Financial Crime World

ERITREAN FINANCIAL INSTITUTIONS FACE COMPLIANCE CHALLENGES, SMILE ID OFFERS SOLUTION

As a member of the Financial Action Task Force (FATF) and Eastern and Southern Africa Anti Money Laundering Group (ESAAMLG), Eritrea has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in line with international standards. The Bank of Eritrea (BOE) and the Eritrea Financial Intelligence Unit (EFIU) enforce these regulations.

Compliance Challenges

The country’s primary legislation governing KYC/AML is The Anti-Money Laundering and Combating Financing of Terrorism Proclamation No. 175/2014. Data protection laws are enshrined in Article 18 of the Eritrean Constitution, which requires institutions to obtain users’ consent before processing personal data and provides users with the right to erasure of their data upon request.

Smile ID’s Solution

To stay compliant with these regulations, financial institutions in Eritrea can rely on Smile ID’s user verification solution. With a 99.8% recognition accuracy for faces of all skin tones, Smile ID provides a reliable way to verify identities and prevent fraud.

Key Features

  • Compatible with any device
  • Verifies users using ID documents such as the Eritrean Passport
  • Checks the authenticity of documents
  • Accurately transcribes text
  • Compares user-submitted selfies to document images
  • Identifies tampered or forged documents
  • Ensures a real user is behind the camera by asking them to smile to test for liveness

Real-Time Results

Smile ID’s solution provides real-time results, confirming whether a document is authentic and belongs to the user in just a few seconds.

Seamless Onboarding Process

Smile ID’s team is ready to help financial institutions in Eritrea level up their KYC/AML compliance stack, offering a seamless onboarding process and quick identity verification for customers across Africa.