Financial Crime World

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Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations in Paraguay

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This document outlines the key points to consider when it comes to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Paraguay.

Identity Verification

Identity verification is a crucial aspect of onboarding new customers and dealing with transaction data above monetary thresholds. Here are some key points to note:

  • Required for Onboarding: Identity verification is required when onboarding new customers.
  • Multiple Instances: Identity verification can be applied in multiple instances, depending on the situation.

Documents Required for Verification

The following documents are typically required for identity verification:

  • Passport
  • Driving License
  • Identity Card

Address Verification Documents

To verify a customer’s address, the following documents may be required:

  • Current utility bill (issued no more than three months ago)
  • Bank statement (issued no more than three months ago)
  • Document issued by a government department

Timing of Verification

Identity verification is not limited to a one-time, one-instance process. It may be required in multiple instances as per recommendations.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures

For high-risk customers, clients on their discretion may utilize enhanced due diligence measures. Shufti Pro provides AML Screening services to screen against global regulatory watchlists, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

Clients on their discretion may seek the services of a third party for fulfilling AML/KYC obligations. Regardless of reliance on a third party, the client will remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations.

Record Retention

As part of AML and KYC obligations for due diligence, it is required to retain data for not less than five years.