1. Are there any sanctions imposed against France?
There are no sanctions imposed on France.
2. What are the regulated institutions in France?
Bank, financial markets, listed companies, ınvestment firms, investment management companies, token ıssuers (ICO) and digital asset service providers (DASP), casinos, sport games, online gaming, insurers and benefit institutions, certified accountants , lawyers, credit institutions and investment firms, etc.
3. Who are the local regulatory authorities in France and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
The Autorité des Marchés Financiers (AMF), The Autorité de Contrôle des Assurances et des Mutuelles, The Haut Conseil du Commissariat aux Comptes, The Order of Certified Accountants, The Department Chambers of Bailiffs, The Conseil National des Administrateurs Judiciaires et Mandataires Judiciaires, The Conseil des Ventes Volontaires de Meubles aux Enchères Publiques, etc.
4. What is the status of France's FATF?
France is one of the member countries of the Financial Action Task Force (FATF) and is not included in the FATF List of Countries identified as having strategic AML deficiencies. France is excluded from the regular follow-up process by FATF, instead, France reports any improvements to the AML / CFT system to the FATF every two years.
5. Which global regulations France have to comply with?
Since France is a member of FATF, it is obliged to comply with the FATF 40 recommendations and since it is a member of the European Union, it also has to comply with EU law (4AMLD, 5AMLD, 6AMLD).
6. What are the AML obligations of the businesses in France?
In France, incumbent entities must organize an AML program to prevent financial crime. Compliance officers in organizations are responsible for detecting and reporting suspicious transactions. In France, organizations have to control their customers in various ways while opening a customer account according to AML policies. They should implement the "Know Your Customer (KYC)" and "Customer Due Diligence (CDD)" process to determine these control processes and the customer's risk levels. Also, according to regulations, banks, and financial institutions in France should make it easier to transaction monitoring. Apart from these, there are many regulations in France that organizations are obliged to do.
7. What are the local AML laws and regulations in France?
The French Criminal Code (Article 324-1, and Article 421-1-6) , The French Monetary and Financial Code (Book V, Title VI) , etc.
8. What are the penalties for failure to comply with Anti-Money Laundering law in France?
In France, there are some administrative fines for non-compliance with AML requirements e.g. up to £ 5,000,000 before CNS (French acronym for Commission Nationale des sanctions), £ 5,000,000 for natural persons before ACPR, £ 100,000,000 for legal entities or net 10% of the annual turnover plus up to £ 15,000,000 or 10 times the profit made for natural persons before AMF and up to £ 100,000,000 or 10 times the profit for legal entities.
9. What are the contact details of the relevant regulators in France?
The Autorité des Marchés Financiers (AMF)
17, place de la Bourse - 75082 Paris Cedex 02
T: (+33)1 5345 6000
The Autorité de Contrôle des Assurances et des Mutuelles
4 Place de Budapest, CS 92459, 75436 PARIS CEDEX 09
T: +(33) 01 49 95 40 00
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, France has to comply with all current AML laws as well as FATF and EU AML directives, otherwise, the necessary sanctions will be imposed on institutions that do not comply with these regulations.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
In France, in order to prevent money laundering activities, it is necessary to comply with the laws, so precautions such as Know Your Customer, Customer Due Diligence, Transaction Monitoring, and Transaction Screening should be taken in order to easily comply with these regulations. With Sanction Scanner solutions, organizations can comply with all regulations in France.