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Guyana’s Identity Verification and AML Requirements: What You Need to Know
As a business operating in Guyana, it is crucial to comply with the country’s anti-money laundering (AML) and know-your-customer (KYC) regulations. In this article, we will outline the key requirements for identity verification and AML measures that you need to follow.
Identity Verification Documents
In Guyana, the following documents are considered as proof of identity:
- A valid passport
- A valid driver’s license
- A National Identity Card
For address verification, the following documents are accepted:
- A current utility bill (such as gas, electricity, telephone or mobile phone bill)
- A document issued by a government department that shows the end-user’s address
- A bank statement (no older than 3 months) that shows the end-user’s address
Timing of Verification
Identity verification is not a one-time process. It is required in multiple instances as per regulations. The timing of verification depends on your requirements and circumstances.
When onboarding a new customer, identity verification is mandatory. Additionally, if you are dealing with transaction data, you should apply identity verification as per the monetary thresholds defined in Guyana’s regulations.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures
Under Guyana’s enhanced due diligence requirements, you are required to determine if your customer is a PEP, holds a public office or exhibits a higher risk profile. Shufti Pro provides an AML screening service that screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs and sanctioned individuals.
Reliance on External Services
Guyana’s regulations allow you to seek the services of a third party to apply measures of due diligence. However, you are required to collect all such data (diligence information) from the third party without undue delay.
Record Retention
As per Guyana’s regulations, you are required to retain data for not less than 7 years. This is part of your AML and KYC obligations for due diligence. If this information is processed, collected and managed by a relevant third-party, you are liable to collect all necessary information (due diligence data) from the third party without undue delay.
Conclusion
Guyana’s identity verification and AML requirements are designed to prevent money laundering and terrorist financing. By understanding these regulations, you can ensure compliance and maintain a safe and secure business environment.