Hello everyone, in this press review of banking, insurance, and finance for April 2025

• Fight against money laundering: ACPR and Tracfin update their guidelines
• Cyclone Garance: Compensation estimated at nearly 380 million euros by insurers
• The AMF updates its doctrine on management fees under mandate
• The Certificate of Responsible Influence in Finance incorporates the requirements of the MICA regulation
• Retirement savings lost in the event of death before the contract is settled: a resolution from the Insurance Mediator

Fight against money laundering: ACPR and Tracfin update their guidelines

April 23, 2025

The French Prudential Supervision and Resolution Authority (ACPR) and Tracfin have published an updated version of their joint guidelines relating to due diligence obligations on transactions and reporting obligations to Tracfin. This update takes into account recent regulatory developments (Order No. 2020-115 of February 1, 2020, Order of January 6, 2021, recommendations from the authorities), particularly with regard to automated transaction monitoring and the use of artificial intelligence.

The text specifies the authorities' expectations of financial institutions (including the banking and insurance sectors) in terms of detecting and analyzing atypical transactions, emphasizing the importance of a rigorous analysis based on a detailed understanding of the business relationship. While the use of an automated system is not a legal requirement, it is strongly recommended when the organization or activity justifies it. In this context, the guidelines emphasize the need for structured management, controlled configuration, and complete integration within the internal control system.

In Appendix 1, the guidelines provide a concrete illustration of the authorities' expectations through several typological cases taken from Tracfin's activity reports. One of these highlights a scenario of embezzlement by a local elected official, detailing the alert criteria and best practices to adopt, thus constituting an operational model that professionals are invited to incorporate into their internal systems.

This publication marks an important milestone in the harmonization of AML-CFT practices and reinforces the authorities' desire to strengthen the quality of suspicious transaction reports while taking into account new risks and developments in the financial sector.

Cyclone Garance: Compensation estimated at nearly 380 million euros according to insurers

April 14, 2025

Cyclone Garance, which struck Réunion Island at the end of February, became the island's most expensive weather event, with nearly €380 million in insured damages. Nearly 68,000 claims were recorded, a figure significantly higher than those of Cyclones Dina (2002) or Belal (2024).

Traveling with Emmanuel Macron to the Indian Ocean on April 21 and 22, Florence Lustman, President of France Assureurs, reaffirmed the sector's commitment to reconstruction. This heavy toll highlights the disparities in insurance coverage between overseas territories and mainland France.

The AMF updates its doctrine on management fees under mandate

April 22, 2025

Following the amendment of its general regulations prohibiting transaction fees in the context of discretionary management, the Financial Markets Authority (AMF) updated its policy on April 23 to clarify the conditions of application. This ban, motivated by the risks of conflicts of interest, will apply gradually: from January 1, 2027 for newly concluded mandates, then from January 1, 2028 for previous mandates, including those with tacit renewal.

The relevant doctrinal documents, in particular positions and recommendations DOC-2013-10 and DOC-2019-12, have been amended to incorporate this development and to increase transparency on fees charged to retail clients. The AMF details its expectations when portfolio management is combined with a custody account service, particularly in configurations where these services are provided by the same entity or by entities within the same group.

In these cases, the pricing must be rigorously justified to ensure that it is not artificially increased and does not introduce, in another form, the same biases as those linked to the movement commissions which are now prohibited.

The AMF is also providing a comparative version of its policy, highlighting the changes made, while reiterating that only the official version is authoritative. This update aims to provide professionals with a clear understanding of the new obligations and to strengthen investor protection.

The certificate of responsible influence in finance incorporates the requirements of the MiCA regulation

April 24, 2025

The Financial Markets Authority (AMF) and the Professional Advertising Regulatory Authority (ARPP) announce the update of the financial module of the responsible influence certificate , now adapted to the European regulation on crypto-asset markets (MiCA), which came into force at the end of 2024. This module, designed to professionalize influencers dealing with financial subjects, aims to regulate their communications and protect savers, at a time when investment-related content is increasing on the networks.

The revision incorporates new obligations for crypto-asset service providers, as well as recent developments in the "influencers" law, including the requirement to clearly display the commercial nature of publications. The educational program also raises awareness of the risks associated with atypical investments and trading, emphasizing the need to verify the accreditation of the entities promoted.

Accessible only to holders of the general certificate, the module specific to the financial sector requires a minimum score of 75% for validation. The AMF encourages influencers and financial stakeholders to engage in this transparency and compliance approach.

Retirement savings lost in the event of death before the contract is liquidated: A resolution from the Insurance Mediator

April 22, 2025

In a supplementary retirement insurance contract, if the insured does not opt for the death benefit during the phase of building up pension rights, the sums saved are in principle lost in the event of death before the rights are liquidated.

This is what happened in a case where an insured person, having waived this optional guarantee, died before liquidating his annuity rights. The insurer, although having provided an annuity simulation in 2019, did not draw the insured person's attention to the consequences of his choice, in particular the loss of the sums saved in the event of premature death.

The Ombudsman considered that the insurer had failed in its duty to advise and recommended that it pay the insured's estate half of the pension arrears he would have received between 2019 and 2023.

Very good week.