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.
Printed from a page of the AMF website
Please disable your ad blocker to view this video.
III - Service Providers III. 3 - Combating Money Laundering and Terrorist Financing Doctrine Anti-Money Laundering
Guidelines on Customer Due Diligence and Beneficial Ownership Obligations
Share by email
Applicable as of October 2, 2023 Position - Recommendation DOC-2019-16
Download Viewed Version 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.
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. 561-22-1 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 Archives
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.
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. 561-22-1 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 Legal notices: 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