Financial Crime World

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Burundi’s Fight Against Money Laundering: Effective Detection Methods Emerge

As Burundi seeks to strengthen its anti-money laundering (AML) and know-your-customer (KYC) regulations, businesses operating in the country are under increasing pressure to stay compliant. In this regard, Smile ID has introduced a cutting-edge AML/KYC compliance solution that enables companies to verify customer identities effortlessly.

The Regulatory Landscape

Burundi is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which is affiliated with the Financial Action Task Force (FATF). As such, the country has implemented KYC/AML regulations in line with international standards. The primary legislation governing KYC/AML in Burundi is the Burundi Law No. 1/23 of June 23, 2014, on the prevention and suppression of money laundering and terrorist financing.

Data Protection

While there is no specific data protection legislation in place, institutions are required to obtain users’ consent before processing and transferring personal data. Users have the right to request erasure of their personal data upon request.

Smile ID’s Solution

Smile ID offers a comprehensive identity verification solution that empowers businesses to stay compliant with AML/KYC regulations while preventing fraud and streamlining user verification processes. The solution allows for the accurate authentication and onboarding of users, including the verification of up to two ID types.

Key Features

  • Instant customer identity verification
  • Streamlined user onboarding process
  • Compliance with Burundi’s KYC/AML and data protection regulations
  • 99.8% accuracy rate using de-biased models for all African skin tones
  • Optimized SDKs for low bandwidth and compatibility with software versions as old as Android 5.0
  • Conduct global AML checks against over 1100 sanctions, PEPs, and adverse media watchlists
  • Enterprise-level security standards with ISO 27001, SOC 2 Type 1 & 2 certifications

Document Verification

Smile ID’s document verification solution checks that an ID document is authentic, accurately transcribes the text on the document, and compares a user-submitted selfie to the document image. The solution also identifies tampered and forged documents.

Getting Started

Businesses looking to level up their KYC/AML compliance stack can seamlessly integrate Smile ID’s solutions via API or no-code option with their existing infrastructure. With Smile ID, companies can ensure adherence to Burundi’s AML/KYC regulations while preventing fraud and streamlining user verification processes. Contact the team today to learn more about how Smile ID can help your business stay compliant.