Financial Crime World

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Suriname Introduces Stringent AML/KYC Regulations for Businesses

Kuala Lumpur, Malaysia - July 12, 2022

The Government of Suriname has introduced a set of stringent regulations aimed at combating money laundering and terrorist financing in the country. As part of these measures, businesses operating in Suriname are required to implement robust Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures.

Key Requirements

According to the new regulations, businesses must:

  • Verify the identity of their customers through a series of checks, including:
    • Security feature analysis
    • Document verification
    • Address verification
  • Screen customers against watchlists of global regulatory authorities, foreign and domestic databases, compromised Politically Exposed Persons (PEPs), and sanctioned individuals
  • Retain data for not less than seven years as part of their AML/KYC obligations
  • Collect all necessary information from third-party service providers without undue delay

Welcome Response

Shufti Pro, a leading provider of AML/KYC solutions, has welcomed the new regulations, stating that they will help to strengthen the country’s efforts to combat financial crimes. “These regulations demonstrate Suriname’s commitment to ensuring that its financial system is transparent and secure,” said a spokesperson for Shufti Pro.

Customizable Solutions

Shufti Pro offers a range of AML/KYC solutions designed to help businesses comply with the new regulations, including:

  • Identity verification
  • Address verification
  • PEP screening services

“We understand that compliance can be complex and time-consuming,” said the spokesperson for Shufti Pro. “That’s why we offer our customers a range of customizable solutions designed to meet their specific needs. We are committed to helping businesses in Suriname comply with these regulations and maintain the highest standards of AML/KYC compliance.”

Implementation Timeline

The new regulations come into effect immediately, and all businesses operating in Suriname are required to implement AML/KYC procedures within the next six months.

About Shufti Pro

Shufti Pro is a leading provider of AML/KYC solutions designed to help businesses comply with regulatory requirements. The company’s solutions include identity verification, address verification, PEP screening services, and more.