#2020-1544Ordinance No. 2020-1544 of December 9, 2020, Strengthening Anti-Money Laundering and Terrorism Financing Regulations for Digital Assets
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This law enhances regulations on money laundering and terrorist financing related to digital assets in France. It mandates that service providers, either established in France or operating there, must register with the Financial Markets Authority. It emphasizes the need for these providers to comply with obligations around anti-money laundering, asset freezing, and the prevention of making assets available, requiring them to have appropriate organization and procedures.
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Key Changes
- Service providers must register with the Financial Markets Authority before commencing activities in France.
- Providers must comply with anti-money laundering and counter-terrorism financing obligations.
- Changes also apply to providers established in the EU or EEA, with certain conditions deemed fulfilled.
Obligations
What this law requires
Digital asset service providers established in France or providing services in France must register with the Financial Markets Authority (Autorité des marchés financiers) before commencing operations
Service providers must demonstrate capacity to comply with anti-money laundering and terrorism financing obligations through establishment of appropriate organization and procedures that ensure compliance with Articles L. 561-4-1 to L. 561-5-1, L. 561-10-2, L. 561-15, Chapter II of Title VI, and applicable European restrictive measures regulations
Service providers must implement procedures to comply with asset freezing obligations and prohibitions on making assets available
Service providers must declare any modification affecting their compliance with anti-money laundering, terrorism financing, asset freezing, and related obligations to the Financial Markets Authority
The Financial Markets Authority must determine and establish in its general regulations the conditions under which a service is considered to be provided in France