Liveness Check Crucial in Turkey’s Anti-Money Laundering Regulations
In a move to curb money laundering and terrorist financing, the Turkish government has introduced strict regulations requiring businesses to verify the identity of their customers. This includes a critical component known as liveness check, which ensures that the individual being identified is real and not a fake or impersonated entity.
Document Verification: A Key Component
To verify an individual’s identity, Shufti Pro utilizes its specialized Document Verification service to perform checks on the authenticity of documents submitted. These checks include:
- Verification of security features such as:
- Holograms
- Tapered/crumpled edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
Required Documents for Identity Verification
In Turkey, the following documents are considered proof of identity:
- A valid passport
- A current Turkish driving license
- A National Identity Card
- A Residence Permit
For address verification, the following documents are accepted:
- A current utility bill (gas, electricity, telephone, or mobile phone)
- A document issued by a government department showing the individual’s address
- A bank statement (no older than three months) showing the individual’s address
Timing of Verification
Identity verification is not limited to a one-time process. In fact, it is required in multiple instances as per regulations. The application and choice of when to deploy identity verification procedures depend on your requirements and conveyance to Shufti Pro.
Enhanced Due Diligence Measures
In high-risk situations where an individual might represent above normal exposure of money laundering-related threats, Enhanced Due Diligence measures are recommended. Shufti Pro provides AML Screening services, which screen an individual’s selected ID attributes against watch-lists of global regulatory authorities, foreign and domestic databases, PEPs (Politically Exposed Persons), and sanctioned individuals.
Reliance on External Services
Turkish regulations allow businesses to seek the services of a third-party provider for due diligence measures. However, it is crucial to collect all data from the third party without undue delay, as businesses remain liable for maintaining compliance and fulfilling AML (Anti-Money Laundering) and KYC (Know Your Customer) obligations.
Record Retention
As per Turkish regulations, businesses are required to retain data for not less than eight years. This includes Due Diligence Data processed, collected, and managed by a relevant third-party provider. Businesses are liable to collect all necessary information from the third party without undue delay.
By adhering to these regulations, businesses can ensure compliance with anti-money laundering laws and protect their reputation in the market.