AML/CTF/CPF
Industry News
Key takeaways from the report include:
➡️ During the year, the ACPR analysed various topics concerning AML/CTF risks such as virtual IBANs, banking-as-a-service offerings, and private banking;
➡️ In 2024, the ACPR published guidelines on sectoral application principles for dealing in gold and other precious metals, and worked with Tracfin to update their joint guidelines on reporting obligations;
➡️ 944 institutions were individually assessed by the regulatory during the year, and 35 on-site inspections were carried out;
➡️ Following on-site inspections, the ACPR referred 315 Suspicious Transaction Reports after identifying cases that institutions had not reported; and
➡️ The ACPR issued 3 penalties in 2024, totalling €5.2m relating to AML/CTF and sanctions breaches.
✅ Firms operating in France should review the penalty case studies detailed in the report and ensure their control frameworks are robust enough to prevent similar breaches.
