AML / Financial Crime in France

Key dates

20 July 2026

- The AMF Enforcement Committee adopted the sanction decision against Uzès Gestion and two directors

23 July 2026

- The AMF published the enforcement committee news release summarising the decision

Suggested considerations

• Review the firm’s authorisation file, governance map, and executive-officer appointments to confirm that actual decision-making powers match the AMF-approved organisational structure.
• Update conflicts-of-interest procedures to capture conflicts arising from parent-company relationships, cross-directorships, and shared finance leadership roles.
• Test whether staffing levels and succession arrangements ensure continuity of human resources for control functions and key operational roles.
• Reassess remuneration arrangements for financial managers to verify consistency with the firm’s programme of activity, internal procedures, and regulatory requirements.
• Verify that all distributor retrocessions are fully disclosed to investors and that any claim of enhanced service is documented with evidence.

What changed

• - The AMF’s decision reinforces that asset managers must maintain continuous compliance with their authorisation conditions, but isolated overreach by a person not listed as an executive officer was...
• Firms must have procedures that identify and manage conflicts of interest, including conflicts arising from links with a parent company and from the overlapping functions of directors and financial...
• Asset managers must ensure continuity of human resources and align remuneration practices for financial managers with the applicable regulations, the approved programme of activity, and internal...
• Firms must disclose to investors management-fee retrocessions paid to distributors and must be able to justify any claimed enhancement of the service provided.
• Information provided to investors and prospects must be clear, accurate, and not misleading, including in marketing materials.

Key dates

01 January 2022

- Start of the period covered by the AMF’s AML/CFT and AEI inspections synthesis (inspections leading to follow‑up actions)

June 2024

- Creation of the European Anti‑Money Laundering and Countering the Financing of Terrorism Authority (AMLA), with a mandate over financial‑sector AML/CFT supervision and rulemaking

31 December 2025

- End of the review period for inspections and enforcement outcomes included in the synthesis

January 2026

- Transfer at EU level of AML/CFT mandates and functions to AMLA and start of its 2026‑2028 work programme, including completion of the Single Rulebook and supervisory convergence

09 February 2026

- AMLA launches public consultations on draft regulatory technical standards for AML/CFT supervision and data (RTS/ITS), foreshadowing future harmonised requirements

Suggested considerations

• Review and comprehensively update AML/CFT written policies and procedures to ensure they are complete, precise and clearly adapted to the firm’s specific activities, products, distribution channels and client profiles.
• Redesign AML/CFT risk mapping to be firm‑specific, cover all relevant money laundering and terrorist financing risks, and explicitly link identified risks to the intensity of customer due diligence and transaction monitoring measures applied.
• Implement a formalised framework for the oversight of delegates, distributors, service providers and other third parties performing KYC or onboarding tasks, including documented due diligence, contractual obligations, and periodic testing of their AML/CFT controls.
• Conduct a gap analysis of client and beneficial owner data collection, storage and updating processes to ensure full traceability of KYC information, including clear documentation of PEP identification and periodic review.
• Enhance due diligence procedures for investment and divestment operations involving fund assets, including documented risk assessments and escalation paths for unusual or higher‑risk transactions.

What changed

• - The AMF has formalised and publicly communicated its enforcement findings and expectations on AML/CFT and AEI, turning past inspection outcomes into forward‑looking supervisory benchmarks for 2026...
• AML/CFT frameworks must move from generic and incomplete documentation to precise, activity‑specific procedures that clearly reflect the firm’s business model, products, distribution channels and...
• AML/CFT risk mapping must be personalised, complete, and demonstrably linked to the level and type of customer due diligence and ongoing monitoring applied; purely theoretical or non‑operational risk...
• Firms must implement robust oversight and documented supervision of delegates, distributors, service providers and other third parties involved in KYC or onboarding, rather than relying on unverified...
• Client, beneficial owner and source‑of‑funds information must be systematically collected, stored, updated and traceable, including clear identification and ongoing review of politically exposed...

Key dates

1 January 2020

28 June 2023; Period of breaches investigated

1 April 2026

Date of AMF Enforcement Committee decision imposing fines and 5-year ban

Suggested considerations

• Immediate review: Audit marketing materials, website, and client communications for accurate authorization claims; cease any unapproved representations.
• Enhance procedures: Update conflict of interest policies to fully identify/mitigate risks from promoter ties; implement robust product governance collecting issuer details (e.g., asset managers, depositaries, marketing eligibility in France).
• Product due diligence: For all recommended securities/offers, verify French marketing authorization (e.g., AMF registration, prospectus, AIFMD passport); document high-risk features like loss exceeding contributions.
• AML/CFT strengthening: Ensure full compliance with due diligence and inspector cooperation; conduct gap analysis against AMF guidelines.
• Training and governance: Train directors/staff on personal liability; test procedures via internal audits.

