Financial Crime World

French Polynesia Steps Up Fight Against Money Laundering with Strict AML Guidelines

In an effort to combat money laundering and terrorist financing, French Polynesia has introduced stringent guidelines for financial institutions and businesses operating in the region. The Anti-Money Laundering (AML) regulations aim to ensure that all transactions are transparent and free from criminal activities.

The Financial Intelligence Unit (FIU)

The FIU, established by Tracfin, is responsible for coordinating between financial entities and regulators to gather information and identify suspicious transactions. In 2019, the FIU worked closely with compliance departments of key financial stakeholders to enhance their detection capabilities.

AML Framework Requirements

French Polynesia’s AML framework requires businesses to implement a comprehensive compliance program that encompasses all aspects of their operations. This includes:

  • Knowing and following regulations set by authorities
  • Complying with laws and ethical principles
  • Creating awareness among employees
  • Collaborating with clients who adhere to international norms
  • Building a culture of compliance within the organization

Solutions from MemberCheck

To help financial institutions comply with these guidelines, MemberCheck offers a range of solutions, including:

• Politically Exposed Person (PEP) and Sanction Check: Scans for high-risk individuals and checks names against sanction lists • Adverse Media Check: Verifies customer identities through media monitoring • Customer Identity Verification: Ensures accurate identification and verification of customers • AML Consulting Service: Provides expert guidance on AML compliance • Jurisdictional Risk Checks: Identifies potential risks associated with specific jurisdictions • Compliance as a Business: Offers a comprehensive compliance platform

These services enable businesses to:

  • Scan for high-risk individuals
  • Check names against sanction lists
  • Verify customer identities
  • Minimize false matches through sophisticated scan filters and due diligence workflow
  • Access easy reporting sections for auditing purposes

The Importance of AML Compliance

French Polynesia’s fight against money laundering is critical to France’s efforts to combat public-sector fraud and terrorist financing. With these strict guidelines in place, financial institutions and businesses operating in the region can ensure compliance and protect their reputation.

Get Started with MemberCheck

For more information on how MemberCheck can help with AML compliance in French Polynesia, please visit our website or request a demo to learn more about our solutions.