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French Polynesia Tackles Money Laundering with Risk-Based Approach
In an effort to combat financial crimes, French Polynesia has implemented a risk-based approach to compliance. This strategy involves identifying and mitigating potential risks associated with money laundering and terrorist financing.
AML/CFT Regulations in French Polynesia
The Financial Intelligence Unit (FIU) plays a crucial role in coordinating between financial entities and regulators to gather information and identify suspicious transactions. In 2019, the FIU worked on creating profiles to enhance detection capabilities for compliance departments of key financial stakeholders.
MemberCheck’s Solutions in French Polynesia
MemberCheck offers a range of solutions to help financial institutions comply with AML/CFT regulations in French Polynesia. Our services include:
- PEP and Sanction Check: Scan clients against global PEP & Sanction data sources.
- Adverse Media Check: Keep up-to-date on risks faced by clients through reliable worldwide media.
- Customer Identity Verification: Verify customer identities to avoid non-compliance consequences.
- AML Consulting Service: Work with accredited consultants to assess money laundering and terrorist financing risk.
- Jurisdictional Risk Checks: Ensure compliance and protect businesses with expert jurisdictional risk checks.
French Polynesia’s Fight Against AML/CFT
Financial information is critical in France’s fight against money laundering, public-sector fraud, and terrorist financing. Tracfin has built a cornerstone of this system, and the Financial Intelligence Unit was restructured to develop stronger relationships and better monitor reporting activity.
The Compliance Code in French Polynesia
Entities are encouraged to create comprehensive compliance frameworks that encompass all aspects of their operations with customers and regulators. This involves:
- Knowing and following regulations set by authorities.
- Complying with laws, regulations, and ethical principles.
- Creating awareness and providing training on avoiding non-compliance risks.
- Collaborating with clients and partners who adhere to international anti-money laundering and anti-terrorist financing norms.
- Building a culture of compliance among personnel.
How MemberCheck Can Help
Our solutions provide secure and simple scanning for high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists. Use our sophisticated scan filters and due diligence workflow to minimize time spent on sorting through false matches. Access customer details, download reports, and customize for further investigation or auditing purposes.
Request a Demo Today!
Don’t hesitate to reach out to us to learn more about how MemberCheck can help you comply with AML/CFT regulations in French Polynesia.