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AML/CFT and Cybersecurity Laws in France

In: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

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  • Felix I. Lessambo

    (Fordham University)

Abstract

France has a robust and sophisticated framework to fight money laundering and terrorist financing that is effective in many respects, notably in law enforcement, confiscation areas, and international cooperation but needs to do more in areas such as the supervision of professionals involved in the activities of legal persons and the real estate sector. Nonetheless, France needs to improve its anti-money laundering and counter financing of terrorism (AML/CFT) performance around designated non-financial businesses and professions (DNFBPs). Existing provisions adopted under the EU Data Protection Directive were still maintained in the amended French Data Protection Act. The French Prudential Supervision and Resolution Authority (ACPR) is responsible for AML/CFT supervision of banks, including institutions that are part of the large financial groups subject to prudential supervision of the European Central Bank (ECB).

Suggested Citation

  • Felix I. Lessambo, 2023. "AML/CFT and Cybersecurity Laws in France," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, chapter 0, pages 99-106, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-23484-2_8
    DOI: 10.1007/978-3-031-23484-2_8
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