Guidelines on Customer Due Diligence and Beneficial Ownership Obligations

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III - Service Providers
III. 3 - Combating Money Laundering and Terrorist Financing
Doctrine
Anti-Money Laundering

Guidelines on Customer Due Diligence and Beneficial Ownership Obligations

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Applicable as of October 2, 2023
Position - Recommendation DOC-2019-16

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Summary
DOC-2019-16 clarifies the customer due diligence and beneficial ownership obligations provided for in Articles L. 561-4-1 and subsequent articles of the Monetary and Financial Code, taking into account the essential contributions of the 4th and 5th Directives, and notably the strengthening of the risk-based approach, the distinction between the identification and verification of customer identity; the novelties concerning identity verification measures, including the obligation for regulated entities to consult the beneficial ownership register of client companies registered in the Trade and Companies Register except in the presence of low risk; the introduction of the concept of fallback beneficial owner; or the strengthening of complementary due diligence measures when the transaction involves a high-risk country. Specific developments are dedicated to the regimes of third-party introductions and the outsourcing of AML/CFT obligations.

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Reference texts

Article L. 561-2-2 of the Monetary and Financial Code

Articles L. 561-4-1 to L. 561-12 of the Monetary and Financial Code

Articles R. 561-1 to R. 561-22-1 of the Monetary and Financial Code

Article 320-20 of the General Regulation

Article 321-147 of the General Regulation

Article 325-22 of the General Regulation

Article 325-62 of the General Regulation
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DOC-2019-16 clarifies the customer due diligence and beneficial ownership obligations provided for in Articles L. 561-4-1 and subsequent articles of the Monetary and Financial Code, taking into account the essential contributions of the 4th and 5th Directives, and notably the strengthening of the risk-based approach, the distinction between the identification and verification of customer identity; the novelties concerning identity verification measures, including the obligation for regulated entities to consult the beneficial ownership register of client companies registered in the Trade and Companies Register except in the presence of low risk; the introduction of the concept of fallback beneficial owner; or the strengthening of complementary due diligence measures when the transaction involves a high-risk country. Specific developments are dedicated to the regimes of third-party introductions and the outsourcing of AML/CFT obligations.

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Reference texts

Article L. 561-2-2 of the Monetary and Financial Code

Articles L. 561-4-1 to L. 561-12 of the Monetary and Financial Code

Articles R. 561-1 to R. 561-22-1 of the Monetary and Financial Code

Article 320-20 of the General Regulation

Article 321-147 of the General Regulation

Article 325-22 of the General Regulation

Article 325-62 of the General Regulation

DOC-2019-16 clarifies the customer due diligence and beneficial ownership obligations provided for in Articles L. 561-4-1 and subsequent articles of the Monetary and Financial Code, taking into account the essential contributions of the 4th Directive, and notably the strengthening of the risk-based approach, the distinction between the identification and verification of customer identity; the novelties concerning identity verification measures; the introduction of the concept of fallback beneficial owner. Specific developments are dedicated to the regimes of third-party introductions and the outsourcing of AML/CFT obligations.

Download the doctrine
Reference texts

Article L. 561-2-2 of the Monetary and Financial Code

Articles L. 561-4-1 to L. 561-12 of the Monetary and Financial Code

Articles R. 561-1 to R. 561-22 of the Monetary and Financial Code

Article 320-20 of the General Regulation

Article 321-147 of the General Regulation

Article 325-22 of the General Regulation

Article 325-62 of the General Regulation
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Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02