Tag Archives: LPA Law

ILN Today Post

Newsletter Banking and Finance law – June 2012

1. Anti-money laundering and anti-terrorism financing

ACP guidelines on the concepts of business relationship and occasional customer

On April 2012, the French prudential supervisory authority (the “ACP”) published guidelines related to the distinction between business relationship or regular customer on the one hand and occasional customer on the other hand.

Under French law, the customer due diligence process in place within financial institutions must be adapted depending on whether the customer is a regular or an occasional customer. The unawareness of such distinction can lead to the implementation of inappropriate due diligence measures and therefore in a lack of detection of anomalies. Failing to make this distinction can lead to inappropriate due diligence measures and result in the inability to detect anomalies. More…

Read full article