Here is the rewritten article in markdown format:
Customer Due Diligence Requirements in French Polynesia
The European Union has implemented a series of anti-money laundering directives and regulations aimed at preventing the misuse of the financial system for money laundering and terrorist financing. These laws have been revised several times to mitigate risks related to these illegal activities.
Key Requirement: Customer Due Diligence (CDD)
One of the key requirements is that obliged entities, including insurance companies, must apply customer due diligence (CDD) when entering into a business relationship. This involves:
- Identifying and verifying the identity of clients
- Monitoring transactions
- Reporting suspicious transactions
Anti-Money Laundering Regulations in French Polynesia
In French Polynesia, the Monetary and Financial Code sets forth anti-money laundering regulations applicable to insurance companies. These regulations require insurers to comply with:
Vigilance Obligation
Before entering into a business relationship with a client or assisting them in preparing or executing a transaction, insurers must:
- Identify their customer
- Verify identification details on presentation of any written document of a conclusive nature
This applies to both occasional customers and beneficial owners.
Reporting Obligation
Insurers are required to report to the department mentioned in Article L. 561-23 sums entered in their books or transactions involving sums that they know, suspect, or have good reason to suspect originate from an offence punishable by a custodial sentence of more than one year or are linked to terrorist financing.
Asset Freeze
French Polynesia has implemented an asset freezing mechanism under Articles L. 562-1 and following of the Monetary and Financial Code. This allows for the freezing of assets suspected of being linked to money laundering or terrorist financing activities.
Conclusion
While French Polynesia does not share the same political and judicial institutions with France, several adaptations were made regarding local law references and institution names. The regulations in place aim to prevent the misuse of the financial system and protect the integrity of the insurance industry in French Polynesia.