French Polynesia Takes a Stand Against Money Laundering and Terrorism Financing
Strengthening the Fight Against Financial Crimes
In an effort to combat money laundering, public-sector fraud, and terrorist financing, French Polynesia has implemented a robust system of financial information sharing. At the heart of this initiative is Tracfin, a Financial Intelligence Unit (FIU) that works closely with partners to monitor and report on suspicious transactions.
A History of Evolution
The establishment of a FIU in French Polynesia was a response to global initiatives aimed at combating money laundering and terrorism financing. The unit’s primary responsibility is to coordinate between financial entities and regulators, gathering information and identifying potential financial crimes such as tax evasion, money laundering, or other illicit activities.
Compliance Code
In French Polynesia, businesses are encouraged to adopt a comprehensive compliance framework that encompasses all aspects of their operations with customers and regulators. This approach focuses on:
- Regulatory Knowledge: Familiarity with laws, regulations, and ethical principles governing financial transactions.
- Compliance Culture: Building awareness and providing training on avoiding non-compliance risks among personnel.
- Partner Collaboration: Working with clients and partners who adhere to international anti-money laundering and anti-terrorist financing norms.
- Due Diligence: Conducting thorough checks on politically exposed or high-risk individuals.
The Role of MemberCheck
In the fight against money laundering and terrorism financing, accurate information is crucial. MemberCheck provides a secure and simple solution for scanning politically exposed or high-risk individuals and 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.
Request a Demo
To learn more about how MemberCheck can help your business navigate the complexities of AML/CFT compliance, request a demo today.