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Overview:

The French Prudential Supervisory and Resolution Authority (ACPR) requires financial institutions to comply with the LBC-FT (“Lutte Contre le Blanchiment des Capitaux et le Financement du Terrorisme”) regulation, specifically under the LBC-FT 2.3.0 taxonomy, effective from December 31, 2023.

Requirements:

Under LBC-FT 2.3.0, companies must adhere to the following key requirements:

  • Data Accuracy and Completeness:
    • Ensure all data related to anti-money laundering and counter-terrorism financing is accurate and complete.
    • Include detailed breakdowns of transactions and compliance measures.
  • Standardized Reporting Format:
    • Utilize the XBRL (eXtensible Business Reporting Language) format for all submissions.
    • Follow the specific taxonomy defined by ACPR to ensure consistency and comparability.
  • Timely Submission:
    • Adhere to the reporting deadlines established by ACPR.
    • Implement automated processes to ensure timely data collection and submission.
  • Data Validation:
    • Employ robust validation mechanisms to detect and correct errors before submission.
    • Use tools that provide real-time validation feedback
  • Audit Trail:
    • Maintain a comprehensive audit trail of all data submissions.
    • Ensure transparency and accountability through detailed record-keeping.

For further details on the LBC-FT 2.3.0 taxonomy, visit https://esurfi-banque.banque-france.fr/current/lcb-ft-v2303

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Our Arevio solution fully supports XBRL reporting for ACPR LBC-FT 2.3.0 requirements and encompasses the generation of the reporting in the required XBRL format as well as validation mechanisms ensuring accuracy and completeness before submission.

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