10 lessons to learn from the ACPR's decision regarding Abeille Vie

The French regulator highlighted an extensive list of shortcomings in compliance by l'Abeille Vie. Fintechs should expect heightened oversight and compliance standards from regulators going forward.

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Lesson #1

Insufficient implementation of the KYC procedure at the operational level. Further, the KYC procedure did not provide for a frequency of  of KYC files operational level periodic review. 

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Lesson #2

KYC completeness and updates: information about the income or the client's profession had not been updated, had been updated insufficiently frequently, or were even completely absent

Lesson #3

Excessive delays alerts in processing  led to politically exposed persons (PEPs) being detected late (sometimes up to 5 months later)

Lesson #4

The politically exposed person (PEP) status of certain clients, acquired during the course of the business relationship, had not been detected

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Lesson #5

High risk customers - the company was unable to justify that the decision to establish or maintain the business relationship had been made by the executive body.