Know Your Customer (KYC)

  • Regulatory framework

The French Ordinance of 1 December 2016 transposes into the French law the 4th EU directive about anti-money laundering and combating the financing of terrorism rules for the financial sector. Future regulatory texts are to be provided for to this Ordinance in order to finish the transposition.

  • Emerging AML/CFT risks related to the technological revolution in the financial services

The 2015 report Tendances et Analyse of Tracfin (French Unit for intelligence processing and action against illicit financial networks) emphasizes on the emerging AML/CFT risks related to the technological revolution and more broadly to the Fintech. Fintechs are invited to consider this report, which reminds that Fintech should take into account the AML/CFT risks in their development and in their internal control framework                 

  • Guidelines of the three European Supervisory Authorities (EBA, ESMA, EIOPA) about electronic fund transfers

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published on September, 22th 2017 guidelines to prevent the abuse of funds transfers for terrorist financing and money laundering purposes. These guidelines are part of the ESAs' wider work on fostering a consistent approach to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) and promote a common understanding of payment service providers' obligations in this area.

  • Decree Anonymous e-money

The decree of November 10th, 2016 in relation to the CFT has changed the requirement in terms of AML/CFT alertness towards e-money and particularly to the ceiling of alertness exemption in accordance to the article R.561-16 of Monetary and Financial Code.

  • Decree involving legal ceilings applicable to the use of e-money

The decree of December 15th, 2016, taken following the June 3rd, 2016 law regarding the fight against organized crime, the terrorism and their financing, modified  the legal ceiling of monetary value available on a prepaid card (10 000 euros) as well as on the charging, the reimbursement and the cash withdrawal  (1 000 euros per month). The decree of December 30th, 2016 specifies that the debt payment by e-money is capped at 3 000 euros.

Updated on: 10/05/2017 10:19