France: Financial Sector Assessment Program-Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism Regime in France

International Monetary Fund

No 2019/326, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime in France summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment. Authorities are recommended to promote stronger AML/CFT controls by enhancing supervision of lawyers and the real estate sector and providing more guidance on cross-border money laundering threats. French banks are employing increasingly sophisticated tools, including machine learning, to carry out their due diligence obligations with respect to TF. More systematic guidance on TF-related indicators and timely feedback may help banks’ detection of potential of TF and to reduce risks of financial exclusion.

Keywords: ISCR; CR; ACPR; bank; CFT obligation; company; CFT control; company domiciliation agent; CFT measure; TF risk; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Terrorism; Virtual currencies; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 36
Date: 2019-10-29
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