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Solomon Islands’ Know Your Customer (KYC) Rules: A Guide for Financial Institutions

The Solomon Islands Financial Intelligence Unit has issued guidelines to ensure that financial institutions, cash dealers, and legal practitioners comply with the country’s anti-money laundering and counter-terrorism financing regulations. The guideline provides a risk-based approach to customer identification and verification.

Minimum KYC Risk-Based Classification

The guideline categorizes individual bank customers into three levels of risk: high, medium, and low. Each level requires specific documentation and timelines for submission. The categories are based on factors such as:

  • Type of person (customer background)
  • Country of origin or location
  • Value of transactions
  • Types of services or products

High-Risk Customers

For high-risk customers, financial institutions must obtain KYC information within 2 working days. These customers include individuals with:

  • Urban addresses
  • Senior public officers
  • Military officials
  • Politicians
  • Non-face-to-face customers
  • Those from blacklisted countries

Medium-Risk Customers

For medium-risk customers, financial institutions have a week to obtain KYC information. This category includes individuals with:

  • Rural addresses
  • Non-residents
  • Residents with transactions between SBD15,000 and SBD50,000

Low-Risk Customers

For low-risk customers, financial institutions have 2 weeks to obtain KYC information. This category includes individuals from:

  • Village areas
  • Local salaried workers
  • Wage earners with maximum transactions of SBD15,000

Document Categories

The guideline specifies three categories of documents that may be accepted as proof of identity:

Category A: Official Documents

• Current passport • Foreign citizenship certificate • Current driver’s license • Birth certificate • Other official records from the Government of Solomon Islands

Category B: Other Authority Issued Documents

• Certificate of christening/baptism • Employment letter or identification • Employment records or pay slips • Existing bank customer • Foreign pensioners card • Educational institution certificates • Student card or registration document

Category C: Other Identification

• Written reference from a church leader • Written reference from a village elder/chief • Written reference from a relative who is an existing customer of the bank • Written reference from a bank employee

Timing of KYC Identification Submission

Financial institutions must submit KYC information within the specified timelines:

  • High-risk customers: 2 working days
  • Medium-risk customers: 1 week
  • Low-risk customers: 2 weeks