Financial Crime World

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Know Your Customer (KYC) Best Practices in Bhutan

In today’s digital age, ensuring compliance with Know Your Customer (KYC) regulations has become a top priority for businesses operating in Bhutan. The country’s financial sector is subject to strict guidelines set by the Financial Action Task Force (FATF), the Asia-Pacific Group on Money Laundering (APG), and the Office of Foreign Assets Control (OFAC). To stay ahead of the curve, businesses must implement robust KYC measures that verify customer identities and detect potential money laundering threats.

Shufti Pro: The Leading KYC Solution Provider in Bhutan

Shufti Pro is a cutting-edge identity verification solution that offers real-time KYC services for Bhutanese customers. With its advanced technology and extensive expertise, Shufti Pro helps businesses streamline their onboarding processes, reduce manual labor, and prevent fraud.

Documents We Verify

Shufti Pro’s KYC solutions in Bhutan verify a range of documents, including:

  • National Identity Card (CNIC) issued by the Department of Civil Registration and Census
  • Passport issued by the Passport Section, Ministry of Foreign Affairs
  • Driving License
  • Credit/Debit Card

KYC Process

Shufti Pro’s KYC process involves several steps:

  1. Document Verification: Shufti Pro scans customers’ ID cards and authenticates them down to the last pixel.
  2. Data Extraction: The solution extracts relevant information from verified documents, including name, date of birth, and nationality.
  3. Facial Verification: Shufti Pro uses advanced facial recognition technology to verify customer identities in real-time.

Benefits of Shufti Pro’s KYC Solutions

By partnering with Shufti Pro, businesses can:

  • Improve client onboarding processes
  • Reduce manual labor and errors
  • Prevent fraud and chargebacks
  • Enhance compliance with FATF, APG, and OFAC regulations

AML Compliance for Bhutanese Businesses

Shufti Pro’s AML solutions help identify high-risk clients, improve client onboarding with faster PEP screening, and real-time sanction list monitoring. The solution uses global watch-lists and updates its AML source data every 15 minutes.

Conclusion

In conclusion, Shufti Pro is the premier KYC solution provider in Bhutan, offering a range of services that help businesses comply with regulatory requirements while enhancing customer experiences. With its advanced technology and expertise, Shufti Pro helps businesses navigate the complex world of KYC compliance and AML regulations.