Financial Crime World

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Suriname’s Tougher Anti-Money Laundering and Know-Your-Customer Regulations: What You Need to Know

In a bid to combat financial crimes, the government of Suriname has introduced stricter regulations on anti-money laundering (AML) and know-your-customer (KYC) measures. Effective immediately, businesses operating in the country must adhere to these new requirements to ensure compliance.

Identity Verification: The Key to Success

At the heart of these regulations is identity verification, which is not a one-time process but rather an ongoing requirement. Businesses are expected to verify customer identities multiple times, including when onboarding new customers and during transactions that exceed certain monetary thresholds. Identity verification checks include:

  • Security features such as holograms, tapered/ crumpled edges, doctored elements, form inconsistencies, document expiration, MRZ, reflected colors, and microprinting.

Documents Required for Verification

In Suriname, the following documents are accepted as proof of identity:

  • ID cards
  • Passports
  • Driving licenses
  • Other valid documents from the country of origin that meet statutory requirements

For address verification, businesses can accept:

  • Current utility bills
  • Bank statements
  • Government-issued documents showing the customer’s name and address

Timing of Verification

Identity verification is not a one-time event but rather an ongoing process. Businesses must apply identity verification procedures when onboarding new customers and during transactions that exceed certain monetary thresholds. In high-risk situations, such as dealing with:

  • Politically exposed persons (PEPs)
  • Individuals exhibiting higher risk profiles
  • Identity verification becomes even more crucial.

Politically Exposed Persons and EDD Measures

As part of enhanced due diligence requirements, businesses must determine if their customers are PEPs or hold public offices. Shufti Pro’s AML Screening service can help with this process by screening an individual’s ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

Suriname’s regulations allow businesses to seek the services of third-party providers for due diligence measures. However, it is crucial that these external services provide all necessary data without undue delay. In this scenario, Shufti Pro will act as an external third-party service provider, and businesses remain liable for maintaining compliance and fulfilling AML and KYC obligations.

Record Retention

Finally, Suriname’s regulations require businesses to retain data for at least seven years, part of their AML and KYC obligations for due diligence. In cases where this information is processed, collected, and managed by a third-party service provider, businesses are liable to collect all necessary information without undue delay.

With these new regulations in place, it is essential for businesses operating in Suriname to ensure they are compliant with AML and KYC measures to avoid penalties and reputational damage.