Financial Crime World

Surveillance and Compliance in the Financial Sector in French Polynesia: A Major Challenge for Local Financial Institutions

French Polynesia’s fight against money laundering (ML) and terrorist financing (TF) is a top priority for authorities. To achieve this, it is essential that local financial institutions put in place effective surveillance and compliance processes.

The Role of Tracfin

In this context, the French Center for Research on the History of Social Sciences (Tracfin) has played a crucial role in building a solid system to combat ML and TF. In 2019, Tracfin established profiles that were shared with key financial sector players’ compliance services, strengthening their detection capabilities.

Compliance Code

Local financial institutions in French Polynesia must also comply with the Compliance Code, which establishes a general framework for implementing an effective compliance system. The code encourages businesses to create and implement a comprehensive compliance framework that covers all aspects of their activities with clients and regulators.

Key Principles of the Compliance Code

  • Understand and respect regulations established by authorities and act in compliance.
  • Respect laws, regulations, and ethical principles.
  • Raise awareness among all stakeholders about the risks of non-compliance and the need to protect their brand image.
  • Work with clients and partners who respect international standards for anti-money laundering (AML) and counter-terrorism financing.

How MemberCheck Can Help

MemberCheck offers a secure and simple solution to scan individuals exposed politically or at high risk, as well as verify names against sanction lists, regulations, police records, and other official sources. Our sophisticated search filters and reasonable due diligence workflow enable minimal time spent on false positive matches. The research results and reporting sections allow you to access client information from anywhere and download reports for use during AML compliance audits.

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