Financial Crime World

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Staying Compliant with AML/KYC Best Practices in São Tomé and Principe

As a member of the Financial Action Task Force (FATF) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), São Tomé and Principe has implemented anti-money laundering (AML) and know-your-customer (KYC) regulations to align with international standards. The country’s regulatory landscape is shaped by several key players, including:

  • Banco Central de São Tomé e Príncipe (BCSTP)
  • Ministério das Finanças e Cooperação Internacional
  • Polícia de Investigação Criminal
  • Unidade de Inteligência Financeira de São Tomé e Principe (UIF)

Primary Legislation

The primary legislation governing KYC/AML in São Tomé and Principe is the Anti Money Laundering and Combating the Financing of Terrorism Law (Lei No. 8/13). To ensure data protection, the Agência Nacional de Proteção de Dados (APDP) enforces the country’s laws on personal data protection, as outlined in São Tomé and Principe Law No. 03/2016.

Staying Compliant with Smile ID

To stay compliant with these regulations, financial institutions can rely on Smile ID to accurately verify users’ identities. With our solution, institutions can quickly onboard customers while preventing fraud and ensuring data protection. Our technology offers:

  • The most extensive ID coverage on the continent
  • A recognition accuracy rate of 99.8% for faces of all skin tones

ID Document Verification

In São Tomé and Principe, we support verification using various ID documents, including:

  • Passports issued by Serviço de Migração e Fronteiras
  • Driver’s licenses from the government

Our ID document verification solution ensures that ID documents are:

  • Authentic
  • Accurately transcribes text on the document
  • Compares a user-submitted selfie to the document image

Benefits of Smile ID

With our technology, financial institutions can streamline their user verification process, reducing the risk of fraud and improving customer satisfaction. Ready to get started? Our team is equipped to help you level up your KYC/AML compliance stack, answering any questions you may have and setting up your account.

Let us know how we can assist you in staying compliant with AML/KYC best practices in São Tomé and Principe!