Complying with KYC Procedures to Combat Money Laundering and Terrorist Financing in Monaco
Financial institutions in Monaco are required to implement Know Your Customer (KYC) procedures to combat money laundering and terrorist financing. The Financial Action Task Force (FATF), MONEYVAL, and the Office of Foreign Assets Control (OFAC) have set guidelines for KYC and Anti-Money Laundering (AML) measures.
Shufti Pro’s Presence in Monaco
Shufti Pro, a leading provider of real-time identity verification services, has announced its presence in Monaco to help financial institutions comply with these regulations. The company offers a range of KYC solutions, including:
- Document verification
- Data extraction
- Face verification
- Verification status
These solutions ensure that customers are accurately identified and on-boarded.
Advanced ID Card Verification Technology
The primary source of identification in Monaco is the Identity Card issued by the City Hall. Shufti Pro’s advanced ID card verification technology can detect:
- Crumpled or folded edges
- Accuracy of format
- Holograms and rainbow prints to ensure authenticity
In addition to identity cards, Shufti Pro also verifies:
- Passports
- Driving licenses
- Credit/debit cards
Streamlining the KYC Process
Financial institutions in Monaco can integrate Shufti Pro’s API into their systems to streamline the KYC process and reduce manual labor. The solution is designed to be user-friendly and can be customized to meet the specific needs of each institution.
AML Screening Services
Shufti Pro’s AML solutions use global watch-lists and update data every 15 minutes to ensure accuracy and effectiveness. These services enable businesses to identify high-risk clients and prevent fraudulent activities.
Promoting Trustful Business Relationships in Monaco
Monaco is a member of FATF through MONEYVAL, which promotes efficient measures for combating money laundering, terrorist funding, and other threats to the integrity of the international financial system. By implementing KYC procedures and AML screening services, financial institutions in Monaco can:
- Strengthen trustful business relationships
- Maintain compliance with regulatory requirements
Learn More About Shufti Pro’s KYC Solutions and AML Services
To learn more about Shufti Pro’s KYC solutions and AML services for Monaco, visit their website or contact their team today.