Financial Crime World

French Polynesia Tightens Financial Crime Reporting Requirements

In a move to strengthen its fight against money laundering, public-sector fraud, and terrorist financing, French Polynesia has revamped its financial crime reporting requirements. The country’s Financial Intelligence Unit (FIU) has been restructured to enhance its monitoring capabilities and share information with key financial stakeholders.

Enhancing Detection Capabilities

The FIU is responsible for coordinating between financial entities and regulators to gather information on transactions that may be linked to criminal activity such as tax evasion, money laundering, or terrorist financing. This effort aims to improve the detection of these crimes and prevent them from being committed in the first place.

Compliance Code Key in French Polynesia

In line with global anti-money laundering (AML) standards, financial entities in French Polynesia are required to create a comprehensive compliance framework that covers all aspects of their operations. This framework must include measures to:

  • Prevent and detect AML/CFT risks
  • Protocols for reporting suspicious transactions

The Compliance Code emphasizes the importance of:

  • Knowing and following regulations set by authorities
  • Adhering to laws and ethical principles
  • Providing training to stakeholders on avoiding non-compliance
  • Collaborating with clients who adhere to international norms and standards
  • Building a culture of compliance among personnel

MemberCheck Solutions in French Polynesia

MemberCheck offers a range of solutions designed to help financial entities in French Polynesia comply with AML/CFT regulations, including:

  • Politically Exposed Person (PEP) and sanction checks
  • Adverse media screening
  • Customer identity verification
  • AML consulting services
  • Jurisdictional risk assessments
  • Compliance software for businesses

MemberCheck’s sophisticated scan filters and due diligence workflow enable financial entities to quickly identify high-risk individuals and minimize the time spent on false matches. The platform also provides access to:

  • Customer details
  • Reporting sections
  • Downloadable reports for auditing purposes

Tracfin’s Efforts

In 2019, Tracfin worked with its partners to develop profiles that can be shared with compliance departments of key financial stakeholders, enhancing their detection capabilities. This initiative is part of the country’s efforts to strengthen its AML/CFT framework and prevent financial crimes.

Conclusion

French Polynesia’s revamped financial crime reporting requirements aim to improve cooperation between financial entities and regulators, enhance detection capabilities, and prevent financial crimes from being committed in the first place. By implementing robust compliance frameworks and using innovative solutions like MemberCheck, financial entities can ensure they are meeting their AML/CFT obligations and maintaining the trust of their customers and stakeholders.