Anti-Money Laundering (AML) Regime in France

Key Points

Regulatory Framework

• The French AML regime is based on EU directives and national laws, with the primary objective of preventing money laundering and terrorist financing.

Supervision and Enforcement

• The Autorité de Contrôle Prudentiel (ACP) and the Trésor Public are responsible for supervising financial institutions and enforcing AML regulations.

Beneficial Ownership and Payment Transparency

• France maintains a register of beneficial owners, which is accessible to government authorities and financial institutions.
• Payment orders for funds transfers must include accurate information on the payer and beneficiary, with some exceptions.

Non-Financial Institutions

• Real estate and regulated professions (lawyers, notaries, etc.) are subject to AML requirements.

International Cooperation

• France cooperates with other countries to combat money laundering and terrorist financing.

Regulatory Updates

• The EU’s Sixth Anti-Money Laundering Directive aims to standardize European supervision, enhance financial intelligence units’ powers, and provide access to new registers and information.

Evaluation

The FATF evaluated France in 2022 and concluded that the country has a robust AML framework but needs to improve its supervision of professionals involved in legal entities and real estate, as well as its oversight of the not-for-profit sector.

Additional Information

• The report provides links to relevant laws, regulations, and guidance documents on the FMFC website.
• While some materials are available in English, they can be easily translated.
• The report was written by a member of ICLG’s international panel of experts and reviewed by an in-house editor.