Financial Crime World

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AML/KYC Best Practices for Fintech Companies in Sudan

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The Financial Action Task Force (FATF) emphasizes the importance of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations for financial institutions operating in Sudan. This article discusses best practices for fintech companies in Sudan to implement effective AML/KYC measures.

Understanding AML/KYC Regulations

The MENAFATF and OFAC guidelines require fintech companies in Sudan to verify the identity of their customers and conduct risk-based due diligence on transactions. This includes verifying the customer’s name, date of birth, nationality, and address.

Document Verification

Shufti Pro offers a range of document verification services for customers in Sudan, including:

  • ID Card Verification: We check the accuracy of format, detect crumpled or folded edges, verify hologram or rainbow print, and identify photoshopped or tampered images.
  • Passport Verification: We match name, date of birth, and expiry date with MRZ, detect fakeness through font, holograms, and verify accuracy of format.
  • Driving License Verification: We check the accuracy of format, detect crumpled or folded edges, verify hologram or rainbow print, and identify photoshopped or tampered images.

Facial Recognition

Shufti Pro’s facial recognition technology allows customers to authenticate remotely using their mobile devices. Our algorithm matches the selfie with the government-issued ID card, ensuring accurate verification.

Address Verification

Our address verification service helps prevent false deliveries and invalid customer locations by checking the accuracy of the provided address.

2FA Authentication

Shufti Pro’s 2-factor-authentication (2FA) service provides an additional layer of security for customers to verify their identity through their mobile phones.

We offer consent verification services that allow businesses to authenticate with biometric data, such as a selfie along with a unique message or printed document.

AML Screening

Our AML screening service helps identify high-risk clients by screening against global watch lists and real-time sanction list monitoring.

By implementing these best practices, fintech companies in Sudan can ensure compliance with AML/KYC regulations, reduce the risk of financial crimes, and build trust with their customers.