Autorité des Marchés Financiers (AMF)

What is the Autorité des Marchés Financiers?

AML supervision in France is increasingly focused on results rather than documentation. Recent inspections by the Autorité des Marchés Financiers (AMF) show that firms are no longer scrutinized only for missing AML policies. Supervisors now expect firms to demonstrate that customer due diligence, risk assessments, and ongoing monitoring work effectively in practice.

The Autorité des Marchés Financiers is France’s financial markets regulator responsible for supervising investment firms, asset managers, financial investment advisers, market infrastructures, listed companies, and crypto-asset service providers. Unlike the ACPR, which oversees banks and insurance companies, the AMF focuses on firms operating in the securities and investment markets.

As France enhances its AML framework and prepares for the EU’s new Anti-Money Laundering Regulation, companies supervised by the AMF are facing heightened expectations. They must demonstrate that their AML controls are not only risk-based but also well-documented and effective.

These expectations shape how the AMF assesses AML programs during supervisory inspections and enforcement actions.

What the Autorité des Marchés Financiers Expects From Regulated Firms

The AMF expects firms to apply a risk-based approach throughout the customer lifecycle. Firms should be able to demonstrate how customer risk ratings influence due diligence, ongoing monitoring, and escalation decisions. During inspections, supervisors look for evidence that customer due diligence supports the firm’s documented risk assessment rather than operating as a separate compliance exercise.

Businesses need to identify their beneficial owners, assess whether their customers or related parties are politically exposed persons (PEPs), and, when necessary, understand the sources of their funds. It’s also important to keep customer information up to date throughout the business relationship.

When firms identify suspicious transactions or activity that may involve money laundering or terrorist financing, they must submit suspicious transaction reports (STRs) to TRACFIN, France’s financial intelligence unit. Poor-quality or delayed reporting remains a recurring issue identified during supervisory reviews.

Where Autorité des Marchés Financiers Inspections Find Failures

Recent AMF inspections continue to identify weaknesses in AML governance. Many firms maintain documented AML procedures that are not tailored to their actual business activities, making them ineffective during day-to-day operations.

Risk assessments frequently emerge as an ongoing concern. Inspection reports indicate that while companies often create enterprise risk maps, they typically do not link these assessments with customer due diligence, enhanced monitoring, or escalation procedures.

The AMF has also identified weaknesses in oversight of outsourced onboarding providers, distributors, and delegated KYC functions. Firms remain responsible for AML compliance even when customer due diligence activities are outsourced.

Inspectors also continue to identify weaknesses in processes for verifying beneficial ownership, PEP screening, documenting sources of funds, reporting suspicious transactions, employee training, and internal controls.

Recent enforcement actions demonstrate that the AMF is adopting a more active approach to AML program effectiveness than to written AML policies. In September 2025, Eternam was slapped with a €400,000 fine by the Enforcement Committee for failing to implement its AML procedures in practice and an inadequate risk assessment framework.

Financial penalties were also imposed on M Capital Partners and its directors under another enforcement action after the inspectors found that the firm lacked measures to comply with customer due diligence and AML governance requirements.

What Changed for Crypto Firms Under MiCA?

The transitional period bridging the DASP regime under the PACTE law and the EU Markets in Crypto-Assets Regulation ended on 1 July 2026. The previous national registration regime has ended. Any company providing crypto-asset services in France must now obtain MiCA authorization as a Crypto-Asset Service Provider (CASP). Those who continue to operate without this authorization risk facing up to two years in prison and a fine of €30,000, as outlined in Articles L. 54-10-4 and L. 572-23 of the Monetary and Financial Code. The AMF can also blacklist unauthorized providers publicly.

MiCA also establishes more comprehensive governance, consumer protection, and operating conditions for CASPs. While AML obligations remain predominantly based on EU AML regulations and French laws, many crypto companies are stepping up to blockchain monitoring, wallet screening, and evaluating a counterparty risk. This proactive approach facilitates them to mirror the changing expectations of supervisory authorities.

How AMLA Changes AML Supervision for AMF-Regulated Firms

AMLA published a series of technical standards and guidelines in 2026 to support the implementation of the EU’s new AML framework. The Anti-Money Laundering Regulation applies directly across all member states from 10 July 2027, with penalties of up to €10 million or 10% of annual group turnover for serious breaches. Direct AMLA supervision of up to 40 high-risk cross-border institutions begins in 2028.

Most French firms will continue to interact with the AMF as their primary supervisor. However, the AML Regulation introduces a more harmonized rulebook across the European Union, reducing differences between national AML frameworks while allowing national supervisors to continue enforcing compliance.

How AML Watcher Supports Autorité des Marchés Financiers Compliance?

Many of the weaknesses identified during AMF inspections stem from incomplete customer data, outdated screening results, and ineffective ongoing monitoring. When risk information is inaccurate, firms struggle to demonstrate that customer due diligence reflects actual exposure.

AML Watcher is designed to support financial institutions in accurate customer screening, beneficial ownership verification, sanctions screening and monitoring throughout the customer lifecycle. These features enable companies to show that their AML controls are effective and continue to meet evolving regulatory requirements.

Request a demo to see how AML Watcher can strengthen AML compliance under the AMF’s supervisory framework.