French Polynesia’s AML/CTF supervisors
France's fight against money laundering, public sector fraud, and terrorism financing depends on financial information. Together with its partners, Tracfin has created the system's cornerstone. The Financial Intelligence Unit was reorganised as a result to forge closer ties and improve oversight of its reporting activities. To improve the detection skills of the compliance departments of France's major financial stakeholders, Tracfin worked on profiles in 2019.
Financial Intelligence Unit (FIU) was established to meet these requirements as anti-money laundering procedures in French Polynesia that have evolved over time in response to global initiatives. The FIU oversees coordinating with the regulator for the information-gathering process and identifying financial transactions that may involve tax evasion, money laundering, or other criminal activity.
How do you comply with AML/CTF regulations in French Polynesia?
In French Polynesia, organisations are urged to develop and put into effect an extensive compliance framework that covers all aspect of their interactions with consumers and authorities. Thus, compliance serves as the cornerstone of trust between the financial market and its stakeholders, concentrating on:
Understanding and acting in line with the rules established by the authorities. These rules must be explained in a straightforward and understandable way
Obeying the law, rules, and moral ideals
All stakeholders will receive education and training on how to reduce the risk of non-compliance and brand damage
Work together with clients and partners who follow worldwide anti-money laundering and anti-terrorist financing requirements
Create a compliance culture among the staff and ensure that they uphold their duty of caution
The anti-money laundering strategy is an addition to the conventional crime prevention strategy