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France: AMF and ACPR issue notice on crypto-asset ATM operators obligations, highlight AML rules compliance

The Financial Markets Authority ('AMF') and the French Prudential Supervision and Resolution Authority ('ACPR') issued, on 27 July 2020, a notice aiming to remind operators of ATMs which allow the purchase or sale of digital assets, such as Bitcoins, of their obligations. In particular, the AMF and ACPR highlighted that, among other things, such operators must register with the AMF, which entails setting up internal control procedures to ensure compliance with anti-money laundering and combatting the financing of terrorism ('AML/CFT') rules, as well as enabling the freezing of assets. In addition, the AMF and ACPR emphasised that any operator engaging in such activities without being registered is liable to a two-year prison sentence and a fine of €30,000.

You can read the press release here.