Tracfin: automate your compliance obligations with Formulr
Stay compliant with Tracfin without complexity. Formulr helps you structure your data collection workflows, secure your verifications, and centralize compliance evidence — all while providing a smooth experience for your clients.
What is Tracfin?
Tracfin (Intelligence Processing and Action Against Illicit Financial Networks) is the French financial intelligence unit responsible for combating money laundering and the financing of terrorism (AML/CFT).
Its role is to collect, analyze, and use information related to suspicious financial transactions in order to detect illegal financial circuits.
Its role is to collect, analyze, and use information related to suspicious financial transactions in order to detect illegal financial circuits.
Who is Tracfin for and who are the professionals concerned?
Approximately 50 professions are subject to Tracfin obligations. These obligations apply to the financial, legal, and real estate sectors, as well as to those exposed to cash flows or valuable goods.
These professionals must:
✔ Identify and verify the identity of their clients and beneficial owners.
✔ Analyze and understand the nature of the business relationship.
✔ Collect and retain supporting documents.
✔ Immediately report any suspicious transaction to Tracfin.
Affected professions:
✔ Financial sector (mandatory and strictly regulated)
✔ Legal and accounting professions
✔ Real estate sector
✔ High-risk sectors (cash, luxury goods, etc.)
✔ Other non-financial but sensitive professions
What are the key steps to remain compliant and how to manage them easily?
Identity and Business Relationship Verification
📌 Article: L.561-5 and L.561-6 of the Monetary and Financial Code
Requirement : Before any signature or transaction, you must verify the identity of your client and that of the beneficial owner if it is a company.
Requirement : Before any signature or transaction, you must verify the identity of your client and that of the beneficial owner if it is a company.
✔ How Formulr simplifies this step :
- Custom forms to request required documents (ID card, passport, Kbis, bylaws)
- Automatic detection of missing or incomplete documents
- Automatic matching between the entered name and the one shown on the document
- Status tracking of each document directly in the dashboard
- Custom forms to request required documents (ID card, passport, Kbis, bylaws)
- Automatic detection of missing or incomplete documents
- Automatic matching between the entered name and the one shown on the document
- Status tracking of each document directly in the dashboard
Proof of Source of Funds
📌 Article: R.561-5 and following
Requirement : Verify the origin of funds when the transaction exceeds a certain amount or appears unusual.
Requirement : Verify the origin of funds when the transaction exceeds a certain amount or appears unusual.
✔ What Formulr does :
– Dedicated block in forms to request a certificate or bank proof
– Automated extraction of amounts, dates, and account holders
– Alerts if discrepancies are detected between declared amounts and provided documents
– Dedicated block in forms to request a certificate or bank proof
– Automated extraction of amounts, dates, and account holders
– Alerts if discrepancies are detected between declared amounts and provided documents
Document Retention
📌 Article: L.561-12
Requirement : Retain all due diligence supporting documents for 5 years from the end of the business relationship.
Requirement : Retain all due diligence supporting documents for 5 years from the end of the business relationship.
✔ What Formulr does:
– Automatic and secure archiving of documents for 5 years
– Encrypted and timestamped data
– Automatic deletion at the legal deadline
– Full journal of actions and uploads
– Automatic and secure archiving of documents for 5 years
– Encrypted and timestamped data
– Automatic deletion at the legal deadline
– Full journal of actions and uploads
Suspicious Activity Reporting
📌 Article: L.561-15
Requirement : Report to Tracfin any suspicious operation or doubts about the authenticity of documents, without waiting for the outcome of the transaction.
Requirement : Report to Tracfin any suspicious operation or doubts about the authenticity of documents, without waiting for the outcome of the transaction.
✔ What Formulr does:
– Automatic detection of weak signals or inconsistencies
– Integrated risk scoring system
– Dedicated interface to flag a file as suspicious
– One-click full export of the file to support the report
– Automatic detection of weak signals or inconsistencies
– Integrated risk scoring system
– Dedicated interface to flag a file as suspicious
– One-click full export of the file to support the report
Responsiveness and Traceability
📌 Article: L.561-2 and related principles
Requirement : Be able to justify your due diligence at any time in the event of an audit.
Requirement : Be able to justify your due diligence at any time in the event of an audit.
✔ What Formulr does :
– Real-time dashboard showing file status
– Automatic reminders in case of a blockage
– Complete activity log
– Quick view of cases requiring action or reporting
– Real-time dashboard showing file status
– Automatic reminders in case of a blockage
– Complete activity log
– Quick view of cases requiring action or reporting
Signature or Validation of File Submission
📌 Article: L.561-12 & L.561-45
Recommendation : Prove that the client submitted their data knowingly and without alteration.
Recommendation : Prove that the client submitted their data knowingly and without alteration.
✔ What Formulr does:
– Final summary display for validation
– Checkbox for confirmation before submission
– Electronic signature or timestamped validation (depending on plan)
– Proof integrated into the case log
– Final summary display for validation
– Checkbox for confirmation before submission
– Electronic signature or timestamped validation (depending on plan)
– Proof integrated into the case log
Risks in Case of Non-Compliance
📌 Article: L.574-1
Consequences :
– Up to 5 years in prison and €375,000 fine
– Disciplinary sanctions (exclusion, suspension, etc.)
– Civil liability in case of damage caused
Consequences :
– Up to 5 years in prison and €375,000 fine
– Disciplinary sanctions (exclusion, suspension, etc.)
– Civil liability in case of damage caused
✔ What Formulr does:
– Centralization of regulatory processes
– Alerts for any omissions or anomalies
– Timestamped archiving with evidentiary value
– Support to help you meet your obligations
– Centralization of regulatory processes
– Alerts for any omissions or anomalies
– Timestamped archiving with evidentiary value
– Support to help you meet your obligations
Formulr, your compliance ally
Formulr is more than just a document collection tool.It’s a business solution designed to cover every Tracfin obligation, with a smooth interface, smart alerts, and traceable evidence in case of an audit.
👉 Need an audit of your current workflows or support with your Tracfin compliance?
👉 Need an audit of your current workflows or support with your Tracfin compliance?
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