Financial Crime World

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Fraud Detection Methods in Sâo Tomé and Principe: Staying Compliant with Digital KYC Regulations

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As a member of the Financial Action Task Force (FATF) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), Sâo Tomé and Principe has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to combat financial crimes. The country’s regulatory landscape is overseen by several bodies, including the Banco Central de São Tomé e Príncipe (BCSTP), Ministério das Finanças e Cooperação Internacional, Polícia de Investigação Criminal, and Unidade de Inteligência Financeira de São Tomé e Principe (UIF).

Primary Legislation

The Anti-Money Laundering and Combating the Financing of Terrorism law (Lei No. 8/13) is the primary legislation governing KYC/AML in Sâo Tomé and Principe. This law requires financial institutions to implement robust customer due diligence measures, including verification of identity and monitoring of transactions.

Data Protection Regulations

The Agência Nacional de Proteção de Dados (APDP) enforces Sâo Tomé and Principe’s data protection laws via the country’s Law No. 03/2016 on the Protection of Personal Data. Institutions are required to obtain users’ consent before processing and transferring personal data, and individuals have the right to request erasure of their personal data.

Smile ID: Accurate User Verification

To stay compliant with digital KYC regulations in Sâo Tomé and Principe, financial institutions can leverage Smile ID’s fraud detection methods. Our solution offers:

  • The most extensive ID coverage on the continent
  • 99.8% recognition accuracy for faces of all skin tones
  • A device-compatible solution that verifies users with confidence

ID Documents We Verify

In Sâo Tomé and Principe, we verify users using a range of ID documents, including:

  • Passports issued by Serviço de Migração e Fronteiras
  • Driver’s licenses issued by the government of Sâo Tomé and Principe

ID Document Verification Solution

Our solution checks for document authenticity, transcribes text accurately, compares user-submitted selfies to document images, and identifies tampered or forged documents.

Get Started with Smile ID

Ready to level up your KYC/AML compliance stack? Our team is equipped to help you understand your needs, answer questions, and set up your account. Contact us today to get started!