A report of suspicion must be made before a transaction is carried out, to enable Tracfin* to exercise its right of opposition. This report must also be made without delay in the event of suspicion arising after the transaction has been carried out.
*Tracfin is an intelligence service under the authority of the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty. It contributes to the development of a healthy economy by combating clandestine financial circuits, money laundering and the financing of terrorism.
Professionals must therefore refrain from carrying out any transaction they suspect may be linked to money laundering or terrorist financing. There is no legal threshold for reporting suspicious transactions. Tracfin must be informed without delay of any new element that may invalidate, confirm or modify the content of the report. Professionals are required to keep all documents collected as part of their vigilance for a period of 5 years.
Without a powerful detection and filtering tool AML-CFT , it is virtually impossible to comply with reporting obligations, which in the event of non-diligence can result in heavy fines and criminal liability for the manager!
Measures can be implemented and monitored using our follow-up system. Depending on the due diligence carried out, APScan displays a list of actions to be taken. You can check off the action as it is taken. You now have all the information you need to analyze and make your mandatory declarations to TRACFIN.