Financial Crime World

French Polynesia Cracks Down on Financial Crime with Strict Banking Regulations

In its ongoing efforts to combat financial crime, French Polynesia has strengthened its anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The country’s Financial Intelligence Unit (FIU), Tracfin, has played a crucial role in developing these measures, working closely with key financial stakeholders to enhance detection capabilities.

Strengthening Regulations

The FIU was established to coordinate between financial entities and regulators, gathering information on financial transactions that may involve tax evasion, money laundering or other criminal activities. This move reflects the country’s commitment to meeting global AML/CFT standards.

In French Polynesia, financial institutions are encouraged to implement comprehensive compliance frameworks that cover all aspects of their operations with customers and regulators. The Compliance Code emphasizes the importance of:

  • Knowing and following regulations
  • Adhering to laws and ethical principles
  • Creating awareness among stakeholders on avoiding non-compliance risks

Supporting Financial Institutions

To support its financial institutions, MemberCheck offers a range of solutions to help them comply with AML/CFT regulations. These include:

  • PEP and Sanction Check: checks against Politically Exposed Persons (PEPs) and sanctions lists
  • Adverse Media Check: searches for negative news articles about individuals or companies
  • Customer Identity Verification: verifies customer identity through various means, including document authentication
  • AML Consulting Service: provides expert advice on AML/CFT regulations and compliance
  • Jurisdictional Risk Checks: assesses the risk of doing business in a particular jurisdiction
  • Compliance as a Business: offers ongoing compliance support and monitoring

Enhancing Detection Capabilities

MemberCheck’s sophisticated scan filters and due diligence workflow enable clients to minimize the time spent on false matches, while scan results and reporting sections provide easy access to customer details and downloadable reports for auditing purposes.

Conclusion

French Polynesia’s strict banking regulations demonstrate its commitment to fighting financial crime. By working closely with regulators and implementing robust compliance measures, the country’s financial institutions can effectively prevent money laundering and terrorist financing activities.