Financial Crime World

French Polynesia Steps Up Fight Against Financial Crime: Prevention Methods Take Center Stage

Combating Money Laundering, Public-Sector Fraud, and Terrorist Financing in French Polynesia

In a bid to combat money laundering, public-sector fraud, and terrorist financing, French Polynesia has strengthened its anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The Financial Intelligence Unit (FIU), Tracfin, plays a crucial role in this effort by developing stronger relationships with financial stakeholders and enhancing their detection capabilities.

Tracfin: A Key Player in Combating Financial Crime

Tracfin’s collaboration with partners has led to the establishment of a robust system for fighting financial crime. 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 activities.

Compliance Code Takes Center Stage in French Polynesia

Entities operating in French Polynesia are encouraged to implement comprehensive compliance frameworks that encompass all aspects of their operations with customers and regulators. A culture of compliance is essential for building trust between the financial market and its stakeholders. Key elements of a robust compliance framework include:

  • Knowing and following regulations set by authorities: Entities must be aware of and comply with relevant laws, regulations, and international standards.
  • Compliance with laws, regulations, and ethical principles: Organizations must adhere to industry-recognized codes of conduct and ethics.
  • Creating awareness and providing training to all stakeholders on risk management: Regular training programs help personnel understand the risks associated with financial transactions and identify potential threats.
  • Collaboration with clients and partners who adhere to international AML/CFT norms and standards: Entities must work with partners who share their commitment to compliance and risk management.
  • Building a culture of compliance among personnel and ensuring they exercise a duty of vigilance: Organizations should foster an environment where employees feel responsible for reporting suspicious activities.

MemberCheck: A Secure Solution for French Polynesia’s Financial Sector

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. The sophisticated scan filters and due diligence workflow minimize the time spent on false matches. Scan results and reporting sections provide access to customer details whenever required, allowing for customized reporting and evidence of AML program compliance.

Request a demo today to learn more about how MemberCheck can support your organization’s AML obligations and enhance its risk management capabilities.