Knowledge Base

What is the role of the TRACFIN correspondent under Article R.561-24 of the CMF?

Transmit suspicious transaction reports to TRACFIN

Receive acknowledgements and process right-of-communication requests

Conduct internal audits

Develop the risk map

What is the primary role of the AML/CFT framework officer under Article L.561-32 of the CMF?

Supervise operational deployment of the framework and develop the risk map

Conduct periodic reviews of the AML/CFT system

Ensure the transmission of suspicious transaction reports to TRACFIN

Verify that procedures comply with regulatory requirements

What is the primary role of internal audit in the AML/CFT framework?

Supervise operational deployment of the framework

Conduct periodic reviews and verify compliance with regulatory requirements

Ensure the transmission of suspicious transaction reports to TRACFIN

Develop the risk map

What is the first line of defence in the AML/CFT organisational structure?

Compliance and financial security functions

Internal audit

Operational teams in direct contact with clients

The AML/CFT framework officer

The TRACFIN reporting officer function can be outsourced in smaller organisations.

True

False

The TRACFIN reporting officer and TRACFIN correspondent roles can be performed by the same person in smaller organisations.

True

False

KYC process

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Categorize items by dragging them to the appropriate zones

Items to categorize:

Client identification

Transaction monitoring

Verification of official documents

Generation of alerts for atypical transactions

Categories:

KYC process

Ongoing monitoring