February 2021
The Order of January 6th, 2021 relating to the AML/CFT system and internal control and the freezing of assets came into force on March 1st, 2021.
This text - entirely dedicated to the fight against money laundering and terrorist financing - grants a real autonomy to the internal control system in terms of AML/CFT by disconnecting it from the Order of November 3rd, 2014.
One of the main changes is the integration of companies subject to the Solvency 2 regime into the AML/CFT internal control system. To achieve this, it repealed all the articles relating to LCB-FT in the Insurance Code, the Mutual Insurance Code and the Social Security Code, reinforcing the preponderance of the Monetary and Financial Code in this area, thus contributing to the blurring of the boundaries between the banking and insurance sectors in the implementation of LCB-FT provisions.
The majority of the provisions of the Order of January 6th, 2021 are devoted to strengthening governance requirements. In this context, it clarifies the role of the management body as well as the supervisory body of regulated companies. The latter must regularly review that the reporting entity or the parent undertaking has adopted and implemented the AML/CFT policy, systems and procedures, as well as corrective measures.
