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Banking Regulations on Customer Identification in French Polynesia
The European Union has implemented various directives and regulations aimed at preventing money laundering and terrorist financing through the financial system. As a result, banking institutions and insurance companies in French Polynesia are subject to specific rules regarding customer identification.
Historical Background
In 1990, the EU adopted its first anti-money laundering directive, which requires obliged entities to apply customer due diligence requirements when entering into business relationships. This includes identifying and verifying client identities, monitoring transactions, and reporting suspicious activities.
Since then, the EU has updated its regulations several times, including the adoption of the 5th Anti-Money Laundering Directive in 2018. This directive aimed to strengthen the fight against money laundering by introducing new obligations for financial institutions.
Regulations in French Polynesia
In French Polynesia, insurance companies are subject to similar anti-money laundering regulations as those applicable in New Caledonia. These rules are outlined in articles L.755-13 and following of the Monetary and Financial Code (MFC).
According to these articles, insurance companies must abide by three main obligations:
- Vigilance Obligation: Insurance companies must identify and verify client identities, as well as report any suspicious transactions or activities.
- Reporting Obligation: Insurance companies are mandated to declare certain sums or transactions that they suspect may be linked to money laundering or terrorist financing.
- Asset Freezing: The asset freezing mechanism allows for the freezing of assets suspected to be related to money laundering or terrorist financing.
Purpose and Consequences
These regulations are designed to prevent the misuse of financial institutions and to ensure the integrity of the French Polynesian economy. As such, insurance companies operating in the region must adhere to these rules to avoid any legal consequences.
It is worth noting that while New Caledonia and French Polynesia share some similarities with France regarding their political and judicial institutions, they also have some differences. As a result, several adaptations were made to the local law references and institution names when implementing the anti-money laundering regulations in these territories.
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