The matter is referred to the Commission Nationale des Sanctions (National Sanctions Commission) in the event of breaches observed by customs services during inspections, and it imposes the sanctions provided for in the Monetary and Financial Code.
This is indeed a sensitive subject, but it is important for everyone to be aware of the risk to which they are exposing themselves by choosing to apply the anti-money laundering directives only partially, or not at all.
In accordance with Article L. 561-40 of the CMF, the Commission nationale des sanctions may impose three types of administrative sanction:
- a warning or reprimand ;
- a temporary ban on carrying on business, which may go as far as withdrawal of authorisation or of the professional card.
- financial penalties of up to five million euros.
In principle, the Commission's decision is public and nominative, and is published in a variety of media (newspapers, publications, etc.), the costs being borne by the persons penalised.
Lastly, the Commission imposes sanctions on managers in their personal capacity as well as on other employees, agents or persons acting on behalf of the accused party if their personal involvement in the breaches is proven.
In practical terms, the overwhelming majority of sanction decisions imposed by the CNS actually combine all types of sanctions: financial penalties, a ban on practising and publication of the name of the company AND its directors in a personal capacity.
In order to impose the appropriate type and/or amount of sanctions, the National Enforcement Committee takes several factors into account, including the seriousness and duration of the breaches, the degree of responsibility of the perpetrator and the damage suffered by third parties as a result of the breaches.
Now you know what you need to know, it's easy to comply!
