#2009-104Ordinance on Prevention of Financial System Use for Money Laundering and Terrorism Financing
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This French law limits cash payments for debts over a certain amount and mandates bank transfers for monthly wages beyond a set threshold. It provides specific guidelines for currency exchange operators, requiring them to obtain authorization and adhere to financial regulations to prevent money laundering and terrorist financing. Various professions, such as banks, real estate agents, and casinos, are subject to obligations for reporting suspicious transactions.
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Key Changes
- Limits on cash payments for certain debts
- Mandatory bank transfers for salaries beyond a threshold
- Regulations for currency exchange operators to prevent money laundering
Obligations
What this law requires
Payments of debts exceeding a threshold amount (to be specified by decree) must not be made in cash; they must be made by crossed check or bank/postal account transfer
Wages and salaries exceeding a monthly threshold (to be specified by decree) must be paid by crossed check or bank/postal account transfer, not in cash
Expenses of conceded services exceeding €450 must be paid by bank transfer
Currency exchange operators (changeurs manuels) must obtain prior authorization from the committee of credit institutions and investment enterprises before exercising their profession
Currency exchange operators must be registered in the commercial and company register and maintain either sufficient capital or a bond from a credit institution or insurance company at a minimum amount specified by ministerial decree