Financial Crime World

Suriname’s AML-KYC Regulations: A Key to Identity Verification and Compliance

The Central Bank of Suriname has established comprehensive regulations against Money Laundering and Terrorist Financing, criminalizing these illicit activities and providing safeguards and guidelines for businesses. This article focuses on the identity verification requirements outlined in Suriname’s AML-KYC Regulations.

1. Overview of Suriname’s AML-KYC Regulations

  • Criminalize money laundering and establish safeguards
  • Scope: Guidelines for businesses on identity verification procedures

2. Key Definitions

  • Client: Shufti Pro’s customer
  • Customer: Client’s customer subjected to KYC-AML checks
  • End-user: Client’s customer (from Shufti Pro’s perspective)
  • Document Verification: Authenticity of gov’t issued identity documents
  • Identity Verification: Verifying an individual’s identity
  • Proof of Identity: Capable gov’t issued identity documents
  • EDD (Enhanced Due Diligence): More stringent process for risky business relationships
  • Third-Party Diligence: Outsourcing due diligence to external parties
  • PEP (Politically Exposed Person): Individuals with higher risk for corruption
  • Due Diligence: Measures taken to mitigate risk before agreements or transactions

3. Identity Verification Requirements: Document Attributes

  • Name
  • Address
  • Telephone Number
  • Date of Birth
  • Nationality

4. Compliant CDD Methods: Shufti Pro’s Role in Identity Verification

  • ID document verification using independent sources
  • Real-time, audio-video transmission for live sessions
  • Specialized Document Verification services

5. Documents Required: Proof of Identity and Address Verification

  • Valid identity card
  • Current utility bills (gas, electricity, telephone or mobile phone bills, issued no more than 3 months ago)
  • Bank statements (issued no more than 3 months ago)
  • Government issued documents

6. Timing of Verification: Multiple Instances and Monetary Thresholds

  • Onboarding new Customers
  • Dealing with transaction data
  • Facing higher risks

7. Enhanced Due Diligence: Politically Exposed Persons and EDD Measures

  • AML Screening service
  • Screens ID against watchlists and financial databases
  • Identifies PEP and their immediate family or associates

8. Reliance on External Services: Seeking Shufti Pro as a Third-Party Service Provider

  • Businesses can seek third party services
  • Clients must collect all necessary data from the third-party promptly

9. Record Retention: Seven-Year Data Retention Requirement

  • Clients must retain data for a minimum of 7 years
  • In cases where information is managed by a third-party, clients must collect all necessary data without delay.