Dominica: AML/KYC Compliance Requirements
In an effort to combat money laundering and terrorist financing, the government of Dominica has implemented strict Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. These regulations require businesses operating in the country to adhere to specific guidelines to ensure customer identification and verification.
Proof of Address
To comply with AML/KYC requirements, businesses must obtain proof of address from customers. This can be done by requesting:
- A current utility bill (e.g., gas, electricity, telephone, or mobile phone bill) issued no more than three months ago;
- A government-issued document containing the customer’s name and address; or
- A bank statement not older than three months, containing the customer’s name and address.
Timing of Verification
Identity verification is a continuous process that must be conducted in multiple instances. The timing of verification depends on the business’s requirements and its conveyance to Shufti Pro. It is recommended to verify customers’ identities during the onboarding process and whenever transaction data is involved.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence
Under Dominica’s regulations, businesses must determine if customers are Politically Exposed Persons, hold public office, or exhibit a higher risk profile. Shufti Pro provides AML screening services to help fulfill these obligations. The service screens individuals’ ID attributes against watchlists of global regulatory authorities and domestic databases.
Reliance on External Services
Dominica’s regulations allow businesses to seek the services of third-party providers for due diligence measures. In such cases, it is essential to collect all necessary data from the third party without undue delay. Shufti Pro offers external third-party services as a reliable provider.
Record Retention
As per Dominica’s regulations, businesses must retain customer data for no less than seven years. This information includes AML and KYC records collected from customers and any relevant third-party providers. Businesses are liable to collect necessary information from third parties without undue delay.
By adhering to these AML/KYC compliance requirements, businesses operating in Dominica can ensure the integrity of their transactions and maintain a strong reputation in the industry.