Financial Crime World

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The Importance of Know Your Customer Procedures in French Guiana

As the online economy continues to grow in French Guiana, businesses are facing increasing challenges when it comes to identifying and verifying the identities of their customers. The mandatory know your customer (KYC) procedure is designed to prevent fraud, terrorist financing, and money laundering, but what does this mean for marketplaces operating in the region?

Understanding KYC Regulations

In French Guiana, marketplaces are required to collect information necessary to identify and verify the identity of their users. This includes collecting documents such as ID cards, passports, driving licenses, and residence permits. These documents must be currently valid, perfectly readable, and visible in their entirety.

Acceptable Documents for KYC

The following documents are accepted as part of an identity verification procedure:

  • ID Card: Must not be expired.
  • Passport: Must not be expired.
  • Driving License (new card format): Must not be expired.
  • Residence Permit: Must not be expired.

Requesting Additional Supporting Documents

In certain cases, identity verification may involve requesting additional documents, such as proof of address. This can include:

  • Energy Bills: Not dated more than one year ago.
  • Telephone Bills: Not dated more than one year ago.
  • Insurance Certificates: Visible in its entirety, neat and legible, original.
  • Certificates of Residence or Ownership: Visible in its entirety, neat and legible, original.

Biometric Identity Verification

In addition to traditional KYC procedures, certain businesses may implement biometric identity verification. This involves the recognition of an individual through physical or behavioral characteristics, such as facial recognition or voice recognition.

Obvy’s KYC Solution

Obvy offers a comprehensive all-in-one transactional solution that integrates individual identity verification into its platform. Our technological tools facilitate the collection, cropping, and flattening of documents, increasing their acceptance rate. We also offer biometric identity verifications, simply and dynamically through the user’s webcam or phone.

By partnering with Obvy, businesses can increase their income quickly, easily, and economically while ensuring compliance with KYC regulations in French Guiana.