AML/ CFT compliance management
• The role of AML/CFT officers
• Senior management and management body responsibilities

Monitoring Compliance

The AMF is closely monitoring compliance with these guidelines to prevent money laundering and terrorist financing activities.

In summary, the AMF is enforcing strict AML policies and procedures in France, ensuring that financial institutions comply with Directive EU 2015/849. This aims to prevent money laundering and terrorist financing activities, while also promoting a safe and secure financial environment for all stakeholders.