Knowledge Base
Report any suspicious transaction to the relevant authorities as required by law
Which is the French financial intelligence unit to which suspicious transactions must be reported?
In accordance with the AML/CFT due diligence framework, suspicious transactions must be reported to TRACFIN, the French financial intelligence unit. This reporting must be formal, structured, and confidential, as stipulated by Article L.561-15 of the Code monétaire et financier.
What level of authentication is required for TRACFIN correspondents on the ERMES platform?
The ERMES platform offers two levels of authentication: simple for occasional declarants and strong with an RGS certificate for regular declarants and TRACFIN correspondents. This strong level ensures secure access to the platform's advanced features.
What is the primary criterion for characterizing a suspicion in the context of suspicious transaction reporting?
A suspicion is defined as a doubt leading one to question the regularity or legality of a transaction. It results from the professional's intellectual analysis and not from automated processing. TRACFIN insists on the need to describe and analyze the facts in a substantiated manner to characterize a genuine suspicion.
What is the maximum volume allowed for supporting documents attached to a suspicious transaction report?
Supporting documents substantiate the analysis in the report. They are limited to fifteen documents for a total volume of thirty-nine megabytes. This ensures that the information transmitted remains manageable and relevant for TRACFIN.
The declarant benefits from criminal immunity for reports filed in good faith.
Under Article L.561-22 of the Code monétaire et financier, the declarant benefits from a fourfold protection when reports are filed in good faith: criminal, civil, and disciplinary immunity, as well as exclusion from liability for false accusation or complicity in money laundering. This encourages professionals to report without fear of retaliation.
Secure platform for suspicious transaction reports
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Suspicious transaction reports are transmitted via the secure ERMES platform, which has been mandatory since 2012. This platform allows for the entry and submission of reports, information communications, and consultation of the declaration history.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Declarant identification
Client identification
Description of transactions
Suspicion analysis
The elements of a suspicious transaction report must be classified into declarant identification (name, title), client identification (KYC information), description of transactions (nature, amounts), and suspicion analysis (unusual factors).
A suspicious transaction report may be filed after the transaction has been executed if the professional discovered its suspicious nature after the fact.
Under Article L.561-16 of the Code monétaire et financier, three exceptional situations permit a post-execution report: when it is impossible to defer execution, when a delay would jeopardize investigations, and when the suspicious nature is discovered after the transaction has been completed. In these cases, the professional must inform TRACFIN without delay.