Financial Crime World

French Banking Law and Practice: A Comprehensive Overview

Anti-Money Laundering Regulations

French anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations are based on EU directives. Banks must implement policies to prevent money laundering and terrorist financing, with customer due diligence being a crucial aspect of these regulations.

  • Key aspects:
    • Based on EU directives
    • Preventing money laundering and terrorist financing
    • Customer due diligence is essential

Sanctions

Sanctions can be imposed by the French government or international organizations (UN, European Commission). Measures may include freezing assets and economic resources or restricting financial transactions. Politically exposed persons (PEPs) are subject to enhanced scrutiny.

  • Types of sanctions:
    • Imposed by French government
    • Imposed by international organizations (UN, European Commission)
    • Freezing assets and economic resources
    • Restricting financial transactions
    • Enhanced scrutiny for PEPs

Depositor Protection

The Resolution Guarantee Fund is a deposit guarantee scheme funded by credit institutions. Deposits up to €100,000 are protected, but certain deposits are excluded from the guarantee scheme.

  • Key aspects:
    • Deposit guarantee scheme
    • Funded by credit institutions
    • Deposits up to €100,000 are protected
    • Certain deposits excluded

Bank Secrecy

Banking secrecy is a professional duty applicable to bank employees and managers. Confidential information cannot be disclosed without client consent or as required by law. Shared credit institution secrecy allows disclosure of confidential information to specified parties in certain circumstances.

  • Key aspects:
    • Professional duty
    • Applicable to bank employees and managers
    • Confidential information must not be disclosed
    • Exceptions for client consent or legal requirements
    • Shared credit institution secrecy

Note

This summary is based on the provided text, and you may want to consult the original sources or experts for a more detailed understanding of French banking law and practice.