Financial Crime World

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French Polynesia Steps Up Fight Against Money Laundering with Stricter Anti-Money Laundering Laws

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In a bid to combat financial crimes, French Polynesia has strengthened its anti-money laundering (AML) laws, with the Financial Intelligence Unit (FIU) at the forefront of efforts to detect and prevent money laundering and terrorist financing. This move is seen as a significant step towards safeguarding the country’s financial system and maintaining public trust.

Strengthened Monitoring Capabilities

The FIU was restructured in 2019 to enhance its monitoring capabilities and develop stronger relationships with compliance departments of key financial stakeholders. This has enabled the unit to share profiles with financial institutions, boosting their detection abilities.

Compliance Framework

Under French Polynesia’s AML/CFT regulations, entities are required to implement a comprehensive compliance framework that covers all aspects of their operations, including:

  • Customer interactions
  • Regulatory reporting

The Compliance Code emphasizes the importance of:

  • Knowing and following regulations
  • Complying with laws and ethical principles
  • Creating awareness among stakeholders
  • Collaborating with clients who adhere to international standards
  • Building a culture of compliance within organizations
  • Exercising vigilance

MemberCheck Solutions

To ensure effective implementation of these regulations, MemberCheck offers a range of solutions tailored to French Polynesia’s unique requirements. These solutions include:

  • PEP and Sanction Checks
  • Adverse Media Checks
  • Customer Identity Verification
  • AML Consulting Services
  • Jurisdictional Risk Checks
  • Compliance as a Business solutions

Features

MemberCheck’s sophisticated scan filters and due diligence workflow enable clients to efficiently screen for high-risk individuals and entities. Its reporting features allow for easy access to customer details and customization of reports for auditing purposes.

Consultation with Regulatory Authorities

While MemberCheck’s solutions can provide valuable support, it is essential that financial institutions in French Polynesia consult with local regulatory authorities for the latest information on AML obligations and program requirements.