France

Topic: Anti-Money Laundering

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Wolfsberg Group FAQs on negative news screening

On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … Continue Reading

EBA revised guidelines on risk-based supervision – official EU translations published

On 4 April 2022, the European Banking Authority made available the translations of the revised guidelines on risk-based supervision. These revised guidelines set out the steps supervisors should take to ensure adequate anti-money laundering / countering the financing of terrorism oversight of their sector and support the adoption, by credit and financial institutions, of effective … Continue Reading

ECON and LIBE adopt position on draft Regulation on information accompanying transfers of funds and certain cryptoassets

On 31 March 2022, the European Parliament announced that the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) had adopted their position on the proposed Regulation on information accompanying transfers of funds and certain cryptoassets. The draft Regulation is part of the European Commission’s new anti-money laundering package and … Continue Reading

Wolfsberg group guidance on digital customer lifecycle risk management

On 29 March 2022, the Wolfsberg Group published its guidance on digital customer lifecycle risk management. This guidance explores how non face-to-face customer interaction could be considered a standard, or even lower risk channel for a financial institution, by further developing three core anti-money laundering / countering the financing of terrorism controls: More effective identification, … Continue Reading

European Parliament publishes draft report on AML Regulation proposal

Introduction On 15 March 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) Committees published a draft joint report on the European Commission’s (Commission) proposal for a Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing … Continue Reading

EBA letter on AML/CFT legislative package and issues related to supervisory cooperation and selection criteria for direct supervision

On 24 March 2022, there was published a letter from the European Banking Authority (EBA) to John Berrigan (Director General, Directorate-General for Financial Stability, Financial Services and Capital Markets Union) and others regarding the European Commission’s anti-money laundering / countering the financing of terrorism (AML/CFT) package and issues related to supervisory cooperation and selection criteria … Continue Reading

AML/CFT supervision is improving but not always effective yet, finds the EBA

On 22 March 2022, the European Banking Authority (EBA) published the findings from its assessment of Member State competent authorities’ (NCAs) approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, but the EBA has found that significant challenges remain in key areas such as the identification and assessment of money laundering (ML) … Continue Reading

FATF public statement on revisions to Recommendation 24

On 7 March 2022, the Financial Action Task Force (FATF) issued a public statement regarding amendments it had adopted to Recommendation 24 and its Interpretative Notes on 4 March 2022. The Recommendation requires countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate … Continue Reading

Published in OJ – new Delegated Regulation on the list of high risk countries under 4MLD

On 21 February 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/229 of 7 January 2022 which amends the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies set out in Delegated Regulation (EU) 2016/1675. Delegated Regulation 2016/1675 is provided for … Continue Reading

ECB opinion on a proposal for a regulation establishing the AMLAR

On 17 February 2022, the Council of the European Union (Council) published the European Central Bank’s (ECB) opinion on the European Commission’s proposed regulation establishing an EU authority for anti-money laundering and countering the financing of terrorism (AMLAR). In its opinion the ECB sets out both general and specific observations on the AMLAR. These include … Continue Reading

Research shows huge increase in use of DeFi protocols for money laundering

Blockchain analytics firm Chainalysis have recently published the results of research showing that there has been a huge increase in the use of decentralised finance (DeFi) protocols to launder money over the last year. DeFi is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. In 2021, there was … Continue Reading

EBA launches ‘EuReCA’

On 31 January 2022, the European Banking Authority (EBA) launched ‘EuReCA’, its central database for anti-money laundering (AML) and counter-terrorist financing (CFT). EuReCA will contain information on material weaknesses in individual financial institutions in the EU that Member State competent authorities have identified. Competent authorities will also be reporting the measures they have imposed on … Continue Reading

FATF update guidance on risk-based approaches for virtual assets and virtual asset service providers

On 28 October 2021, the Financial Action Task Force (FATF) published updated guidance for a risk-based approach for virtual assets (VA) and virtual asset service providers (VASP). This guidance mentions how the FATF plans to closely monitor the VA and VASP sector for any material changes that necessitate further clarification of the FATF standards. This … Continue Reading

Cross Border Payments – Survey Results on Implementation of the FATF

On 22 October 2021, the Financial Action Task Force (FATF) published the results of its survey that was designed to identify key areas of divergence in the implementation of its AML/CFT requirements across different states, which create frictions for cross-border payments and their potential solutions. The survey results highlight, among others, that lack of a … Continue Reading

New papers from FATF and Wolfsberg Group

On 30 June 2021, there was published: Report from the Financial Action Task Force (FATF) on ethnically or racially motivated terrorism financing. The report, which is based on inputs from around 30 jurisdictions, focuses on the funding behind ethnically or racially motivated terrorism, also referred to as extreme right-wing terrorism. The report highlights the challenges … Continue Reading

EBA consults on draft guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units under the CRD IV

On 27 May 2021, the European Banking Authority (EBA) issued a consultation paper regarding draft guidelines that set out how prudential supervisors, AML/CFT supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with Article 117(5) of the CRD IV. The draft guidelines set out general provisions and practical … Continue Reading

ABC Risk assessments: FAQs

Last month we hosted a webinar on anti-bribery and corruption (ABC) risk assessments. This was the first in our series of ABC compliance webinars marking the 10th Anniversary of the UK Bribery Act coming into force. You can listen to the audio recording of the webinar on-demand here. We have put together a selection of … Continue Reading

EBA consults on changes to its guidelines on risk-based AML/CFT supervision

On 17 March 2021, the European Banking Authority (EBA) issued a consultation paper setting out proposed changes to its guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations. Article 48(10) of the Fourth Anti-Money Laundering Directive requires the EBA to issue guidelines to … Continue Reading

EBA opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector

On 3 March 2021, the European Banking Authority (EBA) published its biennial opinion on risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector. The opinion has been issued in accordance with Article 6(5) of the Fourth Anti-Money Laundering Directive, which requires the EBA to issue an opinion on the risks of … Continue Reading
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