Financial Crime World

São Tomé and Principe: Know Your Customer (KYC) Regulations Come into Effect

As a member state of the Financial Action Task Force (FATF) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), São Tomé and Principe has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to combat financial crimes.

Regulatory Landscape

The country’s regulatory landscape is overseen by several authorities, including:

  • Banco Central de São Tomé e Príncipe (BCSTP)
  • Ministério das Finanças e Cooperação Internacional
  • Polícia de Investigação Criminal
  • Unidade de Inteligência Financeira de São Tomé e Príncipe (UIF)

Primary Legislation

The primary legislation governing KYC/AML in São Tomé and Principe is the Anti-Money Laundering and Combating the Financing of Terrorism law (Lei No. 8/13). Additionally, the country has implemented data protection regulations enforced by the Agência Nacional de Proteção de Dados (APDP) via the São Tomé and Príncipe Law No. 03/2016 on the Protection of Personal Data.

Compliance Requirements

To ensure compliance with these regulations, financial institutions must:

  • Obtain users’ consent before processing and transferring personal data
  • Allow users to request the erasure of their personal data upon request
  • Failure to comply can result in severe penalties and reputational damage

Smile ID Solution

Smile ID offers a comprehensive solution for accurately verifying user identities in São Tomé and Principe. Our cutting-edge technology ensures:

Features

  • 99.8% recognition accuracy for faces of all skin tones
  • Compatibility with any device
  • Verification of São Tomé and Principe Passport, Driver’s License, and other accepted ID documents

Document Verification

Our document verification solution checks for authenticity, accurately transcribes document text, and compares user-submitted selfies to document images. Our technology also identifies tampered and forged documents, ensuring the highest level of accuracy.

Getting Started with Smile ID

To get started with Smile ID, institutions can contact our team to discuss their specific needs, answer questions, and set up an account. With Smile ID, financial institutions in São Tomé and Principe can ensure compliance with KYC/AML regulations, prevent fraud, and provide a seamless user experience for customers across Africa.