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Financial Institutions in French Polynesia Must Prioritize Due Diligence Procedures
Papeete, French Polynesia - The Battle Against Money Laundering and Terrorist Financing Continues
As the global financial system grapples with the challenges of money laundering and terrorist financing, financial institutions in French Polynesia are being urged to prioritize due diligence procedures. According to a recent report by Shufti Pro, a leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions, the risk of financial crime is ever-present in the Pacific Island nation.
The Strategic Location of French Polynesia
The company notes that French Polynesia’s strategic location and economic ties with France make it an attractive destination for illicit funds. This has led to a heightened sense of urgency among financial institutions to implement robust due diligence procedures.
A Global Standard: Compliance with FATF Guidelines
The Financial Action Task Force (FATF), a global watchdog on money laundering and terrorist financing, has set strict standards for financial institutions to adhere to in order to prevent financial crime. Shufti Pro notes that French Polynesia’s banks and businesses must comply with these international guidelines in order to maintain trust and integrity within the global financial system.
Real-Time Verification: A Game-Changer for Financial Institutions
Shufti Pro offers real-time identity verification services, including:
- Facial recognition
- Document authentication
- Address verification
- 2FA authentication
- Consent verification
- AML screening
The company uses a combination of artificial intelligence and machine learning algorithms to verify customer identities in seconds.
“We understand the importance of due diligence procedures for financial institutions in French Polynesia,” said a spokesperson for Shufti Pro. “Our real-time identity verification services can help businesses comply with international regulations and reduce the risk of financial crime.”
Automated AML Solutions: The Future of Compliance
Shufti Pro also offers automated AML solutions, which use global watch-lists to identify high-risk clients. The company notes that its AML source data is updated every 15 minutes to ensure compliance with the latest international standards.
“Financial institutions in French Polynesia must prioritize due diligence procedures to prevent financial crime and maintain trust within the global financial system,” said the spokesperson for Shufti Pro. “Our automated AML solutions can help businesses comply with international regulations and reduce the risk of financial crime.”