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 sanctions handed down for atotal of €4.2m in fines
The strengthening of controls sought by the ACPR in recent years is becoming a fact: out of 43 sanctions since 2011, over 60% have been handed down in the last 4 years.
The ACPR's priorities for 2020 are AML-CFT :
- Stepping up efforts to combat money laundering and the financing of terrorism.
- Reinforcement of assessments, particularly following the introduction of new standards. The ACPR's assessments of regulated professions are based, among other things, on risk management systems AML-CFT and, more specifically, on the internal controls in place.
- The ACPR will be paying close attention to crypto-assets. Following analysis of the ACPR-TRACFIN questionnaire on crypto-assets, the conclusion is as follows: The development of more structured vigilance systems does indeed appear necessary to enable institutions to ensure the effective implementation of their policies on customer acceptance and crypto-asset transactions.
- Implementation of arisk-based approach for the AML-CFT
- Strengthening European and international supervision
- 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/rapport-dactivite-2019