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French Polynesia Tackles Financial Crime with Strengthened AML/CFT Procedures
In a bid to combat money laundering, public-sector fraud, and terrorist financing, French Polynesia has strengthened its financial crime investigation procedures. The country’s Financial Intelligence Unit (FIU) plays a crucial role in this effort, working closely with financial stakeholders to detect and prevent illicit activities.
The Role of the FIU
The FIU was restructured in 2019 to enhance its monitoring capabilities and share intelligence with compliance departments of key financial institutions. This move has significantly improved the detection of suspicious transactions and profiles related to money laundering and terrorist financing.
Compliance Code: The Bedrock of Financial Stability
In French Polynesia, compliance is a top priority for entities operating in the financial sector. The Compliance Code emphasizes the importance of creating and implementing a comprehensive framework that covers all aspects of operations, including customer relationships and regulatory requirements. This code focuses on four key areas:
- Knowing and following regulations set by authorities
- Compliance with laws, regulations, and ethical principles
- Creating awareness and training among stakeholders to avoid non-compliance risks
- Collaborating with clients and partners who adhere to international anti-money laundering and anti-terrorist financing norms
MemberCheck: A Trusted Solution for Financial Institutions
To support financial institutions in their fight against financial crime, MemberCheck offers a range of solutions, including:
- PEP and Sanction Checks
- Adverse Media Checks
- Customer Identity Verification
- Jurisdictional Risk Checks
Our accredited consultants also provide expert AML consulting services to help businesses assess the risk of money laundering and terrorism financing.
How MemberCheck Can Help
By leveraging our sophisticated scan filters and due diligence workflow, financial institutions can minimize the time spent on false matches and ensure accurate results. Our reporting sections enable easy access to customer details and allow for customized reporting for auditing purposes.
A Call to Action
French Polynesia’s strengthened AML/CFT procedures demonstrate its commitment to preventing financial crime and maintaining a stable financial system. Financial institutions operating in the country can benefit from MemberCheck’s expertise and solutions, which are designed to help them comply with regulatory requirements while minimizing risk. To learn more about our services, request a demo today!