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AML/CTF Best Practices for Banks in French Polynesia

October 2023, French Polynesia - The Financial Action Task Force (FATF) has recently updated its standards on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), with significant implications for banks operating in French Polynesia.

Strengthening International Cooperation

According to experts, these updates aim to strengthen international cooperation and information sharing among financial institutions, regulatory bodies, and law enforcement agencies. The revised guidelines also introduce new definitions and clarifications on key concepts such as:

• Virtual Assets: A new term that encompasses cryptocurrencies and other digital currencies.
• Designated Categories of Offences: Clarification on the types of crimes that are subject to targeted financial sanctions.

Risk-Based Approaches

The FATF has emphasized the importance of risk-based approaches in AML/CTF compliance, urging banks to:

• Assess potential breaches or evasion of targeted financial sanctions related to proliferation financing.
• Mitigate these risks through robust due diligence and monitoring processes.

Domestic Cooperation and Coordination

The revised standards also place a greater emphasis on domestic cooperation and coordination among regulatory bodies, as well as the sharing of information within financial groups. This is expected to enhance the effectiveness of AML/CTF measures in French Polynesia and contribute to the global fight against money laundering and terrorist financing.

Compliance Obligations

Banks operating in French Polynesia are advised to:

• Familiarize themselves with these updated standards.
• Ensure compliance with the revised guidelines by the given deadlines.

By complying with these best practices, banks can help prevent financial crimes and maintain a strong reputation in the industry.