Financial Crime World

Stricter AML and KYC Regulations Enforced in Suriname

Introduction

The government of Suriname has introduced new regulations aimed at combating money laundering and terrorist financing in the country. These regulations require financial institutions to implement strict Anti-Money Laundering (AML) and Know Your Customer (KYC) measures to prevent illicit activities.

Document Verification

  • Identity verification is a continuous process that must be performed multiple times, including:
    • Verifying the identity of new customers upon onboarding
    • Applying AML screening procedures for transaction data exceeding defined monetary thresholds
  • Financial institutions are required to verify the address of their customers using documents such as:
    • Utility bills
    • Bank statements
    • Government-issued documents

Politically Exposed Persons and Enhanced Due Diligence (EDD) Measures

  • The regulations require financial institutions to identify Politically Exposed Persons (PEPs), public officials, and individuals with a higher risk profile.
  • To comply with these requirements, Shufti Pro provides AML screening services that screen an individual’s ID attributes against global regulatory authority watchlists and domestic databases.

Reliance on External Services

  • The regulations allow financial institutions to seek the services of third-party providers to apply measures of due diligence.
  • However, it is essential for institutions to collect all due diligence information from the third-party provider without undue delay and remain liable for maintaining compliance with AML and KYC obligations.

Record Retention

  • The regulations require financial institutions to retain data for not less than seven years as part of their AML and KYC obligations.
  • Institutions must also collect necessary information from relevant third-party providers without undue delay.

Conclusion

The new regulations aim to strengthen Suriname’s anti-money laundering and terrorist financing framework, ensuring a safer and more secure financial environment for all stakeholders. By implementing strict AML and KYC measures, financial institutions can help prevent illicit activities and maintain the integrity of the financial system.