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Belarus Introduces Stricter Identity Verification Requirements

MINSK, BELARUS - In an effort to combat money laundering and terrorism financing, the Belarus government has introduced new regulations requiring businesses to verify the identity of their customers through multiple instances.

New Guidelines for Business Identity Verification

According to the new guidelines, businesses operating in Belarus must verify the identity of their customers using valid photo identification documents such as:

  • Passports
  • Driving licenses
  • Other recognized forms of ID

Additionally, they must also verify the customer’s address by obtaining a document issued within the past three months that shows the end-user’s name and address.

Timing is Crucial in Identity Verification

The regulations emphasize the importance of timing in identity verification, stating that it is not limited to a one-time process but rather requires multiple instances as per recommendations. Businesses are advised to apply identity verification procedures when:

  • Onboarding new customers
  • During transactions above monetary thresholds defined by Belarus’ regulations
  • In high-risk situations where an individual may represent above normal exposure of money laundering-related threats

Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD)

The regulations require businesses to determine if their customers are Politically Exposed Persons (PEPs) and to employ Enhanced Due Diligence (EDD) measures to mitigate risks. Shufti Pro’s AML Screening service can assist businesses in fulfilling these obligations by screening an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

External Services for Due Diligence

The regulations permit businesses to rely on external services to apply measures of due diligence, but stress that they remain liable for maintaining all compliance and fulfilling AML and KYC obligations. In this regard, Shufti Pro is an external third-party service provider that can assist businesses in collecting data from third parties without undue delay.

Data Retention Requirements

The regulations require businesses to retain data for not less than five years as part of their AML and KYC obligations for due diligence. Businesses are advised to collect all necessary information from third parties without undue delay.

Enhanced Fight Against Money Laundering and Terrorism Financing

The new regulations aim to enhance Belarus’ fight against money laundering and terrorism financing by ensuring that businesses maintain a high level of due diligence in their customer onboarding and transaction processes.