French Polynesia Cracks Down on Terrorist Financing with Stricter Laws
In a bid to combat terrorist financing, French Polynesia has introduced stricter anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The move is part of a broader effort to strengthen the island nation’s financial system and prevent illicit activities.
The Importance of Financial Information
Financial information plays a critical role in the fight against money laundering, public-sector fraud, and terrorist financing. To address these concerns, Tracfin, the Financial Intelligence Unit, has been working closely with partners to develop stronger relationships and monitor reporting activity more effectively.
Establishing a Stronger Compliance Framework
In 2019, Tracfin implemented profiles that are shared with compliance departments of key financial stakeholders, enhancing their detection capabilities. This move is seen as a significant step towards establishing a stronger compliance framework in French Polynesia.
Key Elements of the Compliance Framework
Entities operating in French Polynesia are encouraged to create and implement a comprehensive compliance framework that encompasses all aspects of their operations. This includes:
- Knowing and following regulations set by authorities
- Complying with laws, regulations, and ethical principles
- Creating awareness and providing training on avoiding non-compliance risks
- Collaborating with clients and partners who adhere to international AML and CFT norms
- Building a culture of compliance among personnel
MemberCheck’s Role in Supporting Compliance
To help businesses navigate these complex regulations, MemberCheck offers a range of solutions, including:
Solutions for Businesses
- PEP and Sanction Check: Scanning against global PEP & Sanction data sources
- Adverse Media Check: Keeping up-to-date on risks faced by clients using reliable worldwide media
- Customer Identity Verification: Verifying customer identities to avoid non-compliance consequences
- AML Consulting Service: Working with accredited consultants to assess money laundering and terrorism financing risk
- Jurisdictional Risk Checks: Ensuring compliance and protecting businesses with expert jurisdictional risk checks
By implementing these solutions, businesses can minimize the time spent on sorting through false matches, access customer details whenever needed, and download reports for further investigation or auditing purposes.