Financial Crime World

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Kenya’s AML/KYC Regulations: Understanding Identity Verification and Beyond

In Kenya, Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are essential to prevent financial crimes and ensure transparency in the financial sector. One crucial aspect of these regulations is identity verification, which involves verifying the authenticity of documents presented by customers.

Specialized Document Verification Service

Shufti Pro’s specialized document verification service checks for various security features such as:

  • Holograms
  • Tapered/crumpled edges
  • Doctored elements
  • Form inconsistencies
  • Document expiration
  • MRZ (Machine Readable Zone)
  • Reflected colors
  • Microprinting

This ensures that documents presented are genuine and not tampered with.

Required Documents

In Kenya, the following documents are considered proof of identity:

  • Identity Card
  • Driving License
  • Passport

For address verification, the following documents are accepted:

  • A current utility bill (gas, electricity, telephone, or mobile phone bill) issued no more than three months ago showing the End-user’s address and name.
  • Bank statement issued no more than three months ago showing the End-user’s address and name.
  • A document issued by a government department showing the End-user’s address and name.

Timing of Verification

Identity verification is not 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 conveyance to Shufti Pro.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures

In the absence of explicit regulations, clients may utilize enhanced due diligence measures for high-risk End-users. Shufti Pro provides an AML Screening service that screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

Clients may seek the services of a third-party to fulfill AML/KYC obligations. However, clients remain liable for maintaining regulatory compliance and fulfilling AML/KYC obligations even if they rely on external services.

Record Retention

As per the Kenyan Act, data must be retained for not less than seven years. This is part of your AML/KYC obligations for due diligence. In cases where information is 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.

Conclusion

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Stay compliant with Kenya’s AML/KYC regulations and ensure a secure financial environment with Shufti Pro’s specialized document verification service.