Financial Crime World

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France Cracks Down on Money Laundering: Know the Regulations to Stay Compliant

France, one of Europe’s wealthiest countries and a hub for international finance, has implemented strict anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations to combat the growing threat of financial crime. With French authorities imposing hefty penalties on non-compliant firms, it is crucial for businesses operating in France to understand the complex regulatory landscape.

Regulatory Framework

The French government’s financial watchdogs, including:

  • Autorité des Marchés Financiers (AMF)
  • Autorité de Contrôle Prudentiel et de Résolution (ACPR)
  • Traitement du renseignement et action contre les circuits financiers clandestins (TRACFIN)

work together to monitor and enforce compliance with AML/CFT regulations. As a member of the Financial Action Task Force (FATF), France has transposed FATF guidelines into domestic legislation, making it mandatory for firms to:

  • Develop an AML/CFT solution
  • Take a risk-based approach
  • Appoint a money laundering officer

Key Regulations in France

The key AML/CFT regulations in France include:

  • French Monetary and Financial Code
  • French Criminal Code
  • AMF General Regulation
  • The Sixth Anti-Money Laundering Directive (6AMLD)

Recent developments in French AML/CFT regulation include:

  • MiCA framework for crypto-assets
  • ESG data requirements
  • Sanctions against Russia following its invasion of Ukraine

Compliance Requirements

To comply with these regulations, firms in France must:

  • Conduct customer identification
  • Perform beneficial ownership checks
  • Implement transaction screening and adverse media screening
  • Use automated software systems to manage data collection requirements
  • Regularly update their AML/CFT solution to reflect changes in the regulatory landscape

Staying Compliant with Ripjar’s Labyrinth Screening Platform

Ripjar’s Labyrinth Screening platform offers cutting-edge risk management technology to support French firms in adapting to new regulations and emerging risks. With its next-generation machine learning capabilities, Labyrinth Screening can help businesses enhance their AML/CFT compliance performance and stay ahead of the regulatory curve.

Contact Ripjar to learn more about how they can support your AML compliance needs in France.