French Polynesia Struggles to Comply with Anti-Money Laundering Regulations
Financial authorities in French Polynesia are stepping up efforts to combat money laundering and terrorist financing, but compliance remains a major challenge for financial institutions. Despite these efforts, many financial institutions still struggle to comply with anti-money laundering regulations.
Enhancing Detection Capabilities
The country’s Financial Intelligence Unit (FIU) has been working closely with financial stakeholders to enhance detection capabilities and share intelligence. The FIU is responsible for coordinating between financial entities and regulators to gather information and identify suspicious transactions that may involve tax evasion, money laundering or other criminal activity.
Compliance Code: A Comprehensive Framework
The Compliance Code, which was introduced in French Polynesia, encourages entities to create a comprehensive compliance framework that encompasses all aspects of their operations with customers and regulators. The code emphasizes the importance of knowing and following regulations set by authorities, providing training to stakeholders on how to avoid non-compliance, collaborating with international partners and building a culture of compliance among personnel.
Challenges in Compliance
Despite these efforts, many financial institutions in French Polynesia still struggle to comply with anti-money laundering regulations. This is where MemberCheck’s solutions come in. The company provides a secure and simple solution for scanning politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement and other official lists.
MemberCheck’s Solutions
- Sophisticated scan filters minimize the time spent on sorting through false matches, allowing financial institutions to focus on higher-priority tasks.
- Due diligence workflow streamlines the process of verifying customer identities and backgrounds.
- AML consulting services help financial institutions stay compliant with anti-money laundering regulations.
- Jurisdictional risk checks identify potential risks associated with specific countries or regions.
- Customer identity verification solutions ensure that customers are who they claim to be.
Staying Compliant in French Polynesia
As French Polynesia continues to strengthen its anti-money laundering regulations, it is clear that compliance will remain a top priority for financial institutions. With MemberCheck’s solutions, these institutions can rest assured that they are taking the necessary steps to prevent money laundering and terrorist financing while also meeting their regulatory obligations.
Request a Demo
Requests for demos of MemberCheck’s solutions are now being accepted.