What changed

• This is an enforcement decision, not a new regulation, but it reinforces existing AMF requirements under French financial advisor rules (e.g., derived from MiFID II and AIFMD implementations):
• Accurate representation: Advisors must not misrepresent authorization status or claim unapproved services like investment services provision.[Source URL:...
• Conflict of interest management: Procedures must identify and mitigate risks from commercial/ownership ties (e.g., to Vivat Multitalent group), beyond mere shareholding disclosures.
• Product governance: Collect and review product information to ensure investor protection; verify asset managers/depositaries for securities.
• Marketing limits: Prohibit advising prohibited securities (e.g., Multitalent AG bonds without French authorization) or high-risk offers like Guyane Agricole exceeding initial contributions.

Key dates

9 February 2026

- Consultations opened by AMLA on three draft RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]

9 March 2026

- Consultation closes on RTS for pecuniary sanctions/administrative measures

24 March 2026

- Online public hearing on CDD and business relationships RTS

8 May 2026

- Consultations close on CDD RTS and business relationships/linked transactions RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]

10 July 2026

- AMLA submits final draft RTS to European Commission for adoption

Suggested considerations

• Gap analysis and preparation: Assess current CDD/business identification/enforcement processes against drafts; identify changes for remote onboarding, PEPs, sectoral measures (e.g., asset manager Article 17 scenarios), and sanctions screening; set milestones for policy/system updates by July 2027.
• Engage hearings: Attend 24 March 2026 public hearing for CDD/business RTS.
• Monitor post-consultation: Track AMLA/EC adoption (expected Q1 2026 for some related RTS) and national implementations (e.g., CSSF data reporting).

What changed

• - CDD RTS: Builds on EBA's prior draft with AMLA refinements for legal clarity, proportionality, and risk adaptation; specifies information/sources for identity verification of natural persons/legal...
• Business Relationships/Occasional/Linked Transactions RTS: Defines criteria under AMLR Article 19(9) to harmonize identification, ensuring consistent EU-wide application beyond basic...
• Enforcement RTS (Pecuniary Sanctions/Administrative Measures): Under AMLD6 Article 53(10), standardizes supervisor assessment/categorization of breaches for proportionate, effective, dissuasive...

Key dates

August 2019

December 2023; - Period of breaches investigated

31 December 2025

- AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors

08 January 2026

- Public news release date for the decision

Suggested considerations

• Conduct immediate gap analysis of investment processes for operationality, traceability, and precision in allocation rules.
• Enhance AML/CFT systems: Update risk mapping, procedures, and due diligence on fund assets/liabilities; ensure systematic application.
• Review conflict of interest frameworks for identification, prevention, and management; document controls rigorously.
• Senior managers: Demonstrate personal oversight via governance records to mitigate attribution of firm breaches.
• Audit marketing materials, fee retrocessions, and valuation procedures (e.g., for real estate or experts) against AMF standards.

What changed

• This is an enforcement action, not a new regulation, but it reinforces existing AMF requirements under the French Monetary and Financial Code for asset managers to maintain operational procedures.
• Imprecise investment allocation processes lacking traceability, rendering systems non-operational.
• Failure to fulfill conflict of interest identification, prevention, and management obligations.
• Deficient AML/CFT systems with inadequate due diligence on fund assets/liabilities. These align with prior AMF expectations for "honest, fair, and professional" conduct with skill, care, and...

Key dates

10 December 2025 Deadline

- AMF Enforcement Committee decision date imposing fines; appeals possible (no specific deadline stated, but typically within 2 months to Conseil d’État)

Suggested considerations

• Review and enhance investment/divestment procedures: Ensure completeness, traceability of all compliance checks (e.g., alignment with fund policies), and formalized pre-allocation due diligence; test for operationality via internal audits.
• Document all processes rigorously: Maintain evidence of checks and due diligence to demonstrate skill, care, and diligence in line with authorization conditions.
• Conduct gap analysis against AMF expectations: Cross-reference with similar cases (e.g., operational procedures, AML/CFT); remediate deficiencies promptly.
• Senior manager training: Reinforce personal accountability for firm compliance; update governance frameworks.
• Appeal monitoring: If similarly positioned, prepare for potential appeals to Conseil d’État.

