AML/KYC Compliance: A Guide for Businesses in the Maldives
The Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are crucial for businesses operating in the Maldives. Shufti Pro, a leading provider of identity verification solutions, offers this comprehensive guide to help you navigate the complexities of AML/KYC compliance.
End-User Verification
As part of our liveness check, we will ask end-users to perform some random gestures. This is an essential step in verifying their identity. Additionally, we will verify the documents submitted by the end-user using our specialized Document Verification service. This includes checks on security features such as:
- Holograms
- Tapered/crumpled edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
Required Documents
The following documents are considered proof of identity in the Maldives:
- A valid passport
- A valid driver’s license
- A passport card
For address verification, the following documents are accepted:
- A current utility bill (gas, electricity, telephone, or mobile phone)
- A document issued by a government department showing the end-user’s address
- A bank statement (no older than three months) showing the end-user’s address
Timing of Verification
Identity verification is not limited to a one-time process. It is required in multiple instances as per regulations. The application and choice of when to deploy identity verification procedures depend on your requirements and communication with Shufti Pro.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures
As per Maldives’ regulations, you are required to determine if your customer is a PEP or holds a public office. To fulfill this obligation, Shufti Pro provides AML Screening services. Our service screens an individual’s selected ID attributes of name and date of birth against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
In the absence of explicit regulations, clients may seek the services of a third party for fulfilling AML/KYC obligations. However, it is essential to note that clients will remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations.
Record Retention
As per Maldives’ regulations, you are required to retain data for not less than five years. This includes all information processed, collected, and managed by a relevant third-party. You are liable to collect all necessary information (Due Diligence Data) from the third party without undue delay.