Financial Crime World

French Polynesia Tightens Customer Due Diligence Requirements to Combat Money Laundering and Terrorist Financing

French Polynesia has strengthened its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations as part of its efforts to combat money laundering, public-sector fraud, and terrorist financing. The country’s Financial Intelligence Unit (FIU), Tracfin, has been working closely with financial institutions to enhance their detection capabilities.

The Role of the Financial Intelligence Unit

The FIU was established to coordinate between financial entities and regulators to gather information and identify financial transactions that may involve tax evasion, money laundering or other criminal activity. French Polynesia’s FIU plays a crucial role in combating financial crimes by:

  • Gathering information on suspicious transactions
  • Identifying financial transactions that may involve criminal activity
  • Sharing intelligence with regulatory bodies and law enforcement agencies

The Compliance Code

French Polynesia has also implemented the Compliance Code, which encourages financial institutions to create and implement a comprehensive compliance framework that encompasses all aspects of their operations with customers and regulators. The Compliance Code emphasizes:

  • The importance of knowing and following regulations set by authorities
  • Complying with laws, regulations, and ethical principles
  • Awareness training among stakeholders on how to avoid the risk of non-compliance and damage to their brand

Solutions from MemberCheck

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

  • PEP and Sanction Checks: Scanning for politically exposed or high-risk individuals
  • Adverse Media Checks: Checking names against sanction, regulatory, law enforcement, and other official lists
  • Customer Identity Verification: Verifying customer identities
  • AML Consulting Services: Providing expertise on AML/CFT regulations
  • Jurisdictional Risk Checks: Assessing the risk of doing business in a particular jurisdiction

These services enable financial institutions to:

  • Scan for Politically Exposed Persons (PEPs) and high-risk individuals
  • Check names against sanction, regulatory, law enforcement, and other official lists
  • Verify customer identities
  • Minimize time spent sorting through false matches with sophisticated scan filters and due diligence workflow

Reporting and Compliance

MemberCheck also provides reporting sections that allow users to:

  • Access customer details whenever and wherever required
  • Download reports for further investigation or to provide evidence of AML program compliance for auditing purposes

The Importance of Financial Information

The French Polynesian government has emphasized the importance of financial information in its fight against money laundering, public-sector fraud, and terrorist financing. With the implementation of these new regulations and the support of companies like MemberCheck, French Polynesia is well-equipped to:

  • Prevent and detect suspicious transactions
  • Protect its financial system
  • Maintain confidence between the financial market and its stakeholders

Request a Demo Today

For more information on how MemberCheck can help your organization comply with French Polynesian AML/CFT regulations, request a demo today.