Financial Crime World

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Financial Institutions’ Anti-Money Laundering Policies Under Scrutiny in French Polynesia

In an effort to combat money laundering, public-sector fraud, and terrorist financing, financial institutions in French Polynesia are being urged to strengthen their anti-money laundering (AML) policies. The Financial Intelligence Unit (FIU), a cornerstone of France’s fight against these financial crimes, has been working closely with its partners to develop stronger relationships and monitor reporting activity.

Enhanced Detection Capabilities

As part of this effort, the FIU was restructured in 2019 to share profiles with the compliance departments of key financial stakeholders, enhancing their detection capabilities. The Anti-Money Laundering strategy is seen as a supplement to traditional crime prevention approaches.

Comprehensive AML Frameworks

In French Polynesia, entities are encouraged to create and implement comprehensive AML frameworks that encompass all aspects of their operations, from customers to regulators. Compliance is considered the bedrock of confidence between the financial market and its stakeholders.

Compliance Code in French Polynesia

The compliance code in French Polynesia outlines key principles for financial institutions, including:

  • Knowing and following regulations
  • Complying with laws and ethical principles
  • Creating awareness and training programs
  • Collaborating with clients who adhere to international AML norms
  • Building a culture of compliance among personnel
  • Exercising a duty of vigilance

Solutions from MemberCheck

To help financial institutions comply with these requirements, MemberCheck offers a range of solutions, including:

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

These solutions enable institutions to scan for high-risk individuals, check names against official lists, verify customer identities, and access detailed reporting.

Minimizing False Matches with MemberCheck

With MemberCheck’s assistance, financial institutions in French Polynesia can minimize the time spent on sorting through false matches and focus on effective AML compliance. Request a demo to learn more about how MemberCheck can help your institution stay ahead of the curve in combating money laundering and terrorist financing.