Samoan Government Issues New Guidelines for Identity Verification and Anti-Money Laundering Compliance
The Samoan government has released new guidelines for identity verification and anti-money laundering (AML) compliance, requiring businesses to take extra steps to ensure the integrity of their operations.
New Regulations Aim to Prevent Money Laundering and Financial Crimes
Under the new regulations, companies must verify the identities of their customers through multiple instances, including:
- When onboarding new customers
- In transactions exceeding certain monetary thresholds
This is designed to prevent money laundering and other financial crimes.
Enhanced Due Diligence Requirements
The guidelines also require businesses to determine whether customers are Politically Exposed Persons (PEPs) or exhibit higher risk profiles, and to screen them against global watchlists and databases.
Relying on External Services for Due Diligence
In addition, the regulations permit companies to rely on external services to conduct due diligence, but they must still collect and retain all relevant data and maintain compliance with AML and Know Your Customer (KYC) obligations.
Importance of Record Retention
The guidelines also emphasize the importance of record retention, requiring businesses to keep records for at least five years in case of an audit or investigation.
Shufti Pro’s Commitment to Compliance
“We are committed to ensuring that our customers can conduct business with confidence,” said [Name], CEO of Shufti Pro. “Our AML screening service is designed to help businesses comply with these new regulations and protect their operations from financial crime.”
Key Takeaways
- Identity verification must be conducted multiple times throughout the customer relationship
- Customers must be screened against global watchlists and databases for PEPs and other high-risk individuals
- Companies may rely on external services for due diligence, but must still collect and retain relevant data
- Records must be retained for at least five years in case of an audit or investigation
About Shufti Pro
Shufti Pro is a leading provider of AML screening and identity verification solutions. Our technology helps businesses comply with regulatory requirements and protect their operations from financial crime.
For more information, please visit our website at [website URL].