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French Polynesia KYC Requirements: A Comprehensive Guide

As a territory of France, French Polynesia is subject to the same anti-money laundering (AML) and know-your-customer (KYC) regulations as its metropolitan counterpart. In this article, we’ll delve into the KYC requirements for businesses operating in French Polynesia.

Understanding FATF Guidelines

The Financial Action Task Force (FATF), an intergovernmental organization that sets global AML standards, has implemented strict guidelines for French Polynesia’s financial institutions and non-financial businesses. These regulations aim to prevent money laundering and terrorist financing.

APG and OFAC Compliance

As a member of the Asia-Pacific Group (APG) on money laundering, French Polynesia is required to adhere to APG standards. Additionally, the Office of Foreign Assets Control (OFAC), a US government agency responsible for enforcing economic sanctions, also applies its regulations to French Polynesia.

KYC Requirements in French Polynesia

To comply with KYC requirements, businesses in French Polynesia must verify their customers’ identities and maintain accurate records. This includes:

ID Card Verification

• Shufti Pro’s ID card verification service checks for accuracy of format, detects crumpled or folded edges, and verifies hologram/rainbow print.
• Benefits:
  • Accurate identification
  • Reduced risk of identity theft
  • Compliance with KYC regulations

Passport Verification

• Our passport verification service matches name, DOB, and expiry date with MRZ, detects fakeness through font/holograms, and checks for accuracy of format.
• Benefits:
  • Accurate identification
  • Reduced risk of identity theft
  • Compliance with KYC regulations

Driving License Verification

• Shufti Pro’s driving license verification service checks for accuracy of format, detects crumpled or folded edges, and verifies hologram/rainbow print.
• Benefits:
  • Accurate identification
  • Reduced risk of identity theft
  • Compliance with KYC regulations

Credit/Debit Card Verification

• Our credit/debit card verification service validates name, expiration/issue date, and card number.
• Benefits:
  • Accurate identification
  • Reduced risk of identity theft
  • Compliance with KYC regulations

Document Verification

Shufti Pro’s document verification service uses Optical Character Recognition (OCR) technology to extract characters from documents in real-time, with 98.67% accuracy for the French language.

Biometric Consent Verification

To enhance customer onboarding, Shufti Pro offers biometric consent verification using selfie authentication along with a unique message such as printed or handwritten document.

AML Screening

Shufti Pro’s AML screening service uses FATF, EU, OFAC, HMT, Interpol, and other relevant watch lists to identify high-risk clients. This includes real-time sanction list monitoring and PEP screening.

Customer Due Diligence

French Polynesia’s banks and financial institutions must conduct customer due diligence (CDD) on their customers, including verification of identity, address, and beneficial ownership.

Conclusion

In conclusion, businesses operating in French Polynesia must comply with strict KYC requirements to prevent money laundering and terrorist financing. Shufti Pro offers a comprehensive suite of services to help businesses meet these regulations, including ID card verification, passport verification, driving license verification, credit/debit card verification, document verification, biometric consent verification, and AML screening.

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