Financial Crime World

Here is the rewritten article in markdown format:

France Tightens AML Policies and Procedures

Banque Misr’s Paris branch has strengthened its efforts to combat money laundering and terrorist financing by issuing a comprehensive policy statement that meets European and French regulatory requirements.

Comprehensive Policy Statement

The policy outlines general principles for anti-money laundering (AML) and combating the financing of terrorism (CFT), which will guide the bank’s operations. Key points include:

  • Compliance with Regulations: Compliance with AML/CFT laws and regulations as set by European authorities and France’s supervisory authority, ACPR.
  • Written Policy and Procedures: Maintenance of a written AML/CFT policy and procedures for all business units.
  • Account Opening Documentation: Obtaining required account opening documentation and necessary documents for non-account holders.
  • Enhanced Due Diligence: Enhanced due diligence for high-risk customers.
  • Prohibition on Shell Banks: Prohibition on conducting business with shell banks or offering anonymous account services.
  • Correspondent Banking Relationships: Correspondent banking relationships with other financial institutions, including certification under the USA Patriot Act.
  • Document Retention: Retention of customer-related documents for a specified period.
  • Reporting Suspicious Activities: Reporting of suspicious activities to regulatory authorities and cooperation with law enforcement agencies.

Internal Controls and Monitoring

Banque Misr’s Paris branch has also implemented a system to monitor its AML/CFT policies and procedures, which includes internal audit and regulatory reviews. The bank is subject to supervision by the Banque de France and ACPR, which monitors AML/CFT practices across all French banks.

Contact Information

For any inquiries or concerns about AML/CFT at Banque Misr’s Paris branch, please contact: