French Monetary and Financial Code
In forceThe persons referred to in Article L. 561-2 shall apply the due diligence measures intended to implement their obligations under this chapter on the basis of an assessment of the risks presented by their activities in terms of money laundering and terrorist financing.
To this end, they shall define and implement systems for identifying and assessing the money laundering and terrorist financing risks to which they are exposed, as well as a policy adapted to these risks. In particular, they shall draw up a classification of the risks in question according to the nature of the products or services offered, the transaction conditions proposed, the distribution channels used, the characteristics of the customers and the country or territory of origin or destination of the funds.
Where they belong to a group within the meaning of Article L. 561-33, and the parent undertaking of the group has its registered office in France, they shall set up a system for identifying and assessing the risks existing at group level and an appropriate policy, defined by the group.
To identify and assess the money laundering and terrorist financing risks to which they are exposed, the above-mentioned persons shall take into account factors inherent to customers, products, services, transactions and distribution channels, as well as geographical factors, specified by order of the Minister responsible for the economy, as well as the recommendations of the European Commission resulting from the report provided for in Article 6 and the risk factors mentioned in Annexes II and III of Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, as well as the risk analysis carried out at national level under conditions set by decree.
