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Know Your Customer in Mali: Stay Compliant with Smile ID

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In today’s digital age, staying compliant with Know Your Customer (KYC) regulations is crucial for businesses operating in Mali. As a member state of the Financial Action Task Force (FATF) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Mali has implemented KYC/Anti-Money Laundering (AML) regulations in line with international standards.

In this article, we will explore the regulatory landscape in Mali and how Smile ID can help businesses accurately verify users while staying compliant with digital KYC and data regulations.

Regulatory Overview

KYC/AML regulations in Mali are enforced by several regulators, including:

  • Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
  • Ministère de l’Économie et des Finances du Mali

The primary legislation governing KYC/AML is the Money Laundering and Proceeds of Crime Act. The Malian data protection authority, APDP, enforces the country’s data protection laws via the Law on the Protection of Personal Data.

Key Requirements

Institutions

  • Obtain users’ consent before processing and transferring personal data
  • Erase personal data upon user request

Accurately Verify Users in Mali

Smile ID provides a reliable solution for businesses to accurately verify users in Mali. Our solution is compatible with any device and offers:

Features

  • The most extensive ID coverage on the continent
  • 99.8% recognition accuracy for faces of all skin tones
  • A solution that verifies IDs using document photos and selfies

ID Documents We Verify

We support a range of ID documents, including:

  • Mali National Identity Card
  • Mali Passport

Our ID document verification solution checks for authenticity, accurately transcribes the text on the document, and compares a user-submitted selfie to the document image.

Document Verification Process

Image Capture Tool

  • Users can take clear photos even with older devices

Format Checking

  • Accurate format checking
  • Identifies tampered and forged documents
  • Verifies security features

Get Real-Time Results

In just a few seconds, we will confirm the document is authentic and belongs to the user.

Ready to get started? Our team is equipped to help you level up your KYC/AML compliance stack. Contact us today to understand your needs, answer questions, and set up your account.