Maldives Authentication: A Guide to Verification Procedures
In the Maldives, authentication is a vital step in verifying identities and preventing financial crimes. To guarantee compliance with regulations, it’s essential to comprehend the various checks and procedures involved.
Document Authentication
When verifying documents, security features such as:
- Holograms
- Tapered/crumpled edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
are crucial indicators of authenticity. The following documents are considered proof of identity in the Maldives:
- Valid passport
- Valid driver’s license
- Passport card
For address verification, the following documents are accepted:
- Current utility bill (gas, electricity, telephone, or mobile phone)
- Government-issued document showing the end-user’s address
- Bank statement (no older than 3 months) showing the end-user’s address
Timing of Verification
Identity verification is not a one-time process. It requires multiple instances of verification as per regulations. The timing of verification depends on your requirements and circumstances.
Politically Exposed Persons and Enhanced Due Diligence Measures
Under Maldives’ Enhanced Due Diligence requirements, you are required to determine if your customer is a:
- Politically Exposed Person (PEP)
- Holder of a public office
- Exhibitor of a higher risk profile
Shufti Pro provides AML Screening services to help fulfill these obligations.
Reliance on External Services
In the absence of explicit regulations, clients may seek third-party services for fulfilling AML/KYC obligations. However, clients remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations.
Record Retention
As per Maldives’ regulations, you are required to retain data for not less than five (5) years as part of your AML and KYC obligations. In cases where this information is processed, collected, and managed by a third-party, you must collect all necessary information (Due Diligence Data) without undue delay.
By understanding these verification procedures, businesses operating in the Maldives can ensure compliance with regulations and maintain a secure financial environment.