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French Polynesia Cracks Down on Digital Currency Anti-Money Laundering Laws
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As part of its efforts to combat money laundering, public-sector fraud, and terrorist financing, French Polynesia has strengthened its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The country’s Financial Intelligence Unit (FIU), Tracfin, plays a crucial role in developing stronger relationships with financial stakeholders and monitoring reporting activity.
Enhancing Detection Capabilities
In 2019, Tracfin worked on creating profiles to share with compliance departments of key financial stakeholders, enhancing detection capabilities. These profiles help identify high-risk individuals and transactions that may involve tax evasion, money laundering, or other criminal activities.
Strengthening Compliance Frameworks
The Compliance Code in French Polynesia emphasizes the importance of creating and implementing a comprehensive compliance framework that covers all aspects of operations with customers and regulators. The code focuses on:
- Knowing and following regulations set by authorities
- Complying with laws, regulations, and ethical principles
- Providing training to stakeholders
- Collaborating with clients who adhere to international AML and CFT norms
- Building a culture of compliance among personnel
- Exercising a duty of vigilance
Solutions for Businesses
To help businesses comply with these regulations, MemberCheck offers a range of solutions, including:
Politically Exposed Person (PEP) and Sanction Check
A secure and simple scanning solution that checks against sanction, regulatory, law enforcement, and official lists.
Adverse Media Check
A comprehensive screening service that identifies potential risks associated with media coverage.
Customer Identity Verification
A robust identity verification process to ensure customer accuracy.
AML Consulting Service
Expert guidance on AML compliance and risk assessment.
Jurisdictional Risk Checks
A thorough risk assessment service to identify high-risk jurisdictions.
Compliance as a Business
A comprehensive compliance solution that includes all of the above services.
These solutions provide businesses with secure and simple scanning for high-risk individuals, reducing false matches and minimizing time spent on due diligence.
Benefits for French Businesses
By using MemberCheck’s sophisticated scan filters and due diligence workflow, French businesses can:
- Minimize time spent on false matches
- Access customer details whenever and wherever required
- Download reports for further investigation or evidence of AML program compliance for auditing purposes
For more information on how MemberCheck can help your business comply with French Polynesia’s digital currency anti-money laundering laws, request a demo today.