France

New Documents

Bank of France Deputy Governor Shares Lessons Learned from Financial Turbulence in ESIGELEC (in French)

In a speech at the Higher School of Electrical Engineering in Rouen, France, Deputy Governor of the Bank of France Denis Beau discussed lessons learned by regulators and supervisors from recent financial turbulences caused by the digital transformation of the financial system.

June 6, 2023

Opening Address at World Bank Global Payments Week Spotlights Crypto-Assets Regulation (in French)

Denis Beau, Deputy Governor of the Bank of France, delivered an introductory speech at the World Bank Global Payments Week 2023, focusing on the future of payments and the regulation of crypto-assets.

June 6, 2023

French AMF Presents on MiCA Implementation Framework (in French)

June 6, 2023

Bank of France Deputy Governor Highlights Anti-Fraud Measures (in French)

June 6, 2023

DLT Pilot Regime Comes Into Force in France (in French)

May 4, 2023

News

Weekly Roundup: German Prosecutor Drops FIU Investigation, US Removes Oligarch-Linked Yacht from Sanctions List, and More

France sees shift in STR filings, Brazil sentences former president, and more, in the weekly roundup.

June 2, 2023

France Welcomes Rise in Non-Financial Sectors STRs, Questions VASPs Flat Numbers

France’s financial intelligence unit applauded notaries, real estate professionals, casinos, and other non-financial professionals for strengthening their scrutiny of potential financial crime, while expressing concern that activity in the booming cryptocurrency sector was almost flat.

June 2, 2023

Midweek Roundup: Online Streaming Platforms Doubling as Money Transmitters, UK Ruling Links Political Donor to Laundering Scheme, and More

May 17, 2023

Midweek Roundup: Binance Faces Sanctions Probe, US Lawmaker Charged with Money Laundering, and More

May 10, 2023

European AML Enforcement Plateaued Last Year

May 5, 2023

Enforcement Actions

France ACPR Fines Axa Banque €1 Million for KYC Failures (in French)

France’s financial regulator reprimanded and fined the Paris-based insurance company €1 million for deficiencies in its know your customer system and failures to assess its anti-money laundering and counterterrorist financing risks.

March 23, 2023

AMF Fines Inocap €150,000 for AML, KYC Shortcomings (in French)

French regulator Autorité des marchés financiers fined the Paris, France-based portfolio management company €150,000 for anti-money laundering and counterterrorist financing shortcomings and other violations.

January 18, 2023

Credit Agricole Regional Branch Fined €1.5 Million in French AML Case (in French)

January 18, 2023

Credit Suisse to Pay €238 Million Settlement in French Tax Fraud, ML Case (in French)

December 7, 2022

AMF: Vatel Capital Must Pay €450,000 for AML/CTF Shortcomings (in French)

December 7, 2022

Key Documents

France Expands Scope of Prohibition on Money Laundering

September 9, 2000

France Passes Penal Code

December 10, 2005

France Describes Banks' Obligations Related to Preventing Money Laundering

March 9, 2004

Important Facts

  • The U.S. State Department labels France as a jurisdiction of primary concern. The country’s banking, financial and commercial sectors are attractive for money laundering because of its large economy, political stability and sophisticated financial system. Illicit proceeds are generated through public corruption, narcotics and human trafficking, smuggling and other activities associated with organized crime. Another significant source of money laundering comes from sports teams. France has a large informal sector, including hawalas typically used by immigrant populations. However, there is little information on the scale of such activities. Casinos are regulated. The use of virtual money is growing in France, mostly through online gaming and social networks.
  • KYC Covered Entities: Banks, credit and money-issuing institutions, e-money institutions, investment firms, money exchangers, investment management companies, mutual insurers and benefit institutions, insurance intermediaries and dealers, notaries, receivers and trustees in bankruptcy, financial investment advisors, real estate brokers, chartered accountants, auditors, dealers in high-value goods, auctioneers and auction houses, bailiffs, lawyers, participants in stock exchange settlement and delivery, commercial registered office providers, gaming centers, companies involved in sports betting and horse racing tips, and casinos
  • STR Covered Entities: Banks, credit and money-issuing institutions, e-money institutions, investment firms, money exchangers, investment management companies, mutual insurers and benefit institutions, insurance intermediaries and dealers, notaries, receivers and trustees in bankruptcy, financial investment advisors, real estate brokers, chartered accountants, auditors, dealers in high-value goods, auctioneers and auction houses, bailiffs, lawyers, participants in stock exchange settlement and delivery, commercial registered office providers, gaming centers, companies involved in sports betting and horse racing tips, and casinos
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 464 (2014); Convictions: 424 (2013)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 9 High :
Largely Compliant : 29 Substantial :
Partially Compliant : 10 Moderate :
Non-Compliant : 1 Low :

BASEL i

Rank : 122/141
Score : 3.92/10

TRANSPARENCY INTERNATIONAL i

Rank : 23/179
Score : 69/100

Tax Justice Network i

Rank : 33/133
Score : 50/100