#2024-937Ordinance on Strengthening Anti-Money Laundering Obligations for Crypto-Asset Transfers in France
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law strengthens France's anti-money laundering rules for crypto-assets. It places new obligations on crypto service providers to identify and assess risks associated with crypto-asset transfers, particularly those involving self-hosted wallets. Service providers need to establish internal policies and controls to ensure compliance, with oversight by financial authorities increased.
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Key Changes
- Crypto service providers must assess risks linked to self-hosted wallet transactions.
- Increased compliance obligations for crypto transactions under EU regulations.
- Financial authorities now have greater oversight responsibilities.
Obligations
What this law requires
Crypto-asset service providers must identify and assess the risk of money laundering and terrorist financing linked to crypto-asset transfers to or from self-hosted wallets
Crypto-asset service providers must establish internal organization, policies, procedures, and controls to apply enhanced due diligence measures for self-hosted wallet transfers
The Autorité des marchés financiers (AMF) must oversee compliance with anti-money laundering obligations for crypto-asset service providers within its jurisdiction
Financial institutions and crypto-asset service providers must apply customer due diligence and monitoring measures to all crypto-asset transfers involving self-hosted wallets
All crypto-asset service providers covered by Article L. 561-2 (1° quater, 7° bis, and 7° quater) must comply with enhanced vigilance measures for crypto-asset transfers