Financial Crime World

Tackling Financial Crime in French Polynesia: The Role of Regulatory Bodies

French Polynesia has taken a robust approach to combating financial crime by establishing effective regulations to prevent money laundering and terrorist financing. At the heart of this system is Tracfin, a key player in France’s fight against illegal activities.

Enhancing Detection Capabilities

In 2019, Tracfin collaborated with partners to develop profiles that would be shared with key financial stakeholders’ compliance departments. This move has significantly enhanced detection capabilities, allowing for more effective monitoring of reporting activity.

The Role of the Financial Intelligence Unit (FIU)

French Polynesia’s FIU was established to meet global anti-money laundering requirements and coordinate between financial entities and the regulator. The FIU is responsible for gathering information on financial transactions that may involve tax evasion, money laundering, or other criminal activities.

Compliance Culture in French Polynesia

In French Polynesia, compliance is seen as a bedrock of confidence between the financial market and its stakeholders. Entities are encouraged to create comprehensive frameworks that cover all aspects of their operations with customers and regulators.

The Compliance Code

The Compliance Code in French Polynesia outlines key principles, including:

  • Knowing and following regulations
  • Complying with laws and ethical principles
  • Providing training to stakeholders
  • Collaborating with international partners
  • Building a culture of compliance among personnel
  • Exercising vigilance

Simplifying Compliance with MemberCheck

In addition to these measures, MemberCheck offers a secure and simple solution for scanning against:

  • Politically exposed or high-risk individuals
  • Checking names against sanction, regulatory, law enforcement, and other official lists

MemberCheck’s sophisticated scan filters and due diligence workflow enable clients to minimize time spent on false matches and access customer details whenever needed.

Conclusion

The establishment of these regulatory bodies is a critical step in preventing financial crime in French Polynesia. With MemberCheck’s solutions, entities can ensure compliance with AML/CFT regulations and maintain the trust of their stakeholders. By adopting a robust approach to combating financial crime, French Polynesia can continue to attract foreign investment and build confidence in its financial markets.