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Financial Institutions in French Polynesia Fined to Comply with Sanctions Laws
In an effort to strengthen its financial system, the government of French Polynesia has introduced stricter regulations to ensure compliance with international sanctions laws. The new measures aim to prevent money laundering and terrorist financing activities within the country’s financial institutions.
A Stronger Financial Intelligence Unit
The Financial Intelligence Unit (FIU) in French Polynesia has been restructured to enhance its monitoring capabilities, allowing it to detect suspicious transactions more effectively. In 2019, the FIU worked closely with Tracfin, a key partner in the fight against financial crime, to share profiles of high-risk individuals and entities with compliance departments.
Compliance Code for Financial Institutions
Financial institutions in French Polynesia are required to create and implement a comprehensive compliance framework that covers all aspects of their operations. The Compliance Code emphasizes the importance of adhering to regulations, creating awareness among stakeholders, collaborating with partners who adhere to international standards, building a culture of compliance, and exercising vigilance.
Key Requirements for Financial Institutions
- Create a comprehensive compliance framework
- Adhere to international sanctions laws and regulations
- Collaborate with partners who adhere to international standards
- Build a culture of compliance
- Exercise vigilance in monitoring transactions
MemberCheck: A Reliable Solution for Financial Institutions
To ensure compliance with sanctions laws, MemberCheck offers a range of solutions for financial institutions in French Polynesia. The company’s sophisticated scan filters and due diligence workflow enable clients to minimize false matches and reduce the time spent on sorting through results. Additionally, MemberCheck provides secure access to customer details, reporting sections, and downloadable reports for auditing purposes.
Request a Demo Today
Financial institutions in French Polynesia are encouraged to request a demo of MemberCheck’s solutions to learn more about how they can comply with sanctions laws and prevent financial crime.
Important Note: This article is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.