Financial Crime World

Know Your Customer (KYC) Procedures in French Polynesia: Understanding Remote Identification Requirements and Compliance with AML Law

Establishing trust between financial institutions and their customers is crucial in French Polynesia. To achieve this, companies must have a system to evaluate risks related to potential clients. The KYC regulations offer a well-founded system for identifying natural persons, assessing risks related to source of funds, and checking if the subject is politically exposed or on a sanctions list.

Importance of KYC Regulations

  • EU states have national anti-money laundering systems and KYC requirements in place
  • Most licensed companies struggle to meet these requirements
  • The introduction of the PVID option by the ACPR (French financial regulator) has addressed this concern

Remote Identification Requirements for French KYC

To comply with French KYC regulations, you must:

  • Obtain a copy of an official document or extract from an official register
  • Verify and certify it through a third-party independent entity
  • Require the first payment to be made from an account opened in the customer’s name with a financial institution
  • Ensure that the qualified trust service provider is on the EU trusted list

eIDAS Regulations and Qualified Certificates

French law recognizes qualified certificates created under eIDAS regulations, provided they are on the trusted list. This means that French financial institutions can accept remote qualified signatures generated by a German VDG-certified identity proofing method.

ZealiD’s Solution for French KYC Procedures

ZealiD offers a modern solution for financial institutions in French Polynesia to meet the newest requirements. As an EU provider of qualified certificates, ZealiD allows users to register remotely with eIDAS certified identity proofing methods. By generating remote qualified signatures in accordance with French law, ZealiD provides a fully legally viable KYC option.

Compliance and Certification

ZealiD’s remote identification is eIDAS certified under relevant provisions of German VDG and meets most PVID requirements. The company will include PVID certification in its upcoming re-certification under eIDAS, making it the first organization in the EU to run a combined super compliance scheme.

Conclusion

By staying up-to-date with the newest requirements, ZealiD provides financial institutions in French Polynesia with a comprehensive and compliant solution for KYC procedures. With our modern solution, you can ensure trust and compliance with AML law while establishing strong relationships with your customers.