Regulations

ACPR (L'Autorité de Contrôle Prudentiel et de Résolution)

An administrative authority, a branch of the Bank of France, supervises the banking and insurance sectors in France. Its mission is to provide stability to the national financial system, security to the customers and other actors of the financial structure, as well as build a strong image of the French banking system. ACPR strongly reinforces the AML-TF regulations across financial institutions operating in France. This authority also has the right to execute disciplinary procedures against the organization who have breached the law.

For more information, consult: Qu'est-ce que l'ACPR ? (in French) or What's the ACPR? (In English)

AML-TF regulations

A set of standards with the main purpose of preventing the use of the financial system with the intention of money laundering and terrorist financing. These regulations aim to alleviate the disruptive effects of illegal economic activity and stimulate financial stability.

For more information, please consult: What are AML-TF regulations?

GDPR (European Union’s General Data Protection Regulation)

A privacy and security legal framework, that regulates collecting and processing of personal data of individuals in the EU and European Economic Area. It is aimed at reducing the risk of data breaches and criminals profiting off someone’s private information.

KYB (Know Your Business)

Similar to KYC, aims to verify if the business is compliant with the AML/CFT regulations.

KYC (Know Your Customer)

A process of doing a background check of the customer, to establish his compliance with laws and regulations. The aim of it is to avoid the possibility of fraud, money laundering, and financing terrorism. It is an obligatory procedure to be done before establishing the partnership between a business and an individual and systematically throughout the continuation of it.

ORIAS (L'Organisme pour le Registre unique des Intermédiaires en Assurance)

A non-profit association that registers intermediaries in insurance, counting the natural or legal persons authorized to carry out the activity of insurance intermediation in France.

Please consult this documentation for more information.

PCI DSS (The Payment Card Industry Data Security Standard)

A group of security standards was created for the companies that process, transfer, and store credit card information, to protect cardholder data. The standards apply to all merchants and payment service providers that process cardholder data.

PSD2 (Payment Services Directive 2)

An EU regulation for payment services that promote banking innovation, while preserving consumer security. It mainly focuses on providing third-parties access to user information with his prior consent and requiring all e-banking services to implement a multi-factor (at least two-factor) authentication for the payment transactions.

RTS (Regulatory Technical Standards)

A series of technical compliance regulations, created by the European Banking Authority, set standards for data security and legal accountability. This initiative allows end-users to access safer electronic payments, as well as aims to promote competition in the retail payment market.

SDD(SEPA Direct Debit) (Also known as European Direct Debit)

A payment scheme that is used for repeated payments within SEPA(Single Euro Payments Area), such as subscriptions and bill payments. It facilitates transaction management, as the communication occurs directly between the banks, and makes the refund process more convenient for the customers.

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Note

If you switch banks or operate with multiple banks, your dedicated ICS that has been created remains the same. banque de france

SDD(SEPA Direct Debit) Mandate

A document, signed by a payer and sent to the biller to give the biller the authority to collect payments from his bank account. The mandate is necessary to get payments with SDD payment scheme.