Here is the converted article in markdown format:
Shufti Pro: Enhancing Identity Verification and AML Compliance in Monaco
In the pursuit of transparency and integrity, Shufti Pro has implemented robust identity verification processes to ensure compliance with Monaco’s Anti-Money Laundering (AML) regulations. As part of our commitment to excellence, we verify documents submitted by end-users, utilizing our specialized Document Verification service.
Verification Procedures
Shufti Pro extracts information from commercial registers or comparable official registers through our Know Your Business (KYB) process in cases involving verification of legal persons or partnerships.
Required Documents for Verification
In Monaco, the following documents are considered as Proof of Identity:
- ID Card
- Driving License
- Residence permit
- Passport
For Address Verification, the following documents are accepted:
- Utility bill (no older than three months) showing the end-user’s address and name
- Tax bill (no older than one year) showing the end-user’s address and name
- Bank statement (no older than three months) showing the end-user’s address and name
Timing of Verification
Identity verification is not limited to a one-time, one-instance process. It is required in multiple instances as per regulations. The application and choice of when to deploy Identity Verification procedures depend on your requirements and conveyance to Shufti Pro.
Politically Exposed Persons (PEPs) and EDD Measures
As per Monaco’s Enhanced Due Diligence requirements, you are required to determine if your customer is a Politically Exposed Person or holds a public office. Shufti Pro provides AML Screening services to fulfill these obligations.
Our service screens an individual’s selected ID attributes of Name and DOB against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals. The service highlights the category of the PEP based on the degree of risks they pose and also any immediate family member or close associate of the PEP.
Reliance on External Services
Monaco’s regulations state that you may seek the services of a third party to apply measures of due diligence. You are required to collect all such data (Diligence Information) from the third party without undue delay.
In this scenario, Shufti Pro will be the external third-party service provider to you. However, it is essential to note that you remain liable for maintaining all compliance and fulfilling AML and KYC obligations, regardless of reliance on a third party.
Record Retention
As per Monaco’s Act, you are required to retain data for not less than five years. These records are part of your AML and KYC obligations for due diligence. In cases where this information is processed, collected, and managed by a relevant third-party, you are liable to collect all such necessary information (Due Diligence Data) from the third party without undue delay.
By partnering with Shufti Pro, businesses in Monaco can ensure compliance with AML regulations and maintain a strong reputation for integrity. Our commitment to excellence is unwavering, and we strive to provide our clients with the highest level of service and support.