In accordance with the 10th principle of the Global Compact, the Group continued with its efforts in 2007 to improve financial security by taking measures to prevent corruption, money laundering and financing of terrorism.
The Group's approach is based on three core principles: due diligence when entering into a new client relationship, monitoring during the relationship and reporting any suspicions to TRACFIN.
When entering into a new client relationship, a formal KYC (Know Your Customer) file is created and documented. If the client or effective beneficiary is found to be a politically exposed person, the Financial Security department initiates additional investigations before agreeing to take on the client, primarily to check that the person is not involved in corruption.
Checks required concerning identification of the client when entering into any new client relationship constitute an initial filter for preventing money laundering and financing of terrorism. Any new relationships with clients in business sectors that are deemed sensitive - such as casinos and gambling, diamonds, gemstones and fine art - systematically require approval from the Financial Security department.
Monitoring during client relationships is based on employee vigilance and systems to detect and verify unusual activity. Employees are trained in and aware of measures to prevent money laundering and must look out for any anomalies. Within the framework of measures to combat corruption, politically exposed persons and clients in sensitive business sectors are subject to closer monitoring.
The main tools used at present are:
After verification, suspicious transactions are reported to the relevant authorities. In France, TRACFIN is the relevant authority that receives and deals with suspicious transaction reports. The Group made 2,824 reports to TRACFIN in 2007 compared with 2,632 in 2006.
Crédit Agricole S.A. is a member of Transparence International France, the leading civil-society organisation dedicated to combating corruption.
Fircosoft, the terrorist detection tool
In order to ensure a high level of financial security, the Group has implemented a tool to allow for real-time monitoring of all international payment flows, with the aim of blocking suspicious transactions as part of its efforts to combat terrorism and respect embargos. Fircosoft Message Filter monitors international financial transactions in real time and issues a warning as soon as it identifies a suspicious name or a country under embargo.
This tool is operated from platforms in Paris and London.*
For more information: