Detection of Fraudulent Activities in the Financial Sector in French Polynesia
In a context where combating money laundering, public fraud, and terrorist financing is crucial, the Financial Research Unit (UFR) in French Polynesia plays a key role in detecting fraudulent activities. At the heart of this system is the Anti-Money Laundering Capital Coordination and Counter-Terrorism Financing, created jointly by UFR and its partners to improve the detection skills of major financial actors’ compliance departments.
Reinforcing the Financial Research Unit
The Financial Research Unit has been restructured to strengthen its ties with the regulator and improve surveillance of its information collection activity. In 2019, UFR worked on profiling to improve the detection skills of compliance departments.
Conformity in French Polynesia
In French Polynesia, organizations are encouraged to develop and implement a comprehensive compliance framework that covers all aspects of their interactions with consumers and authorities. Conformity is thus the foundation of trust between the financial market and its stakeholders, focusing on:
- Understanding and respecting the rules established by the authorities, explained in a clear and understandable manner
- Complying with the law, rules, and moral values
- Educating and training all stakeholders to reduce the risk of non-compliance and harm to reputation
- Working together with clients and partners who respect international requirements for anti-money laundering and counter-terrorism financing
- Creating a culture of conformity within the team and ensuring that employees maintain their duty of care
- Integrating anti-money laundering strategy into the overall prevention of crime strategy
Conclusion
In summary, detecting fraudulent activities is an essential element to protect financial systems and populations in French Polynesia.