LCB/FT - Key points from the ACPR's 2019 review

TheACPR has just published its annual activity report.

Here's what you need to know about the fight against money laundering and the financing of terrorism (AML-CFT) :

Almost all of the actions planned for 2019 have been carried out at AML-CFT :

• Formalization of therisk-based approach, revision of on-site control manuals and monitoring of methodological developments for the inclusion of AML-CFT in the annual risk profile evaluation exercise (SREP), formulation of proposals for legislative improvements as part of the transposition of the 5th Directive
• Carrying out controls and monitoring the implementation of asset freezes by institutions
• Analysis of responses to the ACPR-TRACFIN questionnaire on crypto-assets

Some figures for 2019:

• 18 follow-up letters issued
• 8 disciplinary measures taken
• 8 formal notices issued
• 6 penalties imposed,totaling €4.2 million in fines

The tightening of controls sought by the ACPR in recent years is becoming a reality: of the 43 sanctions imposed since 2011, more than 60% have been handed down in the last four years.

The ACPR's priorities for 2020 are AML-CFT :

1. Stepping up efforts to combat money laundering and the financing of terrorism.
2. Strengthening assessments, particularly in light of new standards. The ACPR's assessments of regulated professions are based, among other things, on AML-CFT risk management systems and, more specifically, on the internal controls put in place.
3. The ACPR will be keeping a close eye on crypto-assets. Following analysis of the ACPR-TRACFIN questionnaire on crypto-assets, the conclusion is as follows: The development ofmore structured vigilance mechanismsappears necessary to enable institutions to ensure the effective implementation of their customer acceptance policies and crypto-asset transactions.
4. Implementation of arisk-based approach for the AML-CFT
5. Strengthening European and international supervision
6. Observe, support and anticipate the development of technological innovations

Finally, the Governor of the Banque de France reminds us that AML-CFT remains one of the ACPR's 3 structural challenges!

 

Aurélien ZACHAYUS - AP SOLUTIONS IO

Reference: https://acpr.banque-france.fr/fr/publications-et-statistiques/publications/rapport-annuel-de-lacpr-2019