TRACFIN, an intelligence agency under the authority of the Ministry of Action and Public Accounts, receives and analyses any suspicious activity reports relating to money-laundering and terrorism financing by those individuals and entities subject to reporting obligations under Art. L. 561-2 of the Financial Monetary Code.

TRACFIN can refer the matter to the Public Prosecutor who can then decide to open a criminal investigation and, in complex cases, to appoint an Investigating Magistrate.

The AMF (Autorité des marchés financiers), the ACPR (Autorité de contrôle prudentiel et de résolution), the National Enforcement Commission (Commission nationale des sanctions or “CNS”), and other specific supervisory bodies are responsible for monitoring compliance by individual professionals and entities subject to reporting obligations under Art. L. 561-2 of the Financial Monetary Code under their respective jurisdictions.

TRACFIN and certain supervisory authorities have issued joint guidelines for individual professionals and entities (see here).

If a professional or entity does not comply with its anti-money laundering and terrorism financing obligations and shows a serious lack of vigilance or serious violation of internal control procedures, disciplinary proceedings can be commenced by the above Supervisory Authorities and the Public Prosecutor will be notified (Art. L. 561-36-II, Financial Monetary Code).

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