French Monetary and Financial Code
In forceI. - By way of derogation from Article L. 561-18 and unless the department mentioned in Article L. 561-23 objects, the persons mentioned in 1° to 7° bis and 7° quater of Article L. 561-2, as well as their subsidiaries and branches, shall inform each other of the existence and content of the declaration provided for in Article L. 561-15 when the following conditions are met:
a) The information is exchanged only between persons in the same group who are subject to the reporting obligation laid down in Article L. 561-15 ;
b) The information disclosed is necessary for the exercise, within the group, of vigilance in the fight against money laundering and terrorist financing and will be used exclusively for this purpose;
c) The information is disclosed to a person or institution established in the European Union or the European Economic Area or in a third country provided that the group entity established in this third country applies the measures provided for in this chapter in accordance with Article L. 561-33 or equivalent measures;
d) The processing of the information referred to in a to c guarantees an adequate level of protection of the privacy and fundamental rights and freedoms of individuals in accordance with Articles 122 and 123 of Act no. 78-17 of 6 January 1978.
II. - By way of derogation from Article L. 561-18 and unless the department mentioned in Article L. 561-23 objects, the persons mentioned in 12°, 12° bis and 13° of Article L. 561-2, who belong to the same network or professional practice structure, shall inform each other within the network or professional practice structure of the existence and content of the declaration provided for in Article L. 561-15 when the following conditions are met:
a) The information is exchanged only between persons in the same network or professional practice structure who are subject to the reporting obligation laid down in Article L. 561-15 ;
b) The information disclosed is necessary for the exercise, within the network or professional practice structure, of due diligence in the fight against money laundering and terrorist financing and will be used exclusively for this purpose;
c) The information is disclosed to a person or establishment located in France or in another Member State of the European Union, in a State party to the European Economic Area or in a third country imposing equivalent obligations in terms of the fight against money laundering and terrorist financing;
d) The processing of information carried out in the country referred to in c) guarantees an adequate level of protection of the privacy and fundamental rights and freedoms of individuals in accordance with Articles 122 and 123 of Act no. 78-17 of 6 January 1978.
III.By way of derogation from Article L. 561-18 and unless the department mentioned in Article L. 561-23 objects, the parent undertakings of the groups mentioned in I of Article L. 561-33 shall have access to information relating to the existence and content of the declarations provided for in Article L. 561-15 made by the entities of the group, when the following conditions are met:
a) The parent undertakings are established in a Member State of the European Union or in a State party to the Agreement on the European Economic Area or in a third country imposing equivalent obligations in terms of the fight against money laundering and terrorist financing;
b) This information is necessary for the implementation of the obligations provided for in Article L. 561-33 or equivalent obligations provided for by local regulations and will be used exclusively for this purpose;
c) The processing of information carried out in this country guarantees a sufficient level of protection of privacy and of the fundamental rights and freedoms of individuals in accordance with Articles 122 and 123 of Law No. 78-17 of 6 January 1978.
A decree in the Council of State shall specify the terms and conditions for the application of this article.