What changed

• This is an enforcement decision, not a new regulation, but it reinforces existing requirements under AMF professional obligations for asset managers (sociétés de gestion), including:
• Fully operational investment and divestment procedures that ensure traceability of compliance checks against fund policies and constraints.
• Formalized due diligence prior to allocating investment projects to funds. No explicit changes to rules; instead, it clarifies enforcement expectations for procedure completeness and documentation,...

Key dates

1 January 2019 to 30 June 2024

- Relevant period of breaches for Carat GP

5 November 2025

- AMF Enforcement Committee decision issued, imposing fines and bans

6 November 2025

- French version of press release published

Suggested considerations

• Audit documentation: Ensure all investment advice is fully documented and compliant; implement traceability for proposals.
• Strengthen governance: Deploy systems to detect/prevent conflicts, especially manager-led undocumented investments; enforce annual director training.
• Enhance AML/CFT: Prohibit personal receipt of client funds; conduct KYC and transaction monitoring.
• Improve inspection readiness: Train staff for diligent, honest cooperation with AMF; maintain secure archives.
• Senior manager reviews: Assess personal compliance liabilities; update senior managers regime policies.

What changed

• This is an enforcement action, not a regulatory change, but it clarifies and strengthens application of existing AMF rules for conseillers en investissements financiers (CIFs) under French...
• Mandatory compliant documentation (e.g., investment proposals).
• Obligation to act honestly, fairly, and professionally in clients' best interests, including systems to prevent managers exploiting positions for undocumented investments.
• AML/CFT compliance, including prohibitions on directors receiving client funds in personal accounts.
• Annual training for directors and diligent cooperation with AMF inspections.

Key dates

15 September 2025

- AMF Enforcement Committee decision issued, imposing fines on Altaroc Partners, Maurice Tchenio, and Patrick de Giovanni

16 September 2025

- French version of press release published

Post

15 September 2025 (exact date unspecified); - Appeal lodged by Altaroc Partners, Tchenio, and de Giovanni before the Conseil d’État against decision SAN-2025-09

Suggested considerations

• Audit procedures immediately: Review and document operational status of investment/divestment processes, ensuring traceability of lender checks, fund policy compliance, and AML/CFT due diligence on assets/liabilities.
• Enhance AML/CFT systems: Formalize risk mapping, procedures, and systematic investor/transaction due diligence; test for operational effectiveness.
• Validate marketing and fees: Audit fund materials for accuracy; gather evidence that fee retrocessions to distributors improve client services (e.g., via service level agreements or performance metrics).
• Senior manager training: Conduct gap analysis on personal accountability; update governance frameworks to mitigate attribution of firm breaches.
• Mock AMF inspections: Simulate Enforcement Committee reviews, focusing on procedure formalization, independent valuers (if applicable), and conflict systems.

What changed

• This is an enforcement action rather than new legislation, but it reinforces and clarifies existing professional obligations under AMF regulations for asset managers (sociétés de gestion),...
• Operational investment/divestment procedures: Must be fully implemented, with traceability of checks on lender authorizations and compliance with fund policies.
• AML/CFT due diligence: Systematic verification required on fund assets and liabilities; non-operational procedures or risk mapping constitute breaches.
• Marketing and fee retrocessions: Materials must be accurate; firms must prove retrocessions enhance client service quality.
• Senior manager accountability: Breaches attributable to responsible managers, emphasizing personal liability for oversight failures. No explicit regulatory changes, but the decision aligns with AMF's...

Key dates

9 September 2025

- AMF Enforcement Committee decision imposing €400,000 fine on Eternam for breaches

Suggested considerations

• Conduct immediate gap analysis of investment procedures, marketing materials, conflict of interest policies, valuation processes, external expert oversight, and AML/CFT systems to ensure they are operational, documented, and traceable.
• Verify investor disclosures on fee retrocessions are comprehensive and understandable; update marketing materials for AIFs and club deals accordingly.
• Formalize independent valuer roles and implement monitoring for external experts per activity programs.
• Enhance AML/CFT due diligence on fund assets/liabilities, including risk mapping and procedure testing.
• Senior managers: Document personal oversight of compliance; train on attribution of breaches.

