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Head North! Start out, start up business in SWEDEN2020/02/14
Financial Security system
The Crédit Agricole Group attaches considerable importance to preventing money laundering, combating terrorism financing and complying with international sanctions (asset freezing and embargoes).
The Group Compliance Department, and more specifically its Financial Security unit, is responsible across the Group for:
- implementing measures aimed at preventing money laundering and terrorism financing;
- ensuring compliance with international sanctions.
By updating its procedures and tools, the Crédit Agricole Group has taken into account the new requirements pertaining to the transposition into national law of the EU Directive of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “4th AML Directive”).
We have also enhanced our system to improve the quality of the know-your-customer (KYC) data that we collect, both at the beginning of and throughout the business relationship (ongoing supervision), and extend the supervisory measures already in place. Customer identification checks are now a first filter at the beginning of any relationship. This relies on knowledge of our customers and beneficial owners, supported by research conducted using databases or special lists. We carry out suitable and risk-appropriate oversight throughout the relationship. Group employees are assisted in this by software for profiling customers and detecting unusual transactions.
Combating terrorism financing and complying with international sanctions means we need to continually cross-check customer files against sanction lists and international transaction monitoring.
Based on risk assessment and regulatory changes, we are continually strengthening our overall AML/CFT and international sanction compliance system.
Below is a link to the Wolfsberg questionnaire pertaining to the system that has been implemented at the Crédit Agricole Group:
U.S. Patriot Act 2019
The Crédit Agricole Group complies with the provisions of the US Treasury’s Patriot Act, which applies to all non-US banks that have a correspondent account with a US financial institution.
A copy of this certification is available below. This document can be used by any financial institution.
Transmission of tax data
FATCA: a regulation impacting Crédit Agricole SA Group and its customers
The Foreign Account Tax Compliance Act (FATCA) is a US law whose objective is to combat tax evasion by US taxpayers. The Internal Revenue Service (IRS), the US tax authority, has set up a framework to collect on a yearly basis from non-US financial institutions information relating to foreign income and assets held by US taxpayers outside the United States.
Crédit Agricole S.A. has registered on the IRS website and appears in the list published on 2 June 2014. Crédit Agricole S.A.'s GIIN is: CEQ4EV.00000.LE.250 and that of its London branch is: CEQ4EV.00000.BR.826
Starting 1 July 2014, financial institutions such as banks, life insurance companies, asset management companies, custodians, etc. will have to put in place procedures to identify their US clients. During the year 2015, the financial institutions will start reporting to the US tax authorities, directly or by way of their local authority, the identity and the tax identification number of their US clients as well as their accounts’ balance as of 31/12/2014. Additional information on income, then on the gross proceeds resulting from the sale of securities, will be added progressively to the reporting the following years.
In order to facilitate the implementation of FATCA a large number of countries, including France, have negotiated intergovernmental agreements with the USA. Those countries will need to transpose into their national law the tax reporting requirements of FATCA.
External corporate communication on the automatic exchange of information
In 2014, as part of efforts to combat tax evasion, the OECD drew up a new standard on the automatic exchange of information between national governments. Around 60 countries, including France, have committed to exchange information as of 2017 in accordance with this new standard, with around 30 more starting in 2018. On 9 December 2014, the European Union's Economic and Financial Affairs Council adopted the revised directive on administrative cooperation transposing into EU law the OECD's standard on the automatic exchange of information.
The standard requires financial institutions (banks, custodians, life insurance companies, etc.) established in signatory countries to identify those account holders who are resident for tax purposes in countries with which an exchange agreement has been signed, and to transmit information about them (contact details, account balances, earnings, gross income from the sale of securities, etc.) to their tax authority. This authority will then forward the data to the relevant administrations.
Effective implementation of this exchange requires countries to enter into bilateral/multilateral agreements and the standard to be transposed into national laws.
The Crédit Agricole Group has a presence in around 50 countries that have signed up to the automatic exchange of information. As such, the Crédit Agricole Group's financial institutions must obtain the tax residences of account holders as of 1 January 2016.