Financial Crime World

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CONGO, THE DEMOCRATIC REPUBLIC OF: AML/CFT REGULATORY BODIES TAKE CENTER STAGE

The Democratic Republic of Congo has made significant strides in bringing its Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to a global standard. As a member of both the Financial Action Task Force (FATF) and East and Southern African Anti-Money Laundering Group (ESAAMLG), the country has implemented various regulatory bodies to ensure compliance with international standards.

REGULATORY OVERVIEW

The primary KYC/AML regulation in the Democratic Republic of Congo is Law No. 04/016 of 19 July 2004, which concerns the fight against money laundering and terrorist financing. Additionally, the country’s data protection law was published in 2021 under Law No. 20/017 of 25 November 2020.

AML/CFT Regulators

Several regulatory bodies are responsible for enforcing KYC/AML regulations in the Democratic Republic of Congo, including:

  • Banque Centrale du Congo (BCC)
  • Cellule de Renseignement Financier (CRF)

These regulators work together to ensure that financial institutions and businesses operating in the country adhere to strict AML/CFT standards.

ID VERIFICATION SOLUTIONS

To stay compliant with local regulations, companies can utilize Smile ID’s document verification solution. This innovative technology allows for accurate identity verification, enabling businesses to onboard customers quickly and efficiently while maintaining high levels of security.

Documents We Verify

Smile ID verifies various documents, including:

  • DRC Voters’ ID
  • DRC Passport
  • DRC Driver’s License

The company’s facial recognition technology boasts a 99.8% accuracy rate on African faces of all skin tones, ensuring that users are accurately identified and verified.

GETTING STARTED

Companies looking to level up their KYC/AML compliance stack can rely on Smile ID’s expertise and technology. With real-time results and a seamless user experience, businesses can focus on growth while maintaining high levels of security and compliance.