Section 3: Customer due diligence obligations

The persons referred to in Article L. 561-2 shall apply the due diligence measures intended to implement their obligations under this chapter on the basis of an assessment of the risks presented by their activities in terms of money laundering and terrorist financing. To this end, they shall define and implement systems for identifying and assessing the money laundering and terrorist financing risks to which they are exposed, as well…

I. – Before entering into a business relationship with their customer or assisting them in preparing or carrying out a transaction, the persons mentioned in Article L. 561-2 : 1° Identify their customer and, where applicable, the beneficial owner within the meaning of Article L. 561-2-2; 2° Verify these identification details on presentation of any documentary evidence. II. – They shall identify and verify the identity of their occasional customers…

Before entering into a business relationship, the persons referred to in Article L. 561-2 shall collect information relating to the purpose and nature of the relationship and any other relevant information. They shall update this information throughout the duration of the business relationship. The procedures for applying this article are specified by decree in the Conseil d’Etat.

Throughout the duration of the business relationship and in accordance with the conditions laid down by decree of the Conseil d’Etat, these persons shall, within the limits of their rights and obligations, exercise constant vigilance and carefully examine the transactions carried out, ensuring that they are consistent with their up-to-date knowledge of the business relationship.

I. – For the persons mentioned in 1° to 6° and 7° bis of Article L. 561-2, the obligations laid down in I and III of Article L. 561-5 and in Article L. 561-5-1 may be implemented by a third party in either of the following two cases: 1° The third party is a person mentioned in 1° to 2° ter or 3° bis, 5°, 6°, 12°, 12° bis or…

Lawyers and the persons mentioned in 18° of Article L. 561-2 may provide each other with information gathered for the purposes of implementing Articles L. 561-5, L. 561-5-1, L. 561-6, and L. 561-9 to L. 561-10-2.

I. – When a person referred to in Article L. 561-2 is unable to meet the obligations laid down in Article L. 561-5 or Article L. 561-5-1, it shall not carry out any transaction, whatever the terms and conditions thereof, nor establish or continue any business relationship and may transmit the report provided for in Article L. 561-15 under the conditions laid down in that Article. If the declaration has…

The persons mentioned in Article L. 561-2 may implement the provisions of Articles L. 561-5, L. 561-5-1 and L. 561-6 in the form of simplified due diligence measures in any of the following cases: 1° They consider the risk of money laundering and terrorist financing to be low ; 2° The customers, services or products are on the list of persons, services or products presenting a low risk of money…

If there is no suspicion of money laundering or terrorist financing, the persons who issue electronic money referred to in 1°, 1° ter and 1° quater of Article L. 561-2 are not subject to the due diligence requirements laid down in Articles L. 561-5 and L. 561-5-1, subject to compliance with conditions, in particular thresholds, defined by decree in the Conseil d’Etat.

The persons referred to in Article L. 561-2 shall apply additional customer due diligence measures, over and above the measures provided for in Articles L. 561-5 and L. 561-5-1, when : 1° The customer, where applicable his beneficial owner, or the beneficiary of a life insurance or capitalisation contract, where applicable his beneficial owner, is a person who is exposed to particular risks by virtue of the political, jurisdictional or…