The Bank of France released a report by the chair of the Consultative Committee for the Financial Sector (CCSF), submitted to France’s Minister for the Economy, on how customers of financial institutions perceive anti-money laundering and counter-terrorist financing (AML/CFT) regulatory obligations. The report sets out 16 proposals aimed at improving understanding and acceptability of AML/CFT requirements without reducing the level of vigilance, against the backdrop of expected strengthening linked to anti-narcotics efforts and the EU anti-money laundering package, with key texts due to apply in 2027. The report notes that AML/CFT customer due diligence and transaction monitoring are legal obligations intended to address risks estimated at up to EUR 1,870bn globally and EUR 210bn in Europe. It finds customer reception is hard to quantify due to limited indicators and a lack of large-scale complaints, but identifies recurring sources of misunderstanding, including frequent or duplicative information requests, differences in expectations between institutions and customer types driven by risk-based approaches, and insufficiently clear communication. Certain groups are described as particularly affected, including professionals, humanitarian associations, some politically exposed persons (PEPs), and French citizens living abroad. The 16 proposals are organised around five axes: better tracking and handling of AML/CFT-related dissatisfaction, simplifying the collection and updating of know-your-customer data (including encouraging use of the Legal Entity Identifier and exploring a secure platform for updated KYC data), strengthening training and customer-facing communication, clarifying expectations for obliged entities, and anticipating how digital identity developments such as the France Identité app could affect identification and access to banking services. The release also notes that, as the report was commissioned by the minister, its analyses and proposals do not commit CCSF members.
Bank of France 2025-05-06
Bank of France publishes CCSF report proposing 16 measures to improve customer understanding of AML CFT obligations
The Bank of France released a report on customer perceptions of AML/CFT regulations, proposing 16 measures to improve understanding and acceptance. It emphasizes better communication, simplified know-your-customer processes, and digital identity use, noting challenges like frequent information requests and varying expectations, impacting professionals, humanitarian groups, politically exposed persons, and French citizens abroad.