Financial Crime World

Chad Embraces Stricter AML/KYC Regulations to Combat Financial Crimes

Introduction

In a bid to combat financial crimes such as money laundering and terrorist financing, Chad has strengthened its stance by implementing stringent Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations. As a member of the Central African Action Group against Money Laundering (GABAC), an associate member of the Financial Action Task Force (FATF), Chad ensures that its KYC/AML laws align with international standards.

Regulators Keep a Tight Leash on Compliance

Several regulators in Chad enforce these regulations, including:

  • Banque des Etats de l’Afrique Centrale (BEAC): The central bank of the Economic and Monetary Community of Central Africa (CEMAC), responsible for monetary policy and regulation.
  • Communauté Economique et Monétaire de L’Afrique Centrale (CEMAC): A regional economic community that oversees economic, monetary, and financial cooperation among its member states.
  • L’Agence Nationale d’Investigation Financière (ANIF): The National Financial Investigation Agency, responsible for investigating and preventing money laundering and terrorist financing.

The primary legislation governing KYC/AML in Chad is CEMAC Regulation No. 01/03.

Data Protection Laws Also Come into Play

Chad’s data protection laws, enforced by the Agence Nationale de Sécurité Informatique et de Certification Électronique (ANSICE) via Law No. 007/PR/2015 on the Protection of Personal Data, require institutions to obtain users’ consent before processing and transferring personal data.

Verifying Users in Chad Made Easy

To stay compliant with Chad’s KYC/AML regulations, businesses can use Smile ID’s instant AML and KYC compliance solution. This empowers companies to verify customer identities and onboard users seamlessly, preventing financial crimes such as money laundering and terrorist financing.

Smile ID offers a range of features, including:

  • Instant Verification: Verify up to 5 Chadian ID types, including National IDs, Passports, and Driver’s Licenses.
  • De-biased Models: Enjoy a 99.8% accuracy for all African skin tones.
  • Low Bandwidth SDKs: Optimised for image capture on software versions as old as Android 5.0.
  • Enterprise-level Security: Screen against over 1100 global sanctions, PEPs, and adverse media watchlists.

By choosing Smile ID as their compliance partner, businesses can confidently verify users in Chad and prevent financial crimes while streamlining their user verification processes effortlessly.