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French Polynesia Steps Up Anti-Money Laundering Efforts
In a bid to combat financial crime, French Polynesia has implemented stringent due diligence procedures for financial institutions. As part of its efforts, the country’s Financial Intelligence Unit (FIU) has been restructured to improve collaboration with regulatory bodies and enhance detection capabilities.
AML/CFT Regulations in French Polynesia
Financial information plays a critical role in France’s fight against money laundering, public-sector fraud, and terrorist financing. Tracfin, a key partner of the FIU, has developed a robust system to combat financial crime. In 2019, Tracfin worked on profiles to share with compliance departments of major financial stakeholders, enhancing their detection capabilities.
Key Components of AML/CFT Regulations
- Knowing and adhering to regulations set by authorities
- Maintaining awareness and providing training on risk avoidance and brand protection
- Collaborating with clients and partners who adhere to international anti-money laundering and anti-terrorist financing norms and standards
- Building a culture of compliance among personnel
The Compliance Code
Entities in French Polynesia are encouraged to establish and implement a comprehensive compliance framework that covers all aspects of their operations, including customer relationships and regulatory interactions.
Key Principles of the Compliance Code
- Establishing and maintaining a robust compliance program
- Conducting regular risk assessments and updating policies accordingly
- Implementing effective controls to prevent money laundering and terrorist financing
- Providing ongoing training and awareness for employees
MemberCheck’s Solutions
To support financial institutions in French Polynesia, MemberCheck offers a range of solutions, including:
PEP and Sanction Check
Scan clients against global PEP and sanction data sources.
Adverse Media Check
Keep up-to-date on risks faced by clients using reliable worldwide media.
Customer Identity Verification
Verify customer identities to avoid non-compliance consequences.
AML Consulting Service
Work with accredited consultants to assess money laundering and terrorism financing risk.
Jurisdictional Risk Checks
Ensure compliance and protect businesses with expert jurisdictional risk checks.
How Can MemberCheck Help?
MemberCheck provides a secure and simple solution for scanning high-risk individuals and checking names against sanction, regulatory, law enforcement, and other official lists. Our sophisticated scan filters and due diligence workflow minimize false matches, allowing clients to access customer details whenever required.
Request a demo today to learn more about how MemberCheck can support your AML obligations in French Polynesia.