Financial Crime World

French Polynesia Fights Against Anti-Money Laundering and Terrorist Financing with Tough Regulations

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In a bid to combat money laundering 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, has played a crucial role in this effort by developing stronger relationships with financial stakeholders and enhancing detection capabilities.

Improved Coordination and Detection

The FIU was restructured to improve coordination between financial entities and regulators, allowing for better monitoring of reporting activity. In 2019, Tracfin shared profiles with key financial stakeholders’ compliance departments, boosting their ability to detect suspicious transactions.

Strengthening AML Processes

Responding to Global Initiatives

French Polynesia’s AML processes have evolved over time in response to global initiatives. The FIU is responsible for gathering information on financial transactions that may involve tax evasion, money laundering, or other criminal activities.

Compliance Code and Best Practices

The country has also implemented a Compliance Code, which encourages entities to create and implement comprehensive compliance frameworks that cover all aspects of their operations with customers and regulators. This code emphasizes the importance of:

  • Knowing and following regulations
  • Complying with laws and ethical principles
  • Creating awareness among stakeholders
  • Collaborating with international partners
  • Building a culture of compliance

Partnering for Compliance

MemberCheck Solutions

MemberCheck, a leading provider of AML/CFT solutions, can help French Polynesian businesses comply with these regulations. The company offers a range of services, including:

  • PEP and Sanction Checks
  • Adverse Media Checks
  • Customer Identity Verification
  • AML Consulting Services
  • Jurisdictional Risk Checks

Benefits of Partnering with MemberCheck

With MemberCheck’s sophisticated scan filters and due diligence workflow, businesses can quickly and accurately identify high-risk individuals and entities, minimizing the risk of non-compliance. The company’s reporting tools also enable customers to:

  • Access customer details
  • Download reports
  • Demonstrate compliance with auditing purposes

Conclusion

French Polynesian businesses looking to strengthen their AML/CFT programs should consider partnering with MemberCheck to streamline their compliance processes. By leveraging MemberCheck’s expertise and solutions, businesses can ensure they are meeting the country’s tough regulations and minimizing the risk of non-compliance.