Financial Crime World

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CAPE VERDE: Understanding KYC Procedures in the Country’s Financial Landscape

As a member of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) and affiliated with the Financial Action Task Force (FATF), Cape Verde has implemented Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations to combat financial crimes. In this article, we will explore the country’s KYC procedures and what businesses need to know to stay compliant.

Regulatory Framework

In Cape Verde, AML/KYC regulations are enforced by several regulators, including:

  • Banco de Cabo Verde (BCV)
  • Securities Exchange Commission (SEC)
  • Unidade de Informação Financeira (UIF)

The primary legislation governing KYC/AML is Law No. 17/VI/2002.

Customer Due Diligence

To ensure compliance with these regulations, businesses operating in Cape Verde must implement robust customer due diligence processes. This includes:

  • Verifying the identity of customers through various means, such as:
    • ID document verification
    • Biometric face matching

AML/KYC Solution

Smile ID offers a comprehensive AML/KYC solution that enables businesses to accurately verify and onboard users in Cape Verde. Our solution allows for instant customer identity verification and efficient user onboarding, ensuring compliance with the country’s KYC/AML regulations while streamlining processes.

Data Protection Laws

In addition to AML/KYC compliance, businesses operating in Cape Verde must also comply with data protection laws. The National Commission for Data Protection (CNPD) enforces these laws through the Cape Verde National Commission of Data Protection (NCDP). Institutions are required to:

  • Obtain users’ consent before processing and transferring personal data
  • Allow users to request erasure of their personal data

Solution Features

Smile ID’s solution is designed to help businesses in Cape Verde maintain compliance with AML/KYC regulations while preventing fraud and streamlining user verification processes. Our solution verifies up to 5 ID types, including:

  • National ID
  • Voter ID
  • Driver’s License
  • Passports
  • Travel Documents

Our solution also offers a high level of accuracy in verifying customer identities.

Conclusion

In conclusion, understanding KYC procedures in Cape Verde is crucial for businesses operating in the country’s financial landscape. Smile ID offers a comprehensive AML/KYC solution that enables businesses to stay compliant with regulations while preventing fraud and streamlining user verification processes.