Financial Crime World

Here is the article rewritten in Markdown format:

Sao Tome and Principe: Know Your Customer Regulations Come into Effect

As part of its efforts to combat financial crimes and maintain the integrity of the international financial system, Sao Tome and Principe has implemented Know Your Customer (KYC) regulations for all businesses operating in the country.

The regulations are based on guidelines set by the Financial Action Task Force (FATF), the European Supervisory Authority for Anti-Money Laundering and Combatting the Financing of Terrorism (ESAAMLG), and the Office of Foreign Assets Control (OFAC). The aim is to prevent money laundering, terrorist financing, and other financial crimes.

What are the Regulations?

Under these regulations, all businesses operating in Sao Tome and Principe are required to:

  • Verify the identity of their customers
  • Conduct ongoing due diligence to ensure that they are not dealing with individuals or entities involved in illegal activities

This includes verifying the customer’s:

  • Name
  • Date of birth
  • Address
  • Nationality
  • Checking for any sanctions or watchlists

How Can Businesses Comply?

To help businesses comply with these regulations, Shufti Pro offers a real-time KYC solution that can verify the identity of customers using passports, driving licenses, credit/debit cards, and other forms of identification. The company’s system uses advanced technology to extract information from the documents and match it against government databases and watchlists.

Shufti Pro’s KYC Solution for Sao Tome and Principe

Shufti Pro’s solution includes:

  • Passport verification: Verifying passports issued by the Government of Sao Tome and Principe, checking for accuracy of format, detecting fakeness, and verifying holograms.
  • Driving license verification: Checking driving licenses issued by the Government of Sao Tome and Principe, verifying the accuracy of format, detecting tampering, and identifying photoshopped images.
  • Credit/Debit card verification: Verifying credit/debit cards, validating name, expiration date, issue date, card number, and checking for accuracy of format.

Additional Identity Verification Services

In addition to its KYC solution, Shufti Pro also offers a range of other identity verification services, including:

  • Facial recognition
  • Document authentication
  • Address verification
  • Two-factor authentication
  • Consent verification

The company’s AML screening service helps businesses identify high-risk clients and improve client onboarding with faster PEP screening and real-time sanction list monitoring.

Conclusion

By using Shufti Pro’s KYC solution for Sao Tome and Principe, businesses can ensure compliance with the country’s regulations while also reducing the risk of financial crimes and improving customer onboarding. With its advanced technology and global reach, Shufti Pro is an ideal partner for businesses operating in Sao Tome and Principe.