Financial Crime World

Here is the article rewritten in Markdown format:

Shufti Pro: The Ultimate Solution for Identity Verification and AML Compliance

In a rapidly changing financial landscape, the importance of identity verification and anti-money laundering (AML) compliance cannot be overstated. Shufti Pro, a leading provider of digital identity verification services, has announced its commitment to helping businesses navigate these complex regulations.

Identity Verification: The Foundation of AML Compliance

Shufti Pro’s document verification service utilizes advanced technology to verify the authenticity of documents submitted by customers. This includes checks on security features such as:

  • Holograms
  • Tapered/crumpled edges
  • Doctored elements
  • Form inconsistencies
  • Document expiration
  • MRZ
  • Reflected colors
  • Microprinting

Documents Required for Verification

In Bulgaria, proof of identity is required in the following forms:

  • Valid passport
  • Current Bulgarian driver’s license
  • National ID card
  • Other official ID documents

Proof of address can be demonstrated through:

  • A current utility bill (issued no more than three months ago)
  • Bank statement (issued no more than three months ago)
  • Document issued by a government department
  • Social insurance document

Timing of Verification

Identity verification is not a one-time process. It is required in multiple instances as per regulations, and the timing depends on individual business requirements. Shufti Pro advises its clients to pursue identity verification when:

  • Onboarding new customers
  • Whenever dealing with transaction data

Politically Exposed Persons and EDD Measures

As per Bulgarian regulations, businesses are required to determine if their customers are:

  • Politically Exposed Persons (PEPs)
  • Hold public offices
  • Exhibit a higher risk profile

Shufti Pro offers an AML screening service that screens individuals against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

While relying on third-party services for identity verification and AML compliance is acceptable, businesses must remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations.

Record Retention

According to Bulgarian law, businesses are required to retain data for not less than five years. This includes due diligence information collected from relevant third parties without undue delay.

By partnering with Shufti Pro, businesses can ensure compliance with Bulgarian regulations and protect themselves against the risks associated with money laundering and terrorist financing. With its advanced technology and expertise, Shufti Pro is the ultimate solution for identity verification and AML compliance in Bulgaria.