Financial Crime World

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Know Your Customer Rules in Burkina Faso: Staying Compliant with Smile ID

Burkina Faso has implemented strict Know Your Customer (KYC) regulations to combat money laundering and terrorist financing. As a member of the Financial Action Task Force (FATF) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), the country’s financial institutions must adhere to international standards.

Regulatory Overview

The Banque Centrale des États de l’Afrique de l’Ouest (BCEAO), Cellule Nationale de Traitement des informations financières (CENTIF), and Burkina Faso Financial Intelligence Unit (BFIU) are the main regulators enforcing KYC/AML regulations in Burkina Faso. The primary legislation governing these regulations is the Directive relating to the fight against the financing of terrorism in the member states of the West African Economic and Monetary Union (UEMOA).

Data Protection Regulations

The Commission de l’Informatique et des Libertés (CIL) enforces Burkina Faso’s data protection laws, requiring institutions to obtain users’ consent before processing and transferring personal data. Users have the right to erasure of their personal data upon request.

Staying Compliant with Smile ID

Smile ID offers a solution for financial institutions to accurately verify customers in Burkina Faso while staying compliant with KYC/AML regulations. Our solution boasts:

  • The most extensive ID coverage on the continent
  • 99.8% recognition accuracy for faces of all skin tones
  • Compatibility with any device

Verifying Users with ID Documents

Smile ID verifies users using a range of ID documents, including:

  • Burkina Faso National Identity Card
  • Burkina Faso Voters ID
  • Burkina Faso Passport
  • Burkina Faso Driver’s License

Our solution checks for document authenticity, accurately transcribes text, and compares user-submitted selfies to document images. This ensures a high level of accuracy in verifying users’ identities.

Ready to Get Started?

Smile ID is equipped to help you level up your KYC/AML compliance stack. Our team is ready to understand your needs, answer questions, and set up your account. Contact us today to learn more about our solution and how it can benefit your business.