Regulatory AlertsGuidelines on Customer Due Diligence and Beneficial Ownership Obligations
The French Autorité des Marchés Financiers (AMF) issued DOC-2019-16 to clarify customer due diligence and beneficial ownership obligations under the Monetary and Financial Code, incorporating key updates from the 4th and 5th Anti-Money Laundering Directives. The guidelines mandate a strengthened risk-based approach, distinguish between identification and verification, and require entities to consult the commercial registry for beneficial owners unless low risk is present. Additionally, the document introduces the concept of a fallback beneficial owner and reinforces measures for high-risk countries while addressing third-party introductions and outsourcing.
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