Financial Crime World

Title: Suriname’s Banking Compliance Landscape: AML-KYC Regulations and Identity Verification

Introduction

Suriname’s banking sector has made significant strides towards combating money laundering and terrorist financing by introducing the AML-KYC regulations. In this article, we will focus on the identity verification procedures as defined in Suriname’s Central Bank framework.

Scope and Definitions

This document serves as a reference for Suriname’s AML-KYC regulations, specifically covering identity verification procedures. The Central Bank of Suriname’s framework encompasses anti-money laundering and terrorist financing provisions.

Key Definitions

  • Client: Shufti Pro’s client
  • Customer: An individual or organization that undergoes KYC-AML checks
  • End-user: Shufti Pro’s client’s customer
  • Document Verification: The process of authenticating the legitimacy of identity documents
  • Identity Verification: The process of confirming an individual’s identity
  • Proof of Identity: Official documents used to establish someone’s identity
  • Enhanced Due Diligence (EDD): A process involving increased scrutiny of potential business relationships
  • Third-Party Diligence: Outsourcing due diligence process to an external party
  • Politically Exposed Person (PEP): An individual with a higher risk of involvement in bribery or corruption

Identity verification is crucial in preventing