Financial Crime World

Here is the converted article in Markdown format:

Authenticity of Documents Under Scrutiny in Maldives

A recent investigation has raised concerns over the authenticity of documents being used to verify identities and addresses in the Maldives. The country’s financial regulations require businesses to conduct thorough verification procedures, including checks on security features such as holograms, tapered/ crumpled edges, and microprinting.

Documents Required for Verification

The Maldives requires specific documents as proof of identity and address. These include:

  • A valid passport
  • Driver’s license
  • Passport card (for identity verification)
  • Current utility bills
  • Government-issued documents
  • Bank statements (as proof of address)

Timing of Verification

Identity verification is not a one-time process in the Maldives. It is required multiple times, depending on the type of transaction and the level of risk involved. Businesses must verify identities:

  • When onboarding new customers
  • Whenever there is a change in customer information

Politically Exposed Persons and Enhanced Due Diligence Measures

The Maldives has implemented enhanced due diligence measures to identify Politically Exposed Persons (PEPs) and high-risk individuals. Shufti Pro, an anti-money laundering (AML) screening service, provides businesses with the necessary tools to screen customers against global watchlists and databases.

Reliance on External Services

While businesses may choose to rely on third-party services for AML/KYC obligations, they will remain liable for maintaining regulatory compliance and fulfilling AML and KYC requirements.

Record Retention

The Maldives requires businesses to retain data for at least five years as part of their AML and KYC obligations. This includes:

  • Due diligence data processed, collected, and managed by third-party services
  • Businesses must collect this information from third parties without undue delay

In light of these findings, it is clear that the authenticity of documents in the Maldives requires close scrutiny. Businesses must ensure they are verifying identities and addresses accurately to maintain the integrity of the financial system.