Tracfin

(Traitement du renseignement et action contre les circuits financiers clandestins)

Tracfin (Traitement du renseignement et action contre les circuits financiers clandestins) is the French financial intelligence unit (FIU) that was created in 1990. It is responsible for receiving, processing, analysing, and disseminating information related to money laundering and terrorism financing activities.

In France, estate agents have an important role to play in the prevention of money laundering and terrorism financing. They are considered as "professionals subject to anti-money laundering obligations" and are required to implement specific measures to identify and verify the identity of their clients, assess the risk of money laundering or terrorism financing, and report suspicious transactions to Tracfin.

These include (but are not limited to):

– Proof of Identity

– Proof of address

– Proof of ownership

– Fiscal information

– Company statutes (if applicable)

Estate agents are also required to keep records of their clients and their transactions, and to provide training to their employees on the risks of money laundering and terrorism financing.

Failure to comply with these obligations can result in significant penalties, including fines and imprisonment. Therefore, estate agents in France have a crucial role to play in ensuring the integrity of the real estate sector and preventing the misuse of real estate transactions for illicit activities.

For more & official information (in french) : https://www.economie.gouv.fr/tracfin