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In France, Fintechs, Double IBANs and Other Financial Innovations Draw Concern

By Gabriel Vedrenne

Gaps in French law, poor compliance and awareness by French firms, or a combination of those things kept financial crime in France's real estate and art sectors alarmingly high in 2020, authorities said, even as a new threat emerged in the form of disruptive financial technology. In an 86-page analysis of suspicious transaction reports, or STRs, which rose in both "quantity and quality" in 2020, Tracfin, France's financial intelligence unit, separately devoted several pages to the flow of illicit funds through financial technology-based firms, or fintechs, and the larger share of payments they now handle in France. And it's not...

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