Financial Crime World

French Polynesia Takes Tough Stance Against Financial Crime

French Polynesia has taken significant steps to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, demonstrating a commitment to curbing financial crime.

AML/CFT Regulations

The country’s Financial Intelligence Unit (FIU), Tracfin, has been working closely with key financial stakeholders to develop stronger relationships and better monitor reporting activity. The FIU was established in response to global initiatives to combat financial crime and plays a crucial role in coordinating between financial entities and regulators.

Compliance Framework

Entities operating in French Polynesia are required to create a comprehensive compliance framework, encompassing all aspects of their operations with customers and regulators. This framework focuses on:

  • Knowing and following regulations set by authorities
  • Complying with laws and ethical principles
  • Creating awareness among stakeholders
  • Collaborating with clients who adhere to international norms and standards
  • Building a culture of compliance within personnel
  • Exercising a duty of vigilance

Solutions for Financial Institutions

To support these efforts, MemberCheck offers a range of solutions designed to help financial institutions prevent financial crime, including:

  • PEP and Sanction Check
  • Adverse Media Check
  • Customer Identity Verification
  • AML Consulting Service
  • Jurisdictional Risk Checks
  • Compliance as a Business

These solutions enable clients to quickly identify high-risk individuals and verify customer identities. The system also allows for easy access to customer details and reporting sections, making it simpler to demonstrate compliance with AML program requirements.

Collaboration and Detection Capabilities

Tracfin has taken significant steps to develop stronger relationships with financial stakeholders, including the sharing of profiles to enhance detection capabilities. This collaboration is critical in France’s fight against money laundering, public-sector fraud, and terrorist financing.

Conclusion

As French Polynesia continues to strengthen its AML/CFT regulations, it is clear that compliance will be the bedrock of confidence between the financial market and its stakeholders. By working together, financial institutions can minimize the risk of non-compliance and damage to their brand, while also supporting the country’s efforts to combat financial crime.

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To learn more about how MemberCheck solutions can help your business stay ahead of the curve in preventing financial crime, request a demo today!