#2016-1635Ordinance No. 2016-1635 Strengthening France's Measures Against Money Laundering and Terrorist Financing
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This law strengthens France's actions against money laundering and terrorist financing. It updates the obligations of financial institutions and businesses in identifying and reporting suspicious activities. Entities such as banks, insurance companies, and payment service providers are now required to follow stricter identity verification and risk assessment procedures.
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Key Changes
- Enhanced identity verification requirements
- Stricter risk assessment procedures
- Expanded reporting obligations for financial institutions
Obligations
What this law requires
Banks, credit institutions, and their branches must implement stricter identity verification procedures for all clients conducting operations in France
Payment service providers and electronic money institutions must conduct enhanced risk assessment procedures for client relationships
Insurance companies and intermediaries must identify and report suspicious activities related to money laundering and terrorist financing
All subject entities must identify and verify the beneficial owner (bénéficiaire effectif) as part of client relationship establishment
For life insurance and capitalization contracts, the beneficial owner of contract beneficiaries must be identified where applicable