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Blockchain and Anti-Money Laundering in Cape Verde: Ensuring Compliance
As a member state of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) and affiliated with the Financial Action Task Force (FATF), Cape Verde has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in line with international standards. To ensure compliance, businesses operating in Cape Verde must obtain a range of documents from customers, including national identity cards, driver’s licenses, passports, and other travel documents.
Regulatory Overview
The primary legislation governing KYC/AML in Cape Verde is Law No. 17/VI/2002. The Banco de Cabo Verde (BCV), Securities Exchange Commission (SEC), and Unidade de Informação Financeira (UIF) are among the regulators responsible for enforcing these regulations.
Data Protection Regulations
The National Commission for Data Protection (CNPD) enforces Cape Verde’s data protection laws, which require institutions to obtain user consent before processing and transferring personal data. Users have the right to request erasure of their personal data.
Instant AML and KYC Compliance Solution
Smile ID offers an instant AML and KYC compliance solution that empowers businesses in Cape Verde to comply seamlessly with regulatory requirements. Our identity verification solutions provide instant customer identity verification and efficient user onboarding, ensuring that companies can ensure compliance while streamlining their processes.
Verify Cape Verdean Users using ID Documents
Our ID document verification solution checks that an ID document is authentic, accurately transcribes the text on the document, and compares a user-submitted selfie to the document image. We also offer comprehensive identity verification solutions that include document verification, biometric face matching, and liveness detection.
Integration Options
Smile ID provides multiple options for verifying and onboard customers, including:
- Document verification
- SDKs
- No-code integration options
Our solutions are available via API or no-code option with your existing infrastructure, allowing you to automate your compliance processes seamlessly.
Get Started
Are you 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 learn more about our instant AML and KYC compliance solution for Cape Verde.