Financial Crime World

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Financial Inclusion and Crime: A Growing Concern in Solomon Islands

A recent workshop hosted by the Central Bank of Solomon Islands (CBSI) has highlighted the pressing need for electronic Know Your Customer (e-KYC) facility to combat financial crime and increase financial inclusion in the country. The event, facilitated by the Reserve Bank of Australia (RBA), brought together representatives from commercial banks, financial institutions, money transfer operations, government agencies, and telecommunications companies.

The Importance of e-KYC Facility

The e-KYC facility is designed to reduce costs and increase efficiency by allowing identity verification and Know Your Customer requirements to be completed remotely. This digital process is seen as a crucial step towards increasing financial inclusion in Solomon Islands, which has been affected by the global de-risking trend.

Benefits of e-KYC Facility

  • Improved customer due diligence processes
  • Reduced remittance costs
  • Decreased legal compliance risks
  • Enhanced correspondent banking services

CBSI’s Plan to Implement e-KYC Facility

The CBSI Deputy Governor Raynold Moveni emphasized the importance of implementing the e-KYC facility, citing the potential risks of financial exclusion and increased crime if left unaddressed. The workshop aimed to explore the benefits of the e-KYC facility and how it can be implemented in Solomon Islands.

Collaborations and Initiatives

  • The Solomon Islands government is currently collaborating with the United Nations Capital Development Fund (UNCDF) and Telecommunications Solomon Islands (TCSI) to develop a national SIM registration database.
  • The CBSI also plans to investigate how to develop an e-KYC facility that meets FATF standards and international best practices.

Conclusion

The establishment of an e-KYC facility is seen as a crucial step towards increasing financial inclusion and combating financial crime in Solomon Islands. The workshop marked an important milestone in the country’s efforts to implement this facility and increase digitalization, digital identity, and anti-money laundering/combating the financing of terrorism (AML/CFT) compliance initiatives.

Contact Information

For further information on the e-KYC facility and its implementation in Solomon Islands, contact the Central Bank of Solomon Islands at 21791 or email info@cbsi.com.sb. The CBSI website is accessible at www.cbsi.com.sb.