Remittance Firms Should Expect More Thorough AML Exams, French Supervisor Warns

By Gabriel Vedrenne

Exams conducted by France's Prudential Supervision and Resolution Authority from 2016 to 2019 show that French banks and insurance firms now generally maintain strong compliance programs while money transfer services frequently fail to stop funds from reaching terrorists. The regulator, also known as the ACPR, disclosed those findings in an Oct. 2 report that covers six onsite and three offsite exams of French banks and insurance firms for anti-money laundering and counterterrorist financing compliance during those years, and a second, 20-page report covering 13 onsite inspections of money services businesses, or MSBs, and other remitters. Most banks and insurance companies...