Enhanced Due Diligence Procedures in French Polynesia
Introduction
The fight against money laundering, public-sector fraud, and terrorist financing is a top priority in France, with Tracfin playing a crucial role in building a robust system to detect and prevent these crimes. As part of this effort, the Financial Intelligence Unit (FIU) was restructured to strengthen relationships and improve reporting activities.
Anti-Money Laundering Processes in French Polynesia
In French Polynesia, anti-money laundering processes have evolved over time in response to global initiatives. The FIU is responsible for coordinating between financial entities and regulators to gather information and identify transactions that may involve tax evasion, money laundering, or other criminal activity.
Compliance Framework
To ensure compliance with regulations, entities in French Polynesia are encouraged to create and implement a comprehensive compliance framework that encompasses all aspects of their operations, including customer relationships and regulatory requirements. This framework should focus on:
- Knowing and following the regulations set by authorities
- Compliance with laws, regulations, and ethical principles
- Creating awareness and providing training to stakeholders on avoiding non-compliance risks
- 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
How MemberCheck Can Help
MemberCheck offers 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. Our sophisticated scan filters and due diligence workflow minimize the time spent sorting through false matches.
With our platform, you can:
- Access customer details whenever and wherever required
- Download reports for further investigation or to provide evidence of your AML program compliance for auditing purposes
Request a Demo
To learn more about how MemberCheck can help enhance your due diligence procedures in French Polynesia, request a demo today.