Financial Crime World

Comoros Embraces Blockchain Anti-Money Laundering Solutions

The island nation of Comoros has taken a significant step towards combating financial crime by implementing robust anti-money laundering (AML) and know-your-customer (KYC) regulations. As a member of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), Comoros is committed to adhering to international standards.

Regulatory Landscape

Comoros’ AML/KYC regulations are enforced by key authorities, including:

  • Banque Centrale des Comores (BCC): The central bank of Comoros, responsible for implementing and enforcing AML/KYC regulations.
  • Comoros Cellule de renseignement financier (CRF): The financial intelligence unit of Comoros, tasked with detecting and preventing money laundering.

The primary legislation governing KYC/AML in Comoros is the Money Laundering (Prohibition) Ordinance No. 3-002/PR 2003.

Data Protection Regulations

Comoros’ data protection laws are enforced by the La Commission Nationale de Protection des Données Personnelles Comores (CNPD). Institutions must obtain users’ consent before processing and transferring personal data, and individuals have the right to erasure of their personal data upon request.

Smile ID: A Comprehensive Compliance Partner

Smile ID is a cutting-edge identity verification solution that empowers businesses to achieve seamless AML/KYC compliance in Comoros. With Smile ID, you can:

  • Verify up to 4 Comorian ID types: National IDs, Resident IDs, Passports, and Travel Documents.
  • Utilise de-biased models for 99.8% accuracy rate on African skin tones.
  • Conduct a global AML check against over 1100 sanctions, PEPs, and adverse media watchlists.
  • Enjoy enterprise-level security with ISO 27001 and SOC 2 Type 1 & 2 certifications.

Instantly Verify Users in Comoros

Smile ID’s image capture SDKs are optimized for low bandwidth and compatible with all software versions from Android 5.0 upwards. Our solution ensures accurate authentication and onboarding of users in Comoros, helping you scale your business while preventing fraud.

By choosing Smile ID as your comprehensive compliance partner, you can rest assured that you’re staying ahead of the curve in AML/KYC regulations in Comoros. Get started today and level up your KYC/AML compliance stack!