Financial Crime World

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Gibraltar’s KYC Guidelines: A Comprehensive Guide for Businesses

The Financial Action Task Force (FATF) has set out strict guidelines for Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in Gibraltar, requiring businesses to verify customer identities and screen against watchlists. In this article, we will explore the importance of KYC compliance in Gibraltar and how Shufti Pro’s real-time identity verification solution can help.

Importance of KYC Compliance

Under the guidelines set by FATF, MONEYVAL, and OFAC, businesses operating in Gibraltar are required to implement robust KYC and AML procedures to prevent financial crimes such as money laundering and terrorist financing. To achieve this, companies must verify customer identities through various documents including:

  • National identity cards
  • Passports
  • Driving licenses
  • Credit/debit cards

Shufti Pro’s Real-Time Identity Verification Solution

Shufti Pro’s real-time KYC solution offers a range of services designed specifically for Gibraltar, including:

  • Document verification: verifies the authenticity of customer documents in seconds
  • Data extraction: extracts relevant information from documents with high accuracy
  • Face verification: uses facial recognition technology to verify customer identities
  • Facial recognition: recognizes and verifies customer faces using advanced algorithms

Our advanced technology uses machine learning algorithms to analyze documents and verify customer identities quickly, reducing manual labor and increasing conversion rates.

AML Screening Solutions

In addition to its identity verification services, Shufti Pro also provides AML screening solutions that help identify high-risk clients and prevent financial crimes. Our AML services utilize global watch-lists and are updated every 15 minutes to ensure the highest level of accuracy and effectiveness.

Customer Due Diligence in Gibraltar

Gibraltar is a member of MONEYVAL, which promotes efficient measures for combating money laundering, terrorist funding, and other threats to the integrity of the international financial system. To strengthen trustful business relationships, Shufti Pro has expanded its operations to Gibraltarian banks and financial institutions.

Conclusion

Complying with Gibraltar’s KYC guidelines is crucial for businesses operating in the region. Shufti Pro’s real-time identity verification solution offers a range of services designed specifically for Gibraltar, including document verification, data extraction, face verification, and facial recognition. Our AML screening solutions also help identify high-risk clients and prevent financial crimes.

Get in Touch

For more information on how Shufti Pro can help your business comply with Gibraltar’s KYC guidelines, please contact us today.