acpr - amf forum fintech – paris, 19 october 2022 speech by francois villeroy de galhau, governor of the banque de france chairman of the acpr press contact : mark deen ( mark. deen @ banque - france. fr ) and deborah guedj ( deborah. guedj @ banque - france. fr ) page 1 of 5 dear minister, ladies and gentlemen, i am very happy to be with you again for this third edition of the fintech forum, organised jointly by the acpr and amf : i would like to extend my warm thanks to minister jean - noel barrot for being here today, and my friendly greetings to benoit de juvigny. following on from last year ’ s success, this year ’ s event has again been organised as part of the " french fintech week ", in association with france fintech [ a fintech industry body ] and swave [ the first french start - up accelerator dedicated to financial services ]. this year i would like to welcome you all to the magnificent salle gaveau, a historical concert hall where i hope you will today hear a harmonious performance : the concordant voices of institutions and public authorities expressing their commitment to supporting our fintech ecosystem – a fertile source of innovation that is essential for the french economy. we want to help the fintechs become a lasting and integral part of our financial landscape ( i ). we will continue to work hard to keep pace with the digital transformations under way – especially in crypto - assets ( ii ). * * * i. fintechs, major vectors of digital innovation, are becoming lastingly implanted in the financial landscape 1. fintechs, leading players in the digital revolution the digital revolution has ushered in a new wave of players, activities and services that first swept into the payments sector, and then spread gradually to all financial services. some of you, the fintechs, are living proof of this : more than half of all payment and electronic money institutions received their licence between 2018 and 2021, in other words since european regulations relaxed the conditions for market entry. i fintechs are here to stay : to give just one example, according to an acpr study published in july, ii online banks and other 100 % digital payment players doubled their customer base between 2018 and 2020, and in 2020 alone captured 35 % of new retail current accounts. the rise in interest rates should help them on the

the affected individual lawyer or the associated firm but the legal fraternity as a whole. it is on this note that i urge the lawyers to always conduct yourselves in a manner that upholds the public trust and confidence in the legal profession. it is our hope that lawyers will err on the side of caution in interpreting their compulsory reporting obligations under the amla. based on the outcome of the national risk assessment in 2017 on dnfbp sectors, in particular, the legal sector has been assessed as medium high and medium level for net money laundering ( ml ) and terrorism financing ( tf ) risk, respectively. the rating is predominantly driven by the inherent higher risk services provided by lawyers which are vulnerable to abuses for ml related activities, for example, the use of client account, conveyancing and provision of nominee services, which are further aggravated by the marginal level of aml / cft control measures generally implemented by the legal fraternity. consequently, the recent two years have seen the intensification of our outreach to the legal fraternity, in particular and to dnfbp sectors, in general, with the mix of on - site examinations, awareness and engagement sessions, off - site data and information submission activities. while we have observed positive and progressive improvements by the dnfbp sectors, overall aml / cft compliance, however, remains relatively inadequate, mainly attributed to the lack of awareness and understanding of aml / cft obligations and risks. bank negara malaysia has, increasingly over the years, taken more stringent enforcement actions on reporting institutions for non - compliances with aml / cft requirements. while the focus so far has been on financial institutions, bank negara malaysia will continue to pursue enforcement actions against all reporting institutions, where warranted. in this regard, it is of utmost importance for the dnfbp sectors to understand the vulnerabilities of its sector to ml and tf risks that its products or services may be exploited by criminals to advance ml and tf related crimes, and be vigilant in protecting themselves from being abused or inadvertently facilitating ml or tf activities. in this manner, the dnfbps in general and legal professionals in particular, are in a position to detect irregularities in the transactions and discharge their obligation in submission of suspicious transaction reports to bank negara malaysia, in a timely manner. so, how can we mitigate the risk of inadvertently facilitating ml and tf activities? apart from 2 / 3 bis central bankers