By Charlotte GAUCHON
20 March 2025
Banking secrecy, often perceived as a pillar of the relationship between a bank and its customer, is not in fact an impenetrable fortress. Although it protects the confidentiality of financial information, French law provides for numerous situations in which this secrecy must give way to the demands of the authorities. Understanding these exceptions to secrecy is essential, particularly in the context of the fight against money laundering and the financing of terrorism, where bankers' obligations of vigilance come under particular scrutiny. TRACFIN and banks' reporting obligations Banks play a central role in detecting and preventing illicit financial flows. They are subject to strict due diligence obligations, particularly with regard to TRACFIN (Traitement du Renseignement et Action contre les Circuits Financiers clandestins). A demanding legislative framework for the fight against money laundering French legislation, largely influenced by successive European directives (including the...
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