French Polynesia Takes a Stand Against Financial Crime: Banking Regulations in Place

The Fight Against Financial Crime

In the fight against financial crime, French Polynesia has taken significant steps by implementing banking regulations to combat money laundering, public-sector fraud, and terrorist financing. The restructured Financial Intelligence Unit (FIU) aims to develop stronger relationships with financial institutions and monitor their reporting activity.

Evolution of Anti-Money Laundering Processes

The FIU in French Polynesia has been working on sharing profiles with the compliance departments of key financial stakeholders since 2019, enhancing detection capabilities. As a response to global initiatives, anti-money laundering processes have evolved over time. A Financial Intelligence Unit (FIU) was established to coordinate between financial entities and regulators.

The Compliance Code: Building Trust

In French Polynesia, entities are encouraged to establish a comprehensive compliance framework that includes all aspects of their operations with customers and regulators. This framework is built on three pillars:

• Understanding Regulations: Knowing and following the regulations set by authorities and understanding what it means to act in compliance.
• Compliance Principles: Adhering to laws, regulations, and ethical principles.
• Awareness and Training: Creating awareness and providing training to all stakeholders on how to avoid the risk of non-compliance and damage to their brand.

MemberCheck: A Secure Solution

Our clients are provided with a secure and simple solution for scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists. Use our sophisticated scan filters and due diligence workflow to minimize the amount of time spent sorting through false matches. Scan results and reporting sections allow access to customer details, whenever and wherever required, as well as download reports for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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