French Monetary and Financial Code
In forceFor the application of II of Article L. 561-10-3, the persons mentioned in 1° to 1°c and 5° to 6°a of Article L. 561-2 shall implement the following specific due diligence measures, the intensity of which shall vary according to a risk-based approach:
1° They shall collect sufficient information on the contracting institution to know the nature of its activities and to assess, on the basis of publicly available and usable information, its reputation and the quality of the supervision to which it is subject, including any disciplinary or judicial sanctions or other administrative police measures imposed on it, as well as any corrective measures implemented. ;
2° They assess the anti-money laundering and terrorist financing measures put in place by the co-contracting institution;
3° They shall ensure that the decision to enter into a business relationship with the co-contracting institution is taken by a member of the executive body or any person authorised for this purpose by the executive body;
4° They shall provide, in the correspondent relationship or financial instrument distribution agreement, for the respective responsibilities of each institution, the procedures for transmitting information at the request of the reporting institution and the procedures for monitoring compliance with the agreement;
5° They shall ensure, where they host correspondent accounts, that the co-contracting credit institution has verified the identity of customers with direct access to these correspondent accounts and that it has implemented due diligence measures with regard to these customers in accordance with those provided for in Articles L. 561-5 to L. 561-6. They shall also ensure that the contracting institution can, at their request, provide them with relevant data concerning these due diligence measures.
