Anti-money laundering

Annex to ACPR guidelines

The ACPR has finalised and published the Annex on market transactions to its guidelines on KYC aspects. This is a significant development for market activities and AMAFI members. The aim of the measures is to capture the specific features of these activities in order to implement tailored due diligence measures, which are inherently different from those applicable to banking and retail services, and so improve the effectiveness of participants’ anti-money laundering/counter-terrorist financing (AML/CTF) systems.

The document, which takes into account the most recent comments made by the association, meets AMAFI’s key goals because it states, in a written ACPR policy, that:

• In the case of financial intermediation, no business relationship exists between an executing broker and the end customers of a referring intermediary, where the intermediary sends customer orders to the executing broker as part of an order reception-transmission service;
• In the case of financial instrument distribution, no business relationship exists between the manufacturer and the distributor’s end customer;
• In the event that dual Market Abuse and AML reports are made to France’s securities regulator, AMF, and the French financial intelligence unit, Tracfin, respectively, these reports may have the same content, but the money laundering risk profile of the affected customer need not be downgraded in every case.

Request for clarification

AMAFI sent to the appropriate French authorities (DGT, INPI, DGFIP and ACPR) a list of issues requiring clarification following transposition of the Fifth AML/CTF Directive and publication of the new cross-sector executive order on AML/CTF internal control.