Belize’s Tougher KYC Requirements Come into Effect
Strengthening Anti-Money Laundering and Combating Terrorism Regime
In a bid to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, Belize has introduced stricter “Know Your Customer” (KYC) requirements for all entities providing financial services in the country. Fidelity Overseas Ltd, a leading registered agent in Belize, is now subject to these regulations and is urging its clients to provide necessary documentation to comply with the new rules.
Requirements Under the Belize Money Laundering and Terrorism (Prevention) Act
Under the Belize Money Laundering and Terrorism (Prevention) Act, Chapter 104, Revised Edition 2020, financial service providers are required to verify the identities of all individuals they serve. This includes beneficial owners, directors, and shareholders of companies incorporated in Belize.
Documentation Requirements
To meet these requirements, Fidelity Overseas Ltd is requesting that each client provide a range of documentation, including:
- Identity Document: One document evidencing identity, such as a passport, certified by a notary or other regulated professional
- Residential Address/Operating Address: One document showing residential address and/or operating address, which must be no older than three months
- Reference Letter: A reference letter from a bank or professional organization, detailing the length of time known to the referee and nature of the relationship
Additional Requirement: Curriculum Vitae (CV)
Additionally, Fidelity Overseas Ltd is also requesting a Curriculum Vitae (CV) summarizing the individual’s education, skills, and experience.
Confidentiality and Compliance
The company has emphasized that all documentation provided will remain strictly confidential, except in exceptional circumstances where it may be required to surrender information to the Belize Financial Intelligence Unit as prescribed by law. Fidelity Overseas Ltd is urging its clients to provide necessary documentation promptly to ensure compliance with Belizean regulations.
Purpose of New KYC Requirements
The new KYC requirements are designed to enhance transparency and reduce the risk of money laundering and terrorist financing in Belize’s financial sector. By complying with these stricter regulations, Fidelity Overseas Ltd can expedite its services while ensuring that it meets the highest standards of regulatory compliance.
Call to Action
In a statement, Fidelity Overseas Ltd said: “We appreciate your cooperation and understanding in this matter. Your prompt attention to these requirements is crucial for us to expedite our services and ensure compliance with Belizean regulations.”