Financial Crime World

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Know Your Customer (KYC) Regulations in Cape Verde: A Comprehensive Guide

As a member of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), Cape Verde has implemented KYC/AML regulations in line with international standards. The country’s financial sector is governed by a number of regulators, including the Banco de Cabo Verde (BCV), Securities Exchange Commission (SEC), and Unidade de Informação Financeira (UIF).

Primary Legislation

The primary legislation governing KYC/AML in Cape Verde is Law No. 17/VI/2002. This law requires financial institutions to obtain accurate identification information about their customers, including proof of identity and address.

Data Protection Regulations

Cape Verde’s data protection laws are enforced by the National Commission for Data Protection (CNPD). Institutions are required to obtain users’ consent before processing and transferring personal data, and individuals have the right to request the erasure of their personal data.

Instant AML and KYC Compliance Solution

Smile ID provides an instant AML and KYC compliance solution that empowers businesses in Cape Verde to comply seamlessly with regulatory requirements. Our identity verification solutions enable companies to verify customer identities quickly and efficiently, ensuring compliance with KYC/AML regulations while streamlining their entire processes.

ID Document Verification

  • Checks that an ID document is authentic
  • Accurately transcribes the text on the document
  • Compares a user-submitted selfie to the document image

We also offer comprehensive identity verification (KYC/AML) solutions that provide multiple options for verifying and onboarding customers.

Integration Options

Smile ID provides seamless integration options via API or no-code option with your existing infrastructure. Our solutions are compatible with various software versions, including Android 5.0, and offer ISO 27001 and SOC 2 Type 1 & 2 certifications for enterprise-level security.

Get Started Today

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 in Cape Verde.