Financial Crime World

Here is the article in markdown format:

Belarus’ Identity Verification and Anti-Money Laundering Regulations

In an effort to combat money laundering and terrorist financing, Belarus has implemented a range of measures aimed at verifying the identities of individuals and businesses. At the heart of these regulations is the use of advanced security features designed to prevent identity fraud.

Security Features: Holograms, Tapered Edges, and More

Belarusian authorities require that all identity documents feature a range of advanced security features, including:

  • Holograms: 3D images that can only be viewed from certain angles
  • Tapered/Crumpled Edges: Unique patterns designed to prevent counterfeiting
  • Doctored Elements: Intentionally flawed elements that make it difficult for counterfeiters to replicate the document
  • Form Inconsistencies: Discrepancies in the document’s layout or design that can be detected by trained professionals
  • Document Expiration: Regularly updated expiration dates to ensure documents remain valid
  • MRZ: Machine-readable zones containing essential biometric data
  • Reflected Colors: Unique color patterns designed to prevent photocopying
  • Microprinting: Tiny text and images that are difficult to replicate

Identity Verification: A Multi-Step Process

Belarusian regulations require that individuals undergo identity verification in multiple instances, including:

  • Onboarding new customers
  • Processing transaction data exceeding set monetary thresholds
  • Dealing with high-risk clients or transactions

Politically Exposed Persons and Enhanced Due Diligence Measures

Under Belarus’ Enhanced Due Diligence requirements, businesses are required to identify Politically Exposed Persons (PEPs) and conduct thorough background checks. Shufti Pro’s AML Screening service helps businesses detect PEPs by screening against global watchlists and databases.

Reliance on External Services: The Role of Third-Party Providers

Belarusian regulations allow businesses to rely on external services, such as third-party providers like Shufti Pro, to apply measures of due diligence. However, businesses remain liable for maintaining all compliance and fulfilling AML and KYC obligations.

Record Retention: Five Years or More

Under Belarusian regulations, businesses are required to retain data for not less than five years, as part of their AML and KYC obligations for due diligence. Businesses must collect and manage this information without undue delay and remain liable for maintaining compliance.