Financial Crime World

Suriname Tightens Anti-Money Laundering and Know-Your-Customer Regulations

Enhancing Due Diligence Requirements

The government of Suriname has introduced new regulations to combat money laundering and terrorist financing, requiring businesses to implement strict know-your-customer (KYC) and anti-money laundering (AML) measures. These regulations aim to enhance due diligence requirements in Suriname, particularly for high-risk situations where customers may represent above normal exposure of money laundering-related threats.

Key Requirements

  • Companies must verify the identity of their customers through a series of checks, including:
    • Security features such as holograms, tapered edges, doctored elements, form inconsistencies, document expiration, MRZ, reflected colors, and microprinting
    • The verification process must be repeated multiple times, not just once, as per the recommendations
  • Businesses must maintain records for at least seven years and collect all necessary information from third-party service providers without undue delay
  • Companies are liable for maintaining compliance with AML and KYC obligations, regardless of whether they rely on external services

Identifying Politically Exposed Persons (PEPs) and High-Risk Customers

The regulations state that businesses must determine if their customers are PEPs or exhibit a higher risk profile. To fulfill these obligations, Shufti Pro provides an AML Screening service that screens individuals’ ID attributes against watchlists and databases to identify PEPs and sanctioned individuals.

Benefits of Compliance with Shufti Pro

As a leading provider of AML and KYC solutions, Shufti Pro is committed to helping businesses comply with Suriname’s regulations. Our services include:

  • Identity verification
  • Address verification
  • PEP screening

With Shufti Pro, you can rely on our expertise and technology to stay ahead of the regulatory curve and maintain a strong reputation in the market. Contact us today to learn more about how we can support your compliance needs in Suriname.

Why Choose Shufti Pro?

We are dedicated to helping businesses achieve compliance with AML and KYC regulations, ensuring that your financial transactions are secure and transparent. Our services are designed to be easy to use, efficient, and cost-effective, so you can focus on growing your business while we handle the complexities of compliance.