Financial Crime World

Here is the converted article in Markdown format:

Shufti Pro: Enhancing Customer Onboarding with Identity Verification

In an effort to strengthen customer onboarding processes, Shufti Pro has introduced identity verification procedures that ensure the authenticity of customers’ documents and identities. The company’s specialized Document Verification service utilizes cutting-edge technology to perform checks on the security features of submitted documents.

Verifying Identity Documents

During the onboarding process, end-users will be asked to show their identity documents and perform random gestures as part of a liveness check. Shufti Pro will verify the authenticity of the documents submitted by utilizing its specialized Document Verification service. The service checks for security features such as:

  • Holograms
  • Tapered/crumpled edges
  • Doctored elements
  • Form inconsistencies
  • Document expiration
  • MRZ (Machine Readable Zone)
  • Reflected colors
  • Microprinting

Required Documents in Japan

In Japan, proof of identity and address are crucial documents required during the onboarding process. These include:

  • A valid passport
  • Current driving license
  • Resident Registration Card
  • ID Document (My Number Card)
  • Health Insurance Certificate/Card
  • National Pension Handbook

For address verification, the following documents are accepted:

  • A current utility bill (such as gas, electricity, telephone, or mobile phone bill)
  • A document issued by a government department that shows the end-user’s address and name
  • A bank statement (no older than 3 months) showing the end-user’s address and name

Timing of Verification

Identity verification is not limited to a one-time process. It may be required in multiple instances, depending on regulatory requirements. The application and timing of identity verification procedures depend on individual requirements and conveyance to Shufti Pro.

Politically Exposed Persons and Enhanced Due Diligence Measures

As per Japanese regulations, clients are required to determine if their customers are Politically Exposed Persons (PEPs), hold public office, or exhibit a higher risk profile. To fulfill these obligations, Shufti Pro provides its AML Screening service, which screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

In the absence of explicit regulations, clients may seek the services of a third party for fulfilling Anti-Money Laundering (AML) and Know-Your-Customer (KYC) obligations. However, clients will remain liable for maintaining regulatory compliance and fulfilling AML/KYC obligations.

Record Retention

As per Japanese regulations, clients are required to retain data for not less than seven years. This information is part of their AML and KYC obligations for due diligence. In the case where this information is processed, collected, and managed by a relevant third party, clients are liable to collect all necessary information (Due Diligence Data) without undue delay.

By implementing these measures, Shufti Pro aims to provide a secure and reliable customer onboarding experience that meets regulatory requirements while ensuring compliance with anti-money laundering and know-your-customer regulations.