AML/CFT and KYC: complete client files, kept up to date.
Identify your clients, understand the business relationship, keep the information up to date for as long as it lasts: due diligence is mostly about getting the right documents at the right time, and being able to show it. Nestor organizes this collection; verification measures and your decisions remain those of your teams or your provider.
- Text
- French Monetary and Financial Code (Code monétaire et financier), articles L. 561-1 and following
- Upcoming
- Regulation (EU) 2024/1624, applicable from July 10, 2027
- Authorities
- ACPR, AMF, or the professional body, depending on the profession; Tracfin, the French financial intelligence unit, receives suspicious transaction reports
- Penalties
- Disciplinary and financial, imposed by each profession's supervisory authority
01Who is concerned
The professions listed in the Monetary and Financial Code.
Article L. 561-2 lists the obliged entities. The main ones:
Banking, payments, insurance
Credit, payment, and electronic money institutions, insurance undertakings and intermediaries.
Asset management and investment
Investment firms, asset management companies, financial investment advisors.
Legal and accounting
Notaries, judicial officers (commissaires de justice), chartered accountants, statutory auditors, and lawyers for certain activities.
Real estate and others
Real estate agents and property managers, but also gaming operators, art dealers, and crypto-asset service providers.
02What the text requires
What the law requires.
A risk-based approach: the higher the risk, the stronger the due diligence.
Assess the risks
Identify and assess the money laundering risks specific to your business, and adapt your measures accordingly.
Article L. 561-4-1Identify and verify
Identify the client and, where applicable, the beneficial owner, then verify this information before entering into the relationship.
Article L. 561-5Understand the business relationship
Collect information on the purpose and nature of the relationship.
Article L. 561-5-1Apply ongoing due diligence
Keep the information up to date throughout the relationship, and examine transactions in light of what you know about the client.
Article L. 561-6Apply enhanced due diligence
Additional measures in certain situations, in particular for politically exposed persons.
Article L. 561-10Keep records
Documents and information on clients and on due diligence measures, for five years after the end of the business relationship.
Article L. 561-12Report suspicions
Report to Tracfin any sums or transactions you suspect come from an offense.
Article L. 561-15
03Your document exchanges
Where your document exchanges slow you down.
Due diligence largely comes down to collection: obtaining, chasing, filing, finding.
- ID documents and proofs of address requested by email, from hundreds of clients at once.
- Documents that expire or arrive too old, and have to be requested again.
- Reminders tracked in a spreadsheet, client by client.
- An inspection that asks what was requested, received, and validated, and when.
04What Nestor brings
What Nestor brings.
Nestor collects and tracks documents. Due diligence measures and decisions remain those of your teams or your provider. Nestor helps you meet certain requirements: traceability, access control, hosting in France. Compliance remains your organization's responsibility.
- Your need
Collect at onboarding
Requests that specify the documents you expect and their format, and a form whose questions adapt: the source of funds is only asked of the clients concerned.
Learn more - Your need
Keep files up to date
An update campaign sends the same request to every client concerned, each in their own space, with reminders that stop once they have answered.
Learn more - Your need
Know where each client stands
The campaign dashboard: who opened, who answered, what remains to validate, client by client.
Learn more - Your need
Validate or request a document again
Validate each document, or send it back with the reason: the client knows exactly what to correct.
Learn more - Your need
Keep a trail
The activity log of each space and campaign: who uploaded, viewed, or validated what, and when. Exportable as CSV.
Learn more - Your need
Keep documents for the required time
Coming soonComing soon: compliance labels that apply your retention periods to the documents you collect.
Learn more
05Frequently asked questions
Frequently asked questions
Does Nestor verify my clients' identity?
No. Nestor collects, organizes and tracks the documents, and your teams check them. Identity verification under French anti-money laundering rules remains the work of your teams or your provider.
Does Nestor make me compliant with my AML/CFT obligations?
No. Nestor helps with collecting, updating, and tracing documents. Risk assessment, due diligence decisions, and reports remain your responsibility.
What changes in 2027?
The European Regulation (EU) 2024/1624 will apply directly from July 10, 2027, and will harmonize due diligence rules across the EU. A new European authority, AMLA, will directly supervise certain financial entities.
Sources and related pages
- French Monetary and Financial Code, articles L. 561-1 to L. 561-50, on Légifrance (in French)
- Regulation (EU) 2024/1624 on EUR-Lex
These pages are for information only and do not replace legal advice.
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