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French Polynesia’s Financial Institutions Face Increasing Regulatory Obligations
In a bid to combat money laundering, public sector fraud, and terrorist financing, French Polynesia has strengthened its anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. As part of this effort, the country’s financial institutions are now required to implement robust compliance frameworks that meet international standards.
The Role of Tracfin in AML/CFT Efforts
Tracfin, France’s Financial Intelligence Unit, has been instrumental in developing a system to detect and prevent financial crimes. In 2019, Tracfin worked with its partners to enhance the detection capabilities of key financial stakeholders by sharing profiles and improving reporting activity.
Establishment of a Financial Intelligence Unit (FIU)
In response to global initiatives, French Polynesia established an FIU to coordinate between financial entities and regulators in gathering information and identifying suspicious transactions that may involve tax evasion, money laundering or other criminal activities.
The Compliance Code - A Framework for French Polynesian Financial Institutions
To foster a culture of compliance among its stakeholders, the French Polynesian government encourages financial institutions to create comprehensive compliance frameworks that encompass all aspects of their operations. This includes:
- Know Your Customer (KYC) and Know Your Business (KYB): Knowing and following regulations set by authorities
- Compliance with Laws and Regulations: Complying with laws, regulations, and ethical principles
- Training and Awareness: Providing training to stakeholders on avoiding non-compliance risks
- Collaboration with High-Risk Clients: Collaborating with clients who adhere to international AML/CFT norms
- Culture of Compliance: Building a culture of compliance among personnel
How MemberCheck Can Assist
MemberCheck offers a secure and simple solution for scanning politically exposed or high-risk individuals against global PEP and sanction data sources. Our sophisticated scan filters and due diligence workflow minimize the time spent on false matches, while our reporting sections allow for easy access to customer details and downloadable reports for auditing purposes.
Request a demo of MemberCheck’s AML/CFT solutions today and learn how we can help you meet your regulatory obligations in French Polynesia.