Financial Crime World

Maldives Introduces Know Your Customer (KYC) Rules: A Comprehensive Guide for Businesses

The Maldivian government has implemented stringent know your customer (KYC) rules to combat money laundering, terrorist financing, and other financial crimes. As a result, businesses operating in the country must adhere to these regulations to maintain compliance and prevent fraud.

Why KYC is Important in Maldives

Shufti Pro, a leading provider of real-time KYC and anti-money laundering (AML) solutions, offers its services in Maldives to help businesses comply with these regulations. With Shufti Pro’s cutting-edge technology, businesses can verify customer identities in seconds, ensuring seamless onboarding and reducing the risk of financial crimes.

Shufti Pro’s KYC and AML Solutions

Under the guidelines of FATF, APG, and OFAC, Shufti Pro provides a range of KYC and AML solutions for Maldivian businesses. These services include:

  • Document Verification: Shufti Pro verifies identity cards, passports, driving licenses, credit/debit cards, and other documents to ensure their accuracy and authenticity.
  • Data Extraction: The solution extracts relevant customer information from verified documents, reducing manual labor and increasing efficiency.
  • Face Verification: Shufti Pro’s advanced facial recognition technology enables real-time authentication of customers’ identities.
  • Address Verification: Businesses can verify customers’ addresses in real-time, preventing false deliveries and invalid customer locations.

AML Services for Maldivian Businesses

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

Customer Due Diligence in Maldives

Maldives is a member of the Financial Action Task Force (FATF) through the Asia-Pacific Group (APG). As such, businesses operating in the country must adhere to global standards for combating money laundering, terrorist financing, and other financial crimes. Shufti Pro’s KYC and AML solutions help Maldivian businesses maintain compliance with these regulations.

Start Your 7-Day Free Trial Now

Shufti Pro offers a free trial period for businesses looking to implement its KYC and AML solutions. This allows companies to test the technology, integrate it into their systems, and ensure seamless customer onboarding before committing to a paid subscription.

Conclusion

By implementing Shufti Pro’s real-time KYC and AML solutions, Maldivian businesses can improve their compliance with regulatory requirements, reduce the risk of financial crimes, and enhance customer trust.