Financial Crime World

Title: Simplifying Know Your Customer (KYC) Procedures in El Salvador with MobbScan and Digital Identification

El Salvador’s Bitcoin Law and Digital Identification for KYC

El Salvador’s Bitcoin Law mandates digital identification for KYC procedures, paving the way for more rigorous customer verification using advanced techniques. This article explores how MobbScan, a leading digital onboarding solution in El Salvador, simplifies the process for businesses.

Digital Identification Process

The digital identification process will replace physical presence with various technologies, including:

  • Biometric records
  • DUI (unique identity document) scanning
  • Geolocation
  • IP recognition

Key Elements of the KYC Procedure

The KYC procedure involves multiple steps, which MobbScan simplifies for businesses:

Identifying Customers

  • Verify the reliability of customers through their identity documents
  • Authenticate the document’s originality
  • Ensure compliance with additional requirements such as:
    • Legal nature
    • Company name
    • Economic activity
    • Accreditation
    • Identification of legal representatives, shareholders, and partners with more than 10% board participation

Simplifying KYC Process with MobbScan

  • Enable businesses to verify users’ DUIs
  • Extract all necessary information and confirm their authenticity
  • Compare selfies to DUI photos
  • Record the entire onboarding process in a video
  • Conduct hundreds of daily verifications

Addressing AML Regulations

Entities must adhere to Anti-Money Laundering (AML) regulations and collect documentation according to risk level.

  • Identify beneficial owners
  • Maintain a register of customers
  • Report suspicious transactions to the authorities

Monitoring Transactions and Customers

  • Transactions must be monitored for consistency with transactional profiles
  • High-risk customers or countries must be monitored closely

Record Keeping

All obliged entities must maintain records for the duration of the business relationship and for 15 years afterward.

Streamlined KYC Procedure with MobbScan

Businesses can achieve a more efficient and compliant KYC onboarding process with MobbScan. Contact us for more information about our KYC solution. Don’t forget to share this article with your followers to stay informed about the latest KYC developments in El Salvador.