#2020-115Ordinance No. 2020-115: Strengthening Anti-Money Laundering and Terrorism Financing Framework
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The ordinance enhances France's legal framework against money laundering and terrorism financing. It extends obligations to more entities, strengthens due diligence for high-risk transactions, and improves the exchange of financial information among authorities. The law impacts financial institutions, legal professionals, and businesses involved in high-value transactions.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Expands requirements to more financial entities.
- Introduces stricter measures for high-value transactions.
- Enhances information sharing between regulatory authorities.
Obligations
What this law requires
Art dealers, antiquities dealers, and intermediaries in art/antiquities commerce must comply with AML/TF obligations when transaction value equals or exceeds €10,000 (including linked series of transactions)
Real estate professionals must comply with AML/TF obligations specifically for rental transactions where monthly rent is €10,000 or more executed under a real estate transaction mandate
Lawyer trust account managers (caisses des règlements pécuniaires des avocats) must comply with customer due diligence and AML/TF obligations for client funds, effects, or securities deposited under article 53(9) of Law No. 71-1130
Commercial court clerks (greffiers des tribunaux de commerce) referenced in Commercial Code article L. 741-1 must comply with AML/TF obligations
Financial institutions must extend customer due diligence requirements and enhanced due diligence to high-risk transactions as strengthened by this ordinance