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Compliance Procedures for Banking in French Polynesia: Fighting Money Laundering and Terrorist Financing
The fight against money laundering and terrorist financing (AML/CFT) is a crucial issue for France, particularly through financial information that is essential to this battle. Tracfin, with its partners, has established a central pillar of this system. In 2019, Tracfin worked on profiles to share with the compliance services of major French financial actors, strengthening their detection capabilities.
Evolution of Anti-Money Laundering Procedures in French Polynesia
Anti-money laundering procedures in French Polynesia have evolved over time in response to global initiatives. A Financial Intelligence Unit (UFR) was established to meet these requirements, responsible for coordinating between financial entities and regulators to collect information and identify potential transactions linked to tax evasion, money laundering, or other criminal activities.
Compliance Code in French Polynesia
In French Polynesia, entities are encouraged to create and implement a comprehensive compliance framework that encompasses all aspects of their operations with clients and regulators. This includes:
- Knowledge and application of regulations established by authorities, as well as implications for acting in compliance. Regulations must be communicated clearly and simply.
- Compliance with laws, regulations, and ethical principles.
- Sensitization and training of all actors on how to avoid non-compliance risks and damage to their brand.
- Collaboration with clients and partners who respect international anti-money laundering and anti-terrorist financing standards.
- Building a culture of compliance within personnel and ensuring they exercise reasonable vigilance.
Anti-Money Laundering Strategy
The anti-money laundering strategy is a complement to the traditional approach to preventing crime.
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