France publishes 'Confidentiality of Suspicious Transaction Reports' on Oct 3, 2024
On October 3, 2024, France published a new document titled "Confidentiality of Suspicious Transaction Reports." This document provides guidance to professionals and entities on the obligations related to the confidentiality of suspicious transaction reports (STRs) submitted to TRACFIN, the French financial intelligence unit.
What are Suspicious Transaction Reports (STRs)?
STRs are reports filed by professionals and entities obligated under the French Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regime. These reports provide information on suspicious transactions that may be related to money laundering or terrorist financing.
Confidentiality of STRs
The new guidance emphasizes the importance of maintaining the confidentiality of STRs to:
- Protect the integrity of investigations
- Ensure the safety of individuals involved in reporting suspicious transactions
- Prevent retaliation against reporters
Obligations of Professionals and Entities
Professionals and entities obligated to file STRs are required to take all necessary measures to ensure the confidentiality of the reports, including:
- Limiting access to STRs to authorized personnel only
- Storing STRs securely
- Refraining from disclosing information contained in STRs to unauthorized persons
Penalties for Breach of Confidentiality
Breach of the confidentiality of STRs is a serious offense punishable by:
- Fines of up to €100,000
- Imprisonment for up to 5 years
Related Information
The new guidance complements existing AML/CFT regulations, including:
- The French Anti-Money Laundering Act (2013)
- The European Union's Anti-Money Laundering Directive (2018)
Professionals and entities are advised to familiarize themselves with the new guidance and implement appropriate measures to ensure the confidentiality of STRs. Failure to comply with confidentiality obligations can result in significant penalties and undermine the effectiveness of France's AML/CFT regime.
La confidentialité de la déclaration de soupçon
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Franceが2024-10-03 11:10に『La confidentialité de la déclaration de soupçon』を公開しました。このニュースを関連情報を含めて優しい文章で詳細な記事を書いてください。
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