Financial Crime World

ERITREA TIGHTENS KNOW YOUR CUSTOMER RULES TO COMBAT FINANCIAL CRIMES

Strengthening Regulations to Prevent Financial Crimes

Eritrea has recently strengthened its Know Your Customer (KYC) regulations to stay ahead of the curve in combating financial crimes. The country’s anti-money laundering and combating financing of terrorism proclamation no. 175/2014 has been implemented to prevent illegal activities.

Enforcing KYC Regulations

The Bank of Eritrea (BOE) and the Eritrea Financial Intelligence Unit (EFIU) are responsible for enforcing these regulations, which require financial institutions to obtain detailed information about their customers’ identities and conduct regular due diligence checks.

Data Protection Laws

In addition to KYC regulations, Eritrea has also implemented data protection laws to ensure that personal data is handled securely. Article 18 of the country’s constitution enforces these laws, requiring institutions to obtain users’ consent before processing and transferring personal data. Users have the right to request the erasure of their personal data.

Smile ID: A Cutting-Edge Solution

To stay compliant with these regulations, financial institutions in Eritrea can rely on Smile ID, a cutting-edge solution that uses biometric face matching and document verification to accurately identify customers. The system has an impressive 99.8% recognition accuracy for faces of all skin tones and is compatible with any device.

Features of Smile ID

  • Verifies users using a range of documents, including the Eritrean passport
  • Checks that the ID document is authentic and accurately transcribes the text on the document
  • Compares a user-submitted selfie to the document image

Benefits of Smile ID

Financial institutions can rest assured that Smile ID’s verification process meets the highest standards of accuracy and security. With its ability to scan documents, capture clear photos, and verify users in real-time, Smile ID is an essential tool for any financial institution looking to stay ahead of the curve in Eritrea’s rapidly evolving financial landscape.

Get Compliant with Eritrea’s KYC Regulations

For more information on how Smile ID can help your organization stay compliant with Eritrea’s KYC regulations, contact our team today.