Money laundering prevention
As a listed company, head of the Crédit Agricole S.A. Group and central body of the Crédit Agricole Group, Crédit Agricole S.A. is subject to European and French legislation and regulations on the prevention of money laundering and terrorist financing and on the enforcement of embargos.
Crédit Agricole S.A. has established Group policies which require the implementation of an anti-money laundering and terrorist financing system, mainly including:
- Know your customer rules to identify and obtain information about customers or their beneficial owners.
- Rules for identifying, documenting and analysing transactions made by customers in order to detect any sums or transactions that may constitute money laundering or terrorist financing activities.
- Rules for reporting suspicious transactions to the relevant Financial Intelligence Unit (Tracfin in France).
- Rules for archiving, training and internal control.
These policies apply to all Crédit Agricole Group entities, except where the applicable local legislation imposes stricter rules or does not permit or is incompatible with these policies.
Crédit Agricole S.A. is subject to supervision by the Commission Bancaire and the Autorité des Marchés Financiers, which, as regulators, ensure that it complies with regulations.
U.S. Patriot Act :
The Crédit Agricole Group meets the requirements of the Patriot Act
regulations issued by the US Treasury, which apply to any foreign bank
that maintains a correspondent account with a US financial institution.
Foreign Account Tax Compliance Act
On March 18, 2010, the U.S. government passed new tax rules (the Foreign Account Tax Compliance Act or FATCA) that compel non-U.S. financial institutions and other entities to document and disclose information about their U.S. account holders to the U.S. Internal Revenue Service or face a potential 30 percent withholding tax on certain U.S. source income that they receive for their own account and the accounts of their clients. As noted in the Credit Agricole Group’s 2011 Annual Report, the Credit Agricole Group is conducting a transversal FATCA implementation project to ensure compliance with applicable FATCA obligations within allotted timeframes.