Financial Crime World

ERITREA TIGHTENS GRIP ON IDENTITY THEFT IN BANKING SECTOR

As a member of the Financial Action Task Force (FATF) and Eastern and Southern Africa Anti Money Laundering Group (ESAAMLG), Eritrea has strengthened its regulations on Know Your Customer (KYC) and Anti-Money Laundering (AML) to combat financial crimes.

Key Regulators in Eritrea’s AML/KYC Efforts

The Bank of Eritrea (BOE) and the Eritrea Financial Intelligence Unit (EFIU) are among the key regulators enforcing AML/KYC laws in the country. The primary legislation governing KYC/AML is The Anti-Money Laundering and Combating Financing of Terrorism Proclamation No. 175/2014.

Strict Data Protection Laws in Eritrea

To protect users’ data, Article 18 of Eritrea’s constitution enforces strict data protection laws, requiring institutions to obtain consent before processing and transferring personal information. Users have the right to erasure of their personal data upon request.

Banks in Eritrea Urged to Stay Compliant with KYC/AML Regulations

In light of Eritrea’s strengthened regulations, banks in the country are advised to prioritize user verification and stay compliant with AML/KYC laws. Smile ID, a leading identity verification solution, offers a comprehensive platform for accurate user verification.

Benefits of Using Smile ID

  • 99.8% recognition accuracy: For faces of all skin tones
  • Extensive ID coverage: On the continent
  • Prevents fraud: Streamlines user verification processes

Eritrean Passports Accepted as KYC Document

Eritrean passports issued by the Ministry of Foreign Affairs are accepted as a valid KYC document. To verify users with these documents, banks can utilize Smile ID’s advanced ID document verification solution.

How Smile ID Works

  • Authenticity check: Verifies the document’s authenticity
  • Text transcription: Transcribes text accurately
  • Biometric face matching: Verifies biometric face matching

Get Real-Time Results with Smile ID

The solution also includes an image capture tool that guides users to take clear photos even with older devices, ensuring a real user is behind the camera. Get real-time results in just a few seconds, confirming the document’s authenticity and belonging to the user.

Are You Ready to Upgrade Your KYC/AML Compliance Stack?

Smile ID is equipped to help banks level up their compliance stack. Our team is ready to understand your needs, answer questions, and set up your account. Stay ahead of financial crimes and ensure seamless user verification with Smile ID.