Financial Crime World

LIECHTENSTEIN KYC REQUIREMENTS: UNDERSTANDING THE REGULATIONS

The Principality of Liechtenstein is a small but significant financial hub in Europe, with a strong focus on banking and finance. As such, it has implemented robust Know Your Customer (KYC) requirements to prevent money laundering and terrorist financing.

KYC Requirements in Liechtenstein

Liechtenstein has implemented the Financial Action Task Force (FATF) recommendations through its MONEYVAL and OFAC guidelines. In this section, we will explore the documents required for identity verification and the process of verifying these documents.

Documents Required for Identity Verification

Banks and financial institutions in Liechtenstein are required to verify the identity of their customers using a range of documents, including:

  • Identity Card: Issued by the Immigration and Passport Office
  • Passport: Verifies nationality, name, and date of birth
  • Driving License: Verified through holograms and rainbow print
  • Credit/Debit Card: Validates card number, expiration date, and issue date

Document Verification Process

Shufti Pro’s document verification process involves a range of checks to ensure that the documents provided are genuine and not tampered with. These checks include:

  • Accuracy of format
  • Detection of crumpled or folded edges
  • Verification of holograms and rainbow print
  • Detection of blurriness or exposure

Technology in KYC Compliance

Shufti Pro’s identity verification system uses advanced technology to facilitate compliance with KYC regulations in Liechtenstein. The system includes:

  • Document Verification: Verifies the authenticity of documents using a range of checks
  • Data Extraction: Extracts relevant information from documents, including name and date of birth
  • Face Verification: Uses facial recognition to verify identity
  • Verification Status: Provides real-time verification status

Real-Time Verification Status

Shufti Pro’s system provides real-time verification status, ensuring that banks and financial institutions can quickly and easily verify customer identities.

Conclusion

Liechtenstein has implemented robust KYC requirements to prevent money laundering and terrorist financing. Banks and financial institutions in Liechtenstein are required to verify the identity of their customers using a range of documents. Shufti Pro’s document verification system uses advanced technology to facilitate compliance with these regulations. By using Shufti Pro’s system, banks and financial institutions can quickly and easily verify customer identities, ensuring that they remain compliant with KYC regulations in Liechtenstein.