TÉMOIGNAGE : How to Respect Due Diligence Procedures in the Financial Sector in French Polynesia

The authorities responsible for combating money laundering and terrorist financing in French Polynesia have established mechanisms to detect suspicious financial transactions. The National Center for Information and Research on Economic Environment (CNRIE) is responsible for coordinating with regulations to collect information and identify transactions that may be linked to tax evasion, money laundering, or other criminal activities.

In the context of global initiatives, the French Polynesian authorities have reorganized the Financial Intelligence Unit (FIU) to strengthen cooperation and improve surveillance of reporting activities. In 2019, the FIU established profiles to improve the detection skills of compliance departments in major French financial actors.

In French Polynesia, organizations are encouraged to develop and implement a comprehensive compliance framework that covers all aspects of their interactions with clients and authorities. Compliance is at the heart of trust between the financial market and its actors, focusing on:

• Understanding and respecting the rules established by authorities, explained clearly and comprehensibly.
• Obeying the law, regulations, and moral values.
• Educating and training all stakeholders to reduce non-compliance risk and damage to brand reputation.
• Working with clients and partners who respect global standards for combating money laundering and terrorist financing.
• Creating a culture of compliance within the team and ensuring that employees respect their duty of prudence.
• Anti-money laundering is integrated into traditional crime prevention strategies.

In summary, respecting due diligence procedures in French Polynesia requires having a clear understanding of the rules established by authorities, applying them, and creating a culture of compliance within the team.