Financial Crime World

Title: Anguilla AML Regulations: Identity Verification Requirements and Procedures

Anguilla’s AML and KYC Framework

Anguilla, a beautiful Caribbean island nation acclaimed for its tourist attractions and pristine beaches, maintains strict Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. This article delves into crucial aspects of Anguilla’s AML Know Your Customer (KYC) regulations, focusing on identity verification requirements and procedures.

Anguilla’s AML framework aims to criminalize money laundering and establish appropriate guidelines and safeguards for legal and natural persons.

Table of Contents

  1. Introduction
  2. Scope and Definitions
  3. Identity Verification Requirements
  4. Compliant CDD Methods and Document Verification
  5. Required Documents for Verification
  6. Timing and Importance of Verification
  7. Politically Exposed Persons and Enhanced Due Diligence Measures
  8. Reliance on External Services
  9. Record Retention

1. Introduction 🔗

Anguilla’s AML and KYC regulations provide a robust framework for preventing and detecting money laundering and terrorist financing activities. This framework includes requirements for identity verification, customer due diligence, Politically Exposed Persons (PEPs), and procedures for seeking assistance from external services.

2. Scope and Definitions 🔗

Scope

This article focuses on the necessary identity verification requirements outlined in the “Anguilla – AML KYC Regulations” document.

Definitions

  • Client: A person (Legal or Natural) that enters into a business relationship with another person and for whom a Customer Due Diligence (CDD) measure is performed.
  • Customer: An individual (Client or End-User) that uses a service or product from a business.
  • End-User: The individual on whose behalf a transaction or business relationship is being conducted.
  • Document Verification: The process of confirming the authenticity of a document using independent sources.
  • Identity Verification: The process of establishing the identity of a person based on documents, data, or other information.
  • Proof of Identity: A document or combination of documents that serve as proof of an individual’s identity, as outlined by Anguilla’s regulations.

3. Identity Verification Requirements 🔗

As per Anguilla’s regulations, natural persons (Individuals) must provide specific identity attributes from official documents for identity verification purposes:

  • Full Name
  • Date of Birth
  • Principal Residential Address

4. Compliant CDD Methods and Document Verification 🔗

Shufti Pro, an identity verification service dedicated to compliance, offers various reliable methods to perform identity verification on your behalf. These methods consist of:

  • Document-based verification using independent sources.
  • Real-time audio-video transmission sessions for End-User verification.

5. Required Documents for Verification 🔗

Anguilla recognizes the following documents as proof of identity for identity verification:

  • Passport.
  • Driving License.
  • Any other valid photo ID.

And for address verification, the acceptable documents include:

  • Utility bills.
  • Government-issued documents.
  • Bank statements.

6. Timing and Importance of Verification 🔗

Identity verification isn’t a one-time process; it’s a recurring requirement. Clients must implement these procedures based on their needs and Anguilla’s regulations:

  • During onboarding, new Customers.
  • In relation to transactional data.
  • For high-risk situations.

7. Politically Exposed Persons and Enhanced Due Diligence Measures 🔗

Anguilla’s regulations require determining whether a Customer is a Politically Exposed Person (PEP), holds a public office, or exhibits a higher risk profile. Services like AML Screening can help by screening selected ID attributes against watchlists of global regulatory authorities and other databases to ensure enhanced due diligence.

8. Reliance on External Services 🔗

Anguilla’s regulations allow seeking the services of third-party providers for due diligence measures. In this scenario, Shufti Pro acts as the external third-party service provider, ensuring clients maintain compliance and fulfill AML and KYC obligations.

9. Record Retention 🔗

Regulations in Anguilla mandate retaining data for not less than five (5) years, including your identity verification records and due diligence information. In cases where this information is processed, collected, and managed by a relevant third-party, you must collect it without undue delay.