Subsection 9: Obligations where there is a high risk of money laundering or terrorist financing

I. – For the purposes of 1° of article L. 561-10, a person exposed to particular risks by virtue of their duties is a person who holds or has held for less than one year one of the following positions: 1° Head of State, head of government, member of a national government or of the European Commission ; 2° Member of a national parliamentary assembly or the European Parliament, member…

The products and transactions referred to in 2° of Article L. 561-10 are bearer bonds, securities and contracts and transactions relating to these products. When a bond, security or contract referred to in the first paragraph is redeemed, the institution identifies and verifies the identity of the bearer and, where applicable, the beneficial owner, in accordance with the procedures set out in Articles R. 561-5, R. 561-5-1 and R. 561-7…

The persons mentioned in Article L. 561-2 shall define and implement procedures, adapted to the money laundering and terrorist financing risks to which they are exposed, enabling them to determine whether their customer, or its beneficial owner, is a person mentioned in 1° of Article L. 561-10 or becomes one in the course of the business relationship. When the customer, or its beneficial owner, is a person mentioned in 1°…

The persons mentioned in 2° to 2°e and 3°a of Article L. 561-2 shall take measures to determine whether the beneficiaries of life insurance or capitalisation contracts and, where applicable, their beneficial owners, are persons mentioned in 1° of Article L. 561-10. These measures are adapted to the risks of money laundering and terrorist financing to which they are exposed and are implemented, at the latest, at the time of…

I.-The persons referred to in Article L. 561-2 shall define and implement procedures enabling them to determine whether the transaction they are carrying out is one of those referred to in 3° of Article L. 561-10. II.When they carry out the operation referred to in I, the persons referred to in Article L. 561-2 apply: 1° The following additional due diligence measures, the intensity of which varies according to a…

The orders referred to in Article L. 561-11 shall provide for at least one of the following measures: 1° Prohibiting the establishment in France of subsidiaries, branches or representative offices of persons equivalent to those mentioned in Article L. 561-2 domiciled, registered or established in the State or territory mentioned in 3° of Article L. 561-10 or otherwise take account of the fact that the person concerned is from a…

For the application of II of Article L. 561-10-3, the persons mentioned in 1° to 1°c and 5° to 6°a of Article L. 561-2 shall implement the following specific due diligence measures, the intensity of which shall vary according to a risk-based approach: 1° They shall collect sufficient information on the contracting institution to know the nature of its activities and to assess, on the basis of publicly available and…

The results of the enhanced examination prescribed in Article L. 561-10-2 are recorded in writing and kept in accordance with the procedures set out in Article L. 561-12.

For the application of Articles L. 561-7, L. 561-20, 3° of Article R. 561-5-2, 2° of Article R. 561-5-3 and Article R. 561-9, the persons mentioned in Article L. 561-2 concerned shall assess the level of equivalence of a third country’s anti-money laundering and terrorist financing obligations, taking into account in particular the information and declarations disseminated by the Financial Action Task Force and the lists published by the European…