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French Polynesia Strengthens Anti-Money Laundering Measures
In an effort to combat money laundering and terrorist financing, French Polynesia has introduced enhanced due diligence procedures for financial institutions and non-financial businesses operating within its territory.
Compliance with International Standards
The move comes as part of the country’s efforts to comply with international standards set by the Financial Action Task Force (FATF), which promotes efficient measures for combating money laundering, terrorist funding and other threats to the integrity of the international financial system.
Implementing Enhanced Due Diligence Procedures
Shufti Pro, a leading identity verification provider, has been at the forefront of implementing these enhanced due diligence procedures in French Polynesia. The company offers a range of services, including:
- Real-time Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions
- Document verification, data extraction, face verification, and verification status checks
- OCR for the French language with 98.67% accuracy
Expertise in Identity Verification and AML Screening
“Shufti Pro’s expertise in identity verification and AML screening has been invaluable in helping us strengthen our anti-money laundering measures,” said a spokesperson for a leading financial institution in French Polynesia. “Their technology and expertise have enabled us to improve our customer onboarding processes, reduce the risk of money laundering and terrorist financing, and enhance trustful business relationships with our customers.”
Additional Services
In addition to its KYC and AML services, Shufti Pro also provides:
- Consent verification
- Address verification
- Two-factor authentication (2FA) solutions to help businesses protect themselves against false deliveries and invalid customer locations.
Continuous Updates and Support
Shufti Pro’s AML screening service uses FATF, EU, OFAC, HMT, Interpol, and other relevant watch lists to identify high-risk clients. The company updates its AML source data every 15 minutes to ensure that businesses have access to the latest information.
With Shufti Pro’s enhanced due diligence procedures, financial institutions and non-financial businesses in French Polynesia can improve their customer onboarding processes, reduce the risk of money laundering and terrorist financing, and enhance trustful business relationships with their customers.