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French Polynesia: Best Practices for Capital Movement Control and Terrorism Financing Prevention in Banks
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The fight against money laundering and terrorism financing is a crucial issue for France and its international partners. In 2019, Tracfin implemented profiles to share information with the compliance departments of major French financial actors, strengthening their detection capabilities.
AML/CFT Regulations in French Polynesia
French Polynesia’s anti-money laundering and combating the financing of terrorism (AML/CFT) regulations have evolved over time in response to international initiatives. The Financial Intelligence Unit (FIU) was created to meet these needs and is responsible for coordinating between financial entities and regulators to collect information and identify potentially suspicious transactions linked to money laundering or terrorism financing.
Code of Compliance in French Polynesia
In French Polynesia, companies are encouraged to create and implement a global compliance framework that encompasses all aspects of their operations with clients and regulators. Compliance is essential for all market participants, focusing on:
- Knowing and respecting regulations established by authorities and understanding what it means to act in compliance.
- Respecting laws, regulations, and ethical principles.
- Creating awareness and providing training to all stakeholders on how to avoid non-compliance risks and damage to their brand image.
- Collaborating with clients and partners who respect international anti-money laundering and anti-terrorism financing standards.
- Building a culture of compliance within personnel and ensuring that they exercise vigilance.
How MemberCheck Can Help
Our clients benefit from a simple and secure solution for scanning politically exposed persons or high-risk individuals, as well as verifying names against sanctions lists, regulations, police records, and other official sources. We offer sophisticated search filters and a reasonable diligence workflow to minimize the time spent filtering false matches. The scan results and report sections allow access to client details anywhere, as well as downloading reports for customization for further investigation or providing proof of your AML compliance program.
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Note: This page is intended to provide general information only and should not be considered the sole source of information for your AML obligations. Please consult your local regulatory authority’s website for the most up-to-date and accurate information.*