Financial Crime World

Guinea’s Online Payment Systems Must Comply with Stringent AML/KYC Regulations

Digital Landscape Grows in West Africa

Conakry, Guinea - As the digital landscape continues to grow in West Africa, online payment systems operating in Guinea are under increasing pressure to ensure compliance with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

Regulatory Framework

Guinea has implemented AML/KYC regulations in line with international standards as a member state of the Financial Action Task Force (FATF) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA). The country’s regulatory framework is overseen by several key institutions, including:

  • Banque Centrale de la République de Guinée (BCRG): Guinea’s central bank
  • Cellule de Renseignement Financier Guinée (CRF): Guinea’s financial intelligence unit

Key Regulations

Guinea’s AML/KYC regulations are governed primarily by Article 19 of the 2007 Money Laundering Law No. L/2006/010/AN, which requires financial institutions to:

  • Verify customers’ identities
  • Maintain records of transactions
  • Implement other measures to prevent money laundering

Data Protection Framework

Guinea has a data protection framework in place, enforced by the Data Protection Authority of Guinea (DPA). Under the Guinea Law No. L/2016/037/AN on Cybersecurity and Personal Data Protection, institutions are required to obtain users’ consent before processing and transferring personal data.

Accurate User Verification

To comply with AML/KYC regulations in Guinea, online payment systems must accurately verify users’ identities. Smile ID offers a reliable solution for user verification, utilizing a range of identification documents, including:

  • Guinea National Identity Card
  • Voters ID
  • Passport
  • Driver’s License

Smile ID’s image capture tool guides users to take clear photos, even with older devices. The platform also ensures that a real user is behind the camera by asking them to smile to test for liveness.

Streamlining Compliance

To stay compliant and onboard customers faster in Guinea, online payment systems can leverage Smile ID’s comprehensive AML/KYC compliance solution. With 99.8% recognition accuracy for faces of all skin tones, Smile ID provides a reliable way to verify users’ identities and prevent fraud.

By utilizing Smile ID’s solution, online payment systems operating in Guinea can streamline their user verification process, reduce the risk of non-compliance, and enhance customer experience.