What changed

• This is an enforcement decision, not a regulatory change introducing new rules; it enforces existing professional obligations under AMF jurisdiction for asset managers.
• Providing comprehensive, accurate, and understandable information to investors on fee retrocessions to distributors in AIF marketing.
• Implementing effective systems for preventing and managing conflicts of interest, particularly in joint investments like club deals classified as Other AIFs.
• Maintaining operational procedures for valuing real estate assets, including formalizing independent valuer work.
• Adhering to programs of activity for selecting, evaluating, overseeing, and periodically assessing external experts.

Key dates

March 6, 2025

EBA consultation launch; on draft RTS for AML/CFT standards (ongoing as of analysis)

January 1, 2026

EBA hands over AML/CFT mandates, tools (e.g., EuReCa database), and functions to AMLA; ; existing EBA guidelines remain until replaced

July 10, 2027 Deadline

New AMLD6/AMLR rules apply directly; , including CDD for new customers and start of phased compliance

2028

AMLA begins direct supervision; of selected high-risk entities

By July 2032 Deadline

Full CDD compliance; for existing customers (five-year transition from 2027)

Suggested considerations

• Participate in EBA consultation: Submit feedback on draft RTS via EBA channels, focusing on risk indicators, data frequency, and feasibility; AMF encourages French firms to act promptly.
• Conduct compliance gap analysis: Review current AML frameworks against proposed indicators (inherent risk, controls, residual risk); prioritize high-risk customers/products.
• Enhance systems: Invest in regtech for automated risk scoring, transaction monitoring, and data reporting to supervisors; update governance, policies, and CDD processes.
• Prepare for AMLA supervision: For cross-border firms, model group-wide risk profiles; develop remediation plans for breaches.
• Ongoing monitoring: Implement annual risk reviews and ad-hoc reassessments for business changes.

What changed

• The draft RTS propose harmonized methodologies for AML/CFT supervision, including:
• Risk Assessment of Obliged Entities (Article 40(2) AMLD6): A three-step process with indicators for inherent risk (customers, products/services, geography, distribution channels), control...
• Risk Assessment for Direct Supervision (Article 12(7) AMLAR): Two-stage selection for AMLA direct oversight of high-risk cross-border firms (operating in ≥6 Member States, meeting...
• CDD Updates: Risk-based approach for new customers from July 2027; five-year transition for existing customers, prioritizing high-risk.
• Pecuniary Sanctions RTS (Article 53(10) AMLD6): Structured classification of breaches, proportionate sanctions, and enforcement for serious/repeated/systematic infringements to ensure uniformity...

Suggested considerations

• Conduct gap analysis of operational procedures for investments/divestments, ensuring lender authorization checks (reference AMF Position-Recommendation DOC-2020-05 on portfolio management).
• Review AML/CTF due diligence frameworks for fund assets/liabilities, aligning with AMF Regulation 2016-01.
• Audit retrocession practices to distributors, documenting service quality enhancements (per AMF doctrine on inducements).
• Update marketing materials and advisory processes for compliance with honesty/fairness standards.
• Enhance senior manager attestations and training on personal liability under CMF L.621-15-1.

What changed

• This is an enforcement decision, not a regulatory change introducing new rules. It reinforces existing AMF requirements under professional obligations, including:
• Implementation of operational procedures for investment/divestment processes, such as verifying lender authorizations.
• Systematic anti-money laundering (AML) and counter-terrorism financing (CTF) due diligence on fund assets and liabilities.
• Justification of retrocessions (rebates) to distributors, proving enhanced client service quality.
• Honest, fair, and diligent business conduct with requisite skill and care, extending to marketing materials and advisory services. No new requirements; emphasis on enforcement of MiFID II-aligned...

Key dates

September 12, 2024

- AMF Enforcement Committee issued the decision

September 16, 2024

- Public announcement of sanctions

No specified deadline Deadline

- Appeal period remains open (appeals may be lodged against the decision)

Suggested considerations

• *Audit Existing Procedures: Review and document all procedures governing regulatory and marketing materials for alternative investment funds, ensuring they address risk disclosure accuracy and asset return reporting requirements.
• *Formalize Investment Selection Process: Document and implement investment selection procedures that demonstrate application of "high standard of diligence," including documented investment committee decisions, due diligence checklists, and approval workflows.
• *Enhance Conflict of Interest Controls: Map all potential conflicts in asset allocation decisions and implement specific controls (e.g., segregation of duties, documented approvals, independent review) for each identified conflict scenario.
• *Implement Comprehensive AML/CFT: Extend AML/CFT procedures to cover both fund-level investments and individual client subscriptions, with documented customer due diligence, beneficial ownership verification, and transaction monitoring.
• *Strengthen Internal Control Functions: Establish or enhance internal audit/compliance functions with documented monitoring controls covering investments, conflicts of interest, and AML/CFT, with regular reporting to management and governance bodies.

