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AML and KYC Compliance Guide for Dominica

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This guide provides a comprehensive overview of Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations in Dominica.

Key Definitions

• Enhanced Due Diligence (EDD): A process that executes a more thorough review of customer information.
• Politically Exposed Person (PEP): An individual who holds a public office or exhibits a higher risk profile.

AML and KYC Obligations

• Customers must be identified and verified before establishing a relationship with the business.
• Identity verification is required in multiple instances, including onboarding new customers and high-risk transactions.
• Businesses are liable for maintaining compliance and fulfilling AML and KYC obligations, even if they rely on third-party services.

Regulatory Requirements

• Businesses must retain data for at least 7 years as part of their AML and KYC obligations.
• If a relevant third-party is processing, collecting, and managing customer information, the business is liable to collect all necessary due diligence data without undue delay.

Shufti Pro Services

AML Screening

• Shufti Pro offers AML Screening services that screen an individual’s ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
• The service highlights the category of the PEP based on the degree of risks they pose and any immediate family members or close associates.

Third-Party Reliance

• Businesses may seek the services of a third-party to apply measures of due diligence.
• However, regulations require businesses to collect all such data (Diligence Information) from the third-party without undue delay.