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Book V - Market infrastructures
Title VI bis - Provisions applicable to central depositaries of financial instruments and to settlement and delivery systems for financial instruments approved under regulation (EU) no. 909/2014 (29/10/2018)
Chapter unique - Central depositaries and financial instrument payment and delivery systems
Section 5 - Anti-money laundering
Article 560-10 bis from 29/10/2018 to 10/09/2019

Article 560-10 bis into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/560-10/20181029/notes

The person responsible for implementing the anti-money laundering and terrorist financing system designated in Article 560-4a shall be a member of the management, who may delegate some or all of the implementation to one of the depositary's employees under the following conditions:

a) The empowered person must have the necessary authority, resources and skills, and access to all relevant information;

b) The empowered person must not be involved in the execution of the services and activities under supervision.

The manager shall remain responsible for the delegated activities.

Where appropriate, such a person shall also be appointed at the level of the group defined in Article L. 561-33 of the Monetary and Financial Code.

The central depositaries shall:

  1. Ensure that the reporting party and correspondent referred to in Articles R. 561-23 and R. 561-24 of the Monetary and Financial Code have access to all the information they need to perform their duties. They shall provide them with the appropriate tools and resources to comply with their obligations relating to the prevention of money laundering and terrorist financing.

    The above-mentioned reporting party and correspondent shall also be informed of:

    a) Incidents relating to the prevention of money laundering and terrorist financing that are brought to light by internal control systems;

    b) Shortcomings found by domestic or foreign supervisory authorities in the implementation of provisions relating to the prevention of money laundering and terrorist financing;

  2. Define and implement systems for identifying and assessing money laundering and terrorism financing risks to which they are exposed as well as an appropriate policy for dealing with those risks.

    For this purpose, they shall consider the information published by the international body for cooperation and coordination in the prevention of money laundering, the recommendations of the European Commission, the national risk analysis and the orders issued by the Minister for the Economy;

  3. Where necessary, determine a profile of usual transactions in financial securities on a member's account(s) that can be used to detect unusual transactions specific to such accounts with regard to the risks of money laundering and terrorist financing;

  4. Draft and implement written procedures to ensure compliance with the provisions relating to the prevention of money laundering and terrorist financing. These procedures shall focus on risk supervision, implementation of vigilance measures relating to members, record-keeping, detection of unusual or suspicious transactions in financial securities and compliance with the reporting obligation vis-à-vis the national financial intelligence unit. They shall update the procedures periodically;

  5. Implement supervisory procedures for due diligence relating to the risk of money laundering and terrorist financing;

  6. If the central depositaries of financial securities belong to a financial group, a mixed group or a financial conglomerate, they shall implement a system for identifying and assessing the risks at group level as well as an appropriate policy. They shall also establish procedures for circulating the information needed to organise the prevention of money laundering and terrorist financing within the group as stipulated in Article L. 561-32 of the Monetary and Financial Code, while ensuring that this information is not used for any other purpose than the prevention of money laundering and terrorist financing;

  7. Consider the risks relating to the prevention of money laundering and terrorist financing, when recruiting employees, in accordance with employees' level of responsibility.

  8. At the time of hiring, and periodically thereafter, provide their staff with information on and training in the applicable regulations and amendments, current money-laundering techniques, prevention and detection measures, and the procedures established. They shall be adapted to the functions performed, members, locations and risk classification.