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Topic: Anti-Money Laundering

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Status of implementation of Recommendation 15 by FATF Members and jurisdictions with materially important VASP activity

On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The table follows a stocktake of current levels of implementation across the global network. FATF notes … Continue Reading

Wolfsberg Principles for Auditing Financial Crime Risk Management

On 27 March 2024, the Wolfsberg Group (Group) published Principles for Auditing Financial Crime Risk Management (FCRM) using the Wolfsberg Factors (Factors) which were published in 2019. The Group notes that internal audit (IA), an independent function within a financial institution (FI), constitutes the third line of defence and plays an important role in assessing … Continue Reading

Wolfsberg Group statement on countering terrorist financing

On 20 March 2024, the Wolfsberg Group published a statement on countering terrorist financing (CTF).  The statement replaces the Wolfsberg Group’s first statement on the topic published in 2002. It describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial institution being … Continue Reading

Council of EU publishes draft Directive amending MREL

On 13 March 2024, the Council of the EU published the text of the draft Directive amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The draft Directive is sometimes known as the ‘daisy-chain proposal’. … Continue Reading

EBA Call for Advice on Provisional Request for advice regarding regulatory standards and guidelines under the future anti-money laundering / countering the financing of terrorism framework

On 12 March 2024, the European Commission (Commission) published a letter containing a provisional request for advice from the European Banking Authority (EBA), regarding regulatory technical standards and guidelines under the future anti-money laundering (AML) and counter terrorist financing (CFT) framework. The request for technical advice is provisional, considering the new AML/CFT framework is not … Continue Reading

FATF guidance for a risk-based approach for beneficial ownership and transparency of legal arrangements

On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements. The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and … Continue Reading

Commission report on the implementation of 4MLD

On 11 March 2024, the European Commission published its report to the European Parliament and the Council of the EU on the implementation of the Fourth Anti-Money Laundering Directive (4MLD). The report is based on information from various sources, namely two surveys conducted by Commission services among Member States, as well as contributions from the … Continue Reading

FATF consults on Recommendation 16 on Payment Transparency

On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards. In the press release, the FATF outlines how R.16 and INR.16 must … Continue Reading

Frankfurt will be the home of the EU AMLA

On 22 February 2024, in a joint vote MEPs and EU ambassadors chose Frankfurt as the seat of the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). Nine candidates in total applied but in the vote, Frankfurt received a majority of validly cast votes on the first round of voting and … Continue Reading

Council of EU publishes text of political agreement on proposed AMLA Regulation, AML Regulation and 6MLD

On 14 February 2024, William van de Voorde, Chair of the Permanent Representatives Committee of the Council of the EU wrote a letter to the European Parliament’s Chair of the Committee on Economic and Monetary Affairs, which states that the Permanent Representatives Committee have reached agreement, except for one item, on the final compromise text … Continue Reading

Published in the OJ – Delegated Regulation on the establishment of the EBA’s AML and CFT central database

On 16 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/595 of 9 November 2023 supplementing Regulation (EU) No 1093/2010 with regard to regulatory technical standards (RTS) specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the … Continue Reading

Council of the EU – final compromise texts – proposed AML Regulation and 6MLD

On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation, repealing Directive (EU) 2015/849 and proposing mechanisms to be put in place by the Member States on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The … Continue Reading

Council of the EU and European Parliament strike deal on stricter AML rules

On 17 January 2024, the European Parliament and Council of the EU (Council) reached a provisional agreement on parts of the anti-money laundering (AML) package that aims to protect EU citizens and the EU’s financial system against money laundering (ML) and terrorist financing (TF). Under the new package, all rules applying to the private sector … Continue Reading

EBA extends guidelines on ML/TF risk factors to crypto-asset service providers

On 16 January 2024, the European Banking Authority (EBA) released a final report containing guidelines which amend its existing guidelines on money laundering / terrorist financing (ML/TF) risk factors so that they extend to crypto-asset service providers (CASPs). The guidelines will provide a common understanding of ML/TF risks associated with CASPs and the steps CASPs … Continue Reading

Anti-money laundering: Council and Parliament agree on procedure to select seat for new authority

On 18 December 2023, the Council of the EU issued a press release stating that it had reached a common understanding on the process for selecting the seat of the future European authority for countering money laundering and terrorist financing (AMLA). The co-legislators have agreed on the principle of organising joint public hearings to allow … Continue Reading

EBA issues guidance to AML/CFT supervisors of CASPs

On 27 November 2023, the European Banking Authority (EBA) published a final report containing updated guidelines on risk-based supervision. The guidelines have been amended so that they extend to anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors of crypto-asset service providers (CASPs) as defined in the Regulation on markets in crypto-assets (MiCA). Article … Continue Reading

EBA consults on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes

On 24 November 2023, the European Banking Authority (EBA) issued a public consultation on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes. Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets recasts Regulation (EU) 2015/847 and extends its scope to the … Continue Reading

FATF updates best practices on combating the abuse of NPOs

On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation of risk-based measures. For … Continue Reading

European Commission publishes Commission Delegated Regulation with regard to RTS specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and dissemination of the information contained in the AML/CFT central database

On 9 November 2023, the European Commission published Commission Delegated Regulation of 9 November 2023 supplementing Regulation (EU) No 1093/2010 of the European Parliament and of the Council with regard to regulatory technical standards specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and … Continue Reading

FATF report on crowdfunding for terrorism financing

On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing. The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding activities on … Continue Reading

FSB publishes IMF-FSB synthesis paper: Policies for crypto-assets

On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets. The report synthesises the IMF’s and FSB’s policy recommendations and standards. The report illustrates macroeconomic and financial stability implications of crypto-asset activities, how they may interact, and how the IMF and … Continue Reading

European Commission adopts Delegated Regulation adding Cameroon and Vietnam to the list of high-risk third countries

On 22 August 2023, the European Commission adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to add Cameroon and Vietnam to the list of high-risk third countries. Article 9(2) of the Fourth Money Laundering Directive (Directive (EU) 2015/849) (MLD4) empowers the Commission to adopt delegated acts to identify ‘high-risk’ third country jurisdictions, which … Continue Reading

EBA report on the functioning of AML/CFT colleges in 2022

On 10 August 2023, the European Banking Authority (EBA) published a report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges in 2022. The EBA has been monitoring AML/CFT colleges since their inception and has published previous AML/CFT colleges monitoring reports in 2021 and 2022. Through 2022, EBA staff actively … Continue Reading

ESMA announces withdrawal of recognition of three CCPs following the inclusion of the United Arab Emirates on AML blacklist

On 26 July 2023, the European Securities and Markets Authority (ESMA) announced that it has withdrawn, as required by the European Market Infrastructure Regulation (EMIR), the recognition decisions of the following three central counterparties (CCPs) established in the United Arab Emirates (including the Dubai International Financial Centre): The withdrawal follows the addition of the United … Continue Reading
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