{"id":19797,"date":"2022-08-10T06:00:49","date_gmt":"2022-08-10T13:00:49","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=19797"},"modified":"2023-07-31T23:48:31","modified_gmt":"2023-07-31T23:48:31","slug":"france-aml-kyc","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/identity-verification\/france-aml-kyc","title":{"rendered":"Navigating AML, KYC and identity verification in France"},"content":{"rendered":"\n

France\u2019s effort to improve its digital economy is making it a hot market for organizations looking to expand globally. The France Num initiative<\/a> is at the heart of that effort with a focus on improving connectivity, expanding education and digitalizing French companies.<\/p>\n\n\n\n

The country, with the world\u2019s seventh-largest economy and a population of 67.8 million, has the infrastructure and openness to investment that could make it an important market for strategic positioning in the EU.<\/p>\n\n\n\n

But expansion carries with it a need to understand that country\u2019s requirements around Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations and to ensure your company\u2019s identity verification, Customer Due Diligence and risk management processes can comply.<\/p>\n\n\n\n

\"France<\/figure>\n\n\n\n

France AML regulations<\/h2>\n\n\n\n

The Autorit\u00e9 des march\u00e9s financiers<\/a> (AMF) is France\u2019s main financial regulator. Others of note are the Autorit\u00e9 de contr\u00f4le prudentiel et de r\u00e9solution (ACPR<\/a>), which supervises banking and insurance and ensures financial system stability, and Traitement du renseignement et action contre les circuits financiers clandestins (TRACFIN<\/a>), which processes financial intelligence.<\/p>\n\n\n\n

France takes a risk-based approach<\/a> to combat money laundering. AMF\u2019s guidance<\/a> suggests \u201cadapting the measures taken to the level of risk of money laundering and terrorist financing and by optimizing the resources allocated.\u201d<\/p>\n\n\n\n

AMF specifies some scenarios, such as public or government entities, as low risk and others, such as Politically Exposed Persons or accounts from countries on the Financial Action Task Force\u2019s black list, as high risk. But organizations must determine most risk measurements and classifications.<\/p>\n\n\n\n

Companies can help assess and counter risk by examining the joint guidelines on risk factors and simplified and enhanced customer due diligence<\/a>. Those factors include product, country and client risks.<\/p>\n\n\n\n

Understanding the risk requires effectively identifying the customer and collecting enough accurate information about the business relationship.<\/p>\n\n\n\n

KYC requirements in France<\/h2>\n\n\n\n

France has specified identity information<\/a> organizations must collect and keep up to date for compliance:<\/p>\n\n\n\n