What changed

• The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations across existing obligations:
• Regulatory Documentation Standards: Asset managers must implement documented procedures governing the preparation of all regulatory and marketing materials for alternative investment funds, with...
• Investment Due Diligence Standards: A "high standard of diligence" is required when selecting investments, with formal investment procedures that must be consistently followed and documented.
• Conflict of Interest Management: Specific controls must address conflicts in asset allocation decisions, with documented decision-making processes that demonstrate conflict mitigation.
• AML/CFT Implementation: Anti-money laundering and combating the financing of terrorism procedures must be applied comprehensively to both fund-level investments and individual client subscriptions,...

Key dates

August 2019

December 2023; - Period of identified breaches (investment services, processes, AML/CFT deficiencies)

31 December 2025

- AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors

08 January 2026

- Public press release publication date

Suggested considerations

• Conduct gap analysis: Immediately review investment processes, allocation rules, and traceability against AMF standards; verify authorization of lending entities and service scopes.
• Enhance AML/CFT: Update procedures, risk mappings, and due diligence on fund assets/liabilities; ensure operational effectiveness with documented evidence.
• Strengthen governance: Implement robust conflicts of interest systems; formalize senior manager oversight with personal accountability training.
• Audit marketing/distribution: For tied agents or retrocessions, document service quality enhancements to clients.
• Senior manager certification: Directors must attest to compliance in annual reporting; prepare for AMF inspections by maintaining verifiable records.

What changed

• This is an enforcement action, not a new regulation, but it reinforces existing AMF requirements under French Monetary and Financial Code for asset managers:
• Operational procedures: Investment allocation processes must be precise, traceable, and fully operational; failure to verify compliance (e.g., loan authorizations) breaches honesty, fairness, and...
• Scope of services: Asset managers acting as tied agents cannot provide unauthorized services like placing financial instruments without firm commitment, circumventing permitted investment services.
• Conflicts of interest: Systems must effectively identify, prevent, and manage conflicts.
• AML/CFT due diligence: Procedures, risk mapping, and due diligence on fund assets/liabilities must be operational and systematic.

Key dates

June 2023

- AMF publishes initial Discussion Paper on DeFi regulatory challenges

July 2024

- AMF publishes summary of responses to DeFi Discussion Paper

December 30, 2024

- MiCA enters force for CASPs

June 30, 2026 Deadline

- End of MiCA transitional period for DASPs; full CASP licensing required

July 2027 Deadline

- EU AMLR ("single rulebook") comes into effect, standardizing crypto due diligence

Suggested considerations

• Monitor and engage: Participate in AMF's ongoing DeFi discussions and tokenization consultations for asset managers; no mandatory actions from this summary alone.
• MiCA compliance: DASPs must apply for CASP licenses or leverage exemptions (e.g., notify AMF with operational/AML details if regulated entities); ensure AML/CTF alignment with EBA/TFR "Travel Rule" extensions.
• Assess decentralization: DeFi protocols should evaluate if they qualify as "sufficiently decentralized" to evade DASP rules; traditional firms notify AMF before crypto services.
• Update policies: Incorporate AMF clarifications on DASP transitions (DOC-2019-23/24 updates) and prepare for 2026 priorities like DORA cybersecurity.

What changed

No immediate regulatory changes or new requirements are introduced; this is a non-binding summary of consultation feedback from July 2024, intended to inform future discussions rather than enact rules. It highlights stakeholder views on DeFi's challenges, such as decentralization's impact on traditional oversight, with the AMF planning continued ecosystem engagement to outline proportionate responses.

Key dates

August 2019

December 2023; - Period of breaches investigated, covering investment services, processes, conflicts, and AML/CFT failures

31 December 2025

- AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors

08 January 2026

- Public press release date

Suggested considerations

• Immediate gap analysis: Review investment procedures for precision, traceability, and operationality; verify authorization of lending entities and service scopes (e.g., no unauthorized placement services).
• Enhance AML/CFT: Implement operational risk mapping, systematic due diligence on fund assets/liabilities, and evidence of effectiveness.
• Conflicts framework: Formalize identification/prevention processes, especially in multi-role firms (asset manager + tied agent).
• Senior manager attestation: Document personal oversight; conduct training on attribution of breaches.
• Marketing/retrocessions: Ensure traceability and proof of client benefit (cross-reference with similar findings).

What changed

• This is an enforcement action, not a regulatory change, but it reinforces existing AMF requirements under French Monetary and Financial Code for asset managers:
• Operational procedures: Investment allocation processes must be precise, traceable, and compliant; failure to verify or document renders systems non-operational.
• Scope of services: Asset managers (and tied agents) cannot provide unauthorized services like placing financial instruments without firm commitment, circumventing licensed activities.
• Conflicts of interest: Robust identification, prevention, and management systems are mandatory.
• AML/CFT: Due diligence on fund assets/liabilities must be systematic and operational, with effective risk mapping and procedures.

Key dates

15 September 2025

- AMF Enforcement Committee decision issued, imposing fines on Altaroc Partners and managers

16 September 2025

- French version of press release published

Post

15 September 2025; - Appeal lodged by Altaroc Partners, Tchenio, and de Giovanni before the Conseil d’État against decision SAN-2025-09 (exact date not specified)

Suggested considerations

• Review and document operational procedures for fund investments/divestments, including lender authorization checks.
• Enhance AML/CFT systems with systematic due diligence on fund assets/liabilities and risk mapping.
• Audit fee retrocession arrangements to demonstrate tangible client service improvements (e.g., via evidence of enhanced distribution quality).
• Validate marketing materials for accuracy and completeness.
• Conduct senior manager attestations on compliance oversight; implement training on personal liability.

What changed

• This is an enforcement action, not a regulatory change; it reaffirms and clarifies existing obligations under French financial regulations for asset managers (sociétés de gestion de portefeuille).
• Implementing operational procedures for investment/divestment processes, including verification of lender authorizations.
• Conducting systematic AML/CFT due diligence on fund assets and liabilities.
• Proving that fee retrocessions to distributors enhance client service quality.
• Ensuring marketing materials are accurate and compliant. These align with ongoing AMF expectations for "honest, fair, professional" conduct with requisite skill, care, and diligence.

Key dates

30 December 2024

- MiCA mandatory licensing for CASPs; pre-registered PSANs enter 18-month transition

30 June 2026 Deadline

- End of PSAN transitional period; full MiCA authorization required, with AMF oversight on manipulation risks

Suggested considerations

• Enhance market abuse surveillance systems to detect coordinated trading, unusual volume spikes, and social media-driven hype in small-cap/illiquid assets.
• Implement staff training on recognizing pump-and-dump indicators, such as group chats luring investors with upside promises .
• Review client communications policies to block manipulative promotions; report suspicions under MAR Article L.634-1 procedures .
• For crypto firms, align with "enhanced" DASP registration and MiCA AML/CFT compliance to preempt manipulation sanctions .
• Conduct internal audits of trading patterns and escalate to AMF if risks identified.

What changed

This is an enforcement decision rather than new legislation, reinforcing existing prohibitions under Regulation (EU) No 596/2014 (MAR) against market manipulation, including pump-and-dump tactics like false information dissemination and artificial price inflation . No novel regulatory requirements are introduced, but it exemplifies AMF's collaboration with courts for criminal sanctions, potentially increasing deterrence through public naming and fines. Related AMF General Regulation updates effective 30/06/2026 integrate MAR references and strengthen reporting of failings .

Key dates

June 19, 2023

- AMF publishes initial discussion paper on DeFi regulatory issues

September 30, 2023 Deadline

- Deadline for stakeholder contributions to the discussion paper

July 10, 2024

- AMF publishes summary of responses to the discussion paper

Suggested considerations

• Submit feedback (past deadline): Stakeholders could contribute by September 30, 2023, to [email protected].
• Monitor developments: Track AMF/ACPR follow-ups, including smart contract certification discussions.
• Conduct internal assessments: Analyze DeFi exposures using IOSCO criteria—identify responsible persons, risks (operational, AML/CTF), interconnections with TradFi, and ensure disclosures/conflict management.
• Enhance compliance programs: Prepare for proportionate rules on governance, cybersecurity, solvency, transparency; align with "same risk, same regulation" for DeFi-like activities.
• Engage stakeholders: Participate in AMF ecosystem dialogues at French/EU/international levels.

What changed

• This is a discussion paper and consultation, not binding legislation, so no immediate regulatory changes or requirements are imposed. Key discussion points include:
• Defining DeFi based on decentralization criteria (e.g., automation, network architecture, governance, lack of single points of failure).
• Distinguishing permissioned vs. permissionless protocols and public vs. private blockchains.
• Regulatory approaches to smart contracts (e.g., certification, varying responsibilities), open-source code, and governance.
• Adopting IOSCO recommendations: identify responsible persons (developers, DAOs), enforce risk management, disclosures, conflict-of-interest mitigation, and applicable laws.

Key dates

August 2019

December 2023; - Period of breaches investigated

31 December 2025

- AMF Enforcement Committee decision date; fines imposed on M Capital Partners (€200,000), Rudy Secco (€70,000), and Stéphanie Minissier (€35,000)

Suggested considerations

• Review and enhance tied agent activities to ensure no unauthorized investment services like non-firm commitment placements; map against permitted services list.
• Audit investment allocation systems for precision, operationality, and traceability; implement verifiable verifications.
• Strengthen AML/CFT frameworks: ensure due diligence is adequate, systems are operational, and staff training is regular.
• Update conflicts of interest policies with clear identification, prevention, and management procedures.
• Conduct senior manager attestations on personal oversight; perform gap analysis against this and similar cases (e.g., Eres Gestion, Inter Gestion).

What changed

• This is an enforcement decision, not a new regulation, but it reinforces and clarifies existing requirements under French Monetary and Financial Code (e.g., Article L.
• Asset management companies (AMCs) acting as tied agents cannot provide placement of financial instruments without a firm commitment basis, as this exceeds the restrictive list of permitted investment...
• Investment allocation processes must be precise, operational, and traceable, with demonstrated compliance to investment procedures.
• Firms must maintain effective systems for conflicts of interest identification/prevention, AML/CFT (including adequate due diligence), and overall operational controls. These align with patterns in...

Key dates

August 2019

December 2023; - Period of breaches investigated

31 December 2025

- AMF Enforcement Committee decision date; fines imposed on M Capital Partners, Rudy Secco, and Stéphanie Minissier

Suggested considerations

• Audit dual roles: Review tied agent activities to ensure no unauthorized placement services; cease any circumvention of AMC service restrictions.
• Enhance investment processes: Implement precise, operational rules for fund investment allocation, with full traceability of due diligence and verifications.
• Strengthen controls: Update conflicts of interest frameworks, AML/CFT systems (including due diligence, training, and risk assessments), and compliance monitoring to ensure operational effectiveness.
• Director oversight: Responsible managers must demonstrate active supervision; conduct gap analyses attributing breaches to governance failures.
• Documentation: Maintain auditable records for all procedures; test systems for operationality via internal audits.

What changed

• This is an enforcement action, not a regulatory change introducing new rules. It reinforces existing obligations under French financial regulations (e.g., Monetary and Financial Code) for asset...
• Strict limits on services: AMCs cannot provide placement of financial instruments without a firm commitment basis, even as tied agents; doing so circumvents authorized investment services.
• Operational investment systems: Processes for allocating investments between funds must be precise, with full traceability of verifications.
• Conflicts of interest: Firms must identify, prevent, and manage conflicts effectively.
• AML/CFT: Systems must be fully operational, with adequate due diligence (e.g., client identification, PEP screening).

Key dates

August 2019

December 2023; - Period of breaches investigated, covering unauthorized services, investment process failures, conflicts, and AML/CFT deficiencies

31 December 2025

- AMF Enforcement Committee decision date; fines imposed on M Capital Partners, Rudy Secco, and Stéphanie Minissier

Suggested considerations

• Audit investment services scope to ensure no unauthorized placement activities, especially if acting as tied agents; cease and remediate any circumventions.
• Enhance investment allocation processes with precise rules, full traceability of verifications, and demonstrable operationality.
• Strengthen conflict-of-interest frameworks with identification, prevention, and management protocols, including documentation.
• Overhaul AML/CFT systems for effective due diligence on clients, assets, and risks; conduct staff training and test operationality.
• Review manager accountability: responsible managers should self-assess oversight of compliance functions.

What changed

• This is an enforcement decision, not a new regulation, but it reinforces existing AMF requirements under French Monetary and Financial Code (e.g., Article L. 214-24-1) for asset managers:
• Asset management companies (sociétés de gestion) are restricted to specific investment services; providing placement of financial instruments without firm commitment (as a tied agent) circumvents...
• Investment systems must be operational with precise allocation rules between funds; lack of traceability in verifications violates due diligence obligations.
• Firms must maintain effective conflict-of-interest identification, prevention, and management processes.
• AML/CFT systems require operational due diligence, including adequate client and asset verification; deficiencies here trigger sanctions. These align with prior AMF positions but clarify enforcement...

Key dates

21 December 2022

- Enforcement Committee decision date against Inocap Gestion

No specific implementation deadline stated Deadline

- The decision addresses historical breaches; however, firms should immediately remediate similar deficiencies

Suggested considerations

• assessments across these areas:
• *Liquidity Risk Management: Review procedures for adequacy and operational effectiveness; ensure they address fund-specific liquidity profiles and stress scenarios
• *Market Abuse Detection: Audit surveillance systems to confirm they specify participation conditions in market surveys and document consequences for violations
• *AML/CFT Compliance: Enhance risk mapping to capture money laundering typologies; strengthen client onboarding procedures to verify beneficial owners and screen for PEPs
• *Compliance Monitoring: Establish centralized processes for the compliance officer to aggregate and review market abuse information across all business lines

What changed

• The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations for existing obligations:
• Liquidity Risk Management: Asset managers must establish procedures that are both adequate in design and operational in practice, not merely documented
• Market Abuse Detection Systems: Surveillance systems must specify conditions for participation in market surveys and establish clear consequences for non-compliance
• AML/CFT Procedures: Risk mapping and client onboarding procedures must be sufficiently detailed to identify and assess money laundering risks, including beneficial owner identification and...
• Compliance Function: The compliance and internal control officer must actively centralize and monitor information on market abuse across the organization

Key dates

9 September 2025

- AMF Enforcement Committee decision fining Eternam €400,000 (similar case on marketing, club deals, conflicts, valuation, AML/CFT)

10 December 2025

- AMF Enforcement Committee decision fining Novaxia Investissement €400,000 and director €100,000 (investment processes, group providers, distributor fees, client categorization, AML/CFT)

31 December 2025

- AMF Enforcement Committee decision fining M Capital Partners €200,000 and directors €70,000/€35,000 (investment systems, conflicts, AML/CFT)

Suggested considerations

• Audit internal procedures: Immediately review investment/divestment, valuation, and allocation processes for operational status, completeness, traceability, and documentation of due diligence.
• Enhance conflict and transparency controls: Implement/test effective conflicts of interest policies for group providers/distributors; update investor disclosures on fees/retrocessions with clear justifications.
• Strengthen AML/CFT and client categorization: Validate risk mapping, procedures, and due diligence; ensure formalization of independent valuer work and external expert oversight.
• Senior manager accountability: Conduct gap analysis attributing responsibilities; train executives on personal liability risks.
• Mock AMF inspections: Simulate Enforcement Committee reviews, focusing on evidence of procedure adherence.

What changed

• This is an enforcement decision rather than new legislation, but it reinforces and clarifies existing regulatory requirements under AMF professional obligations for portfolio asset managers (sociétés...
• Investment/divestment processes must be fully operational, with traceability of compliance checks against fund policies and formalized due diligence before allocations.
• Effective conflicts of interest policies are mandatory when using group service providers, with comprehensive, accurate investor disclosures on related remuneration.
• Full transparency required on retrocessions of management fees to distributors, including justification of added value.
• Robust client categorization and AML/CFT systems, including operational procedures, risk mapping, and adequate due diligence on fund assets/liabilities. No explicit regulatory changes, but these...

Key dates

15 September 2025

- AMF Enforcement Committee decision issued, imposing fines on Altaroc Partners and managers

16 September 2025

- French version of press release published

Suggested considerations

• Implement and document operational procedures for all investment/divestment processes, including third-party authorization checks (e.g., lenders).
• Conduct and document systematic AML/CFT due diligence on fund assets/liabilities, ensuring risk mapping and procedures are operational.
• Substantiate retrocessions of fees to distributors with evidence of enhanced client services; otherwise, cease or disclose fully.
• Review and enhance fund marketing materials for accuracy, comprehensiveness, and non-misleading content.
• Senior managers: Demonstrate oversight of compliance functions; conduct gap analyses attributing breaches.

What changed

• This is an enforcement action, not a regulatory change introducing new rules; it enforces existing obligations under French financial regulations for asset management companies (sociétés de gestion...
• Absence of operational procedures for investment/divestment processes, failing to verify lender authorizations, breaching duties to act honestly, fairly, professionally, with skill, care, and...
• Inability to demonstrate that retrocessed management fees to distributors improved client services.
• Failure to systematically perform AML/CFT due diligence on fund assets and liabilities.
• Shortcomings in fund marketing materials, lacking clear, accurate information. These align with ongoing AMF expectations for robust internal systems, as seen in similar cases emphasizing operational...