French Monetary and Financial Code
In forceI. - Before entering into a business relationship with their customer or assisting them in preparing or carrying out a transaction, the persons mentioned in Article L. 561-2 :
1° Identify their customer and, where applicable, the beneficial owner within the meaning of Article L. 561-2-2;
2° Verify these identification details on presentation of any documentary evidence.
II. - They shall identify and verify the identity of their occasional customers and, where applicable, their beneficial owners, under the same conditions as those set out in I., when they suspect that a transaction could be involved in money laundering or terrorist financing or when the transactions are of a certain nature or exceed a certain amount.
III. - When the customer subscribes or joins a life insurance or capitalisation contract, the persons concerned shall also identify and verify the identity of the beneficiaries of these contracts and, where applicable, the beneficial owners of these beneficiaries.
IV. - By way of derogation from I, when the risk of money laundering or terrorist financing appears low and this is necessary in order not to interrupt the normal conduct of business, the obligations mentioned in 2° of the said I may be fulfilled during the establishment of the business relationship.
V. - The conditions for application of this article shall be specified by decree in the Conseil d'Etat.
