Financial Crime World

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Compliance as a Service Providers in Burundi

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As businesses in Burundi navigate the complexities of Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, finding reliable compliance solutions can be a daunting task. Smile ID’s instant AML and KYC compliance solution offers a straightforward way for companies to ensure adherence to regulatory requirements.

Country Overview

Burundi is a member state of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), affiliated with the Financial Action Task Force (FATF). As such, it has implemented AML/KYC regulations in line with international standards. The country’s primary legislation governing KYC/AML is the Burundi Law No. 1/23 of June 23, 2014, on the prevention and suppression of money laundering and terrorist financing.

Regulatory Overview

In Burundi, AML/KYC regulations are enforced by a number of regulators, including the Banque de la République du Burundi (BRB) and the Burundi Financial Intelligence Unit (FIU). Companies must comply with these regulations to prevent financial crimes and maintain their reputation.

Data Protection Regulations

Although there is no specific data protection legislation in place, institutions are required to obtain users’ consent before processing and transferring personal data. Users have the right to erasure of their personal data upon request.

Accurate Authentication and Onboarding

Smile ID’s identity verification solution enables businesses in Burundi to verify user identities accurately and efficiently. With instant customer identification and streamlined user onboarding, companies can ensure compliance with AML/KYC requirements while preventing fraud.

Features

  • Verify up to 2 ID types, including National IDs, Resident IDs, Passports, Driver’s Licenses, and more
  • Utilize de-biased models with a 99.8% accuracy rate for all African skin tones
  • Conduct global AML checks against over 1100 global sanctions, PEPs, and adverse media watchlists
  • Benefit from enterprise-level security standards with ISO 27001, SOC 2 Type 1 & 2 certifications

ID Document Verification

Smile ID’s 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. The solution can verify over 8,500 documents across 220 countries worldwide, including Burundi.

Integration Options

Smile ID offers seamless integration options via API or no-code option, allowing businesses to automate their compliance with ease. Available integration options include:

  • Smile Links
  • SDKs for iOS and Android
  • Hosted Web
  • Flutter
  • REACT Native
  • REST API for comprehensive and flexible integration

Get Started

Ready to level up your KYC/AML compliance stack? Smile ID’s 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.