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Risk-Based Approach to Anti-Money Laundering in French Southern Territories: AMF Publishes Sectoral Risk Analysis
The Autorité des Marchés Financiers (AMF) has published an updated sectoral risk analysis for money laundering and terrorist financing, providing a better understanding of the risks faced by professionals under its supervision.
Document Based on National Risk Analysis
The document is based on the national risk analysis published by the Conseil d’Orientation de la Lutte Contre le Blanchiment de Capitaux et de Financement du Terrorisme (COLB) in February. The sectoral risk analysis assesses the money laundering and terrorist financing risks faced by various sectors, including:
- Asset management
- Financial investment advisers
- Central securities depositories
- Digital assets
Cross-Cutting Threats
The analysis highlights cross-cutting threats such as:
• Fraud • Scams • Identity theft • Corruption
Risk Assessment Scale
The AMF’s analysis uses a four-point scale to assess the level of risk faced by each sector, with a new “very high” level added to the previous categories. The purpose of the document is to guide the AMF’s supervision and inspection activities, as well as support professionals under its supervision in their own assessments of these risks.
Importance of Risk-Based Approach
The sectoral risk analysis is an extension of the national analysis published by COLB for banking and financial services, and provides a comprehensive overview of the money laundering and terrorist financing risks faced by various sectors in France. It highlights the importance of a risk-based approach to anti-money laundering and countering terrorist financing, requiring a good understanding of these risks at all levels.
Essential Reading for Professionals
The document is essential reading for professionals under AMF supervision, as it provides valuable insights into the risks they face and the effectiveness of their risk mitigation measures. The publication of this analysis underscores the AMF’s commitment to promoting a robust anti-money laundering and countering terrorist financing framework in France.