channel that the financial monitoring and tracking body "Tracfin
" would be
When we suspect a client of money laundering, in one of the five operations listed by the directive, the text obliges us to pass on to TRACFIN
- the financial information unit of the Ministry of the Economy, Finance and Industry in France - information previously gained about him (for example, his identity, information regarding the planned subject and nature of the business relationship).
TracFin, France's financial intelligence unit (FIU), has hired new officers, updated its investigative methods, and modernized its information systems, making compliance with the KYC rules easier for covered entities.
TracFin staff has benefitted from additional training, and further improvements are planned.
On November 23, 2015, the Finance Minister said TracFin would be authorized to track suspects' financial activity in real time.
COSI, the Systematic Communication of Funds Transfer Information, is a system created to improve financial information available to TracFin from designated professionals and institutions.
TracFin has hired new officers, updated its investigative methods, and modernized its information systems, making compliance with the KYC rules easier for covered entities.
The same law distinguishes between traditional reporting of suspicious transactions and systematic communication of information (COSI) to TracFin. Effective November 1, 2013, COSI applies to transfers of cash payments or transfers via electronic payments.
has hired new officers, updated its investigative methods, modernized its information system, and made more data available to the public online.
TRACFIN has an information-sharing agreement with the U.S.
TRACFIN may exchange information with foreign counterparts that observe similar rules regarding reciprocity and confidentiality of information.
is responsible for analyzing suspicious transaction reports (STRs) filed by French financial institutions and nonfinancial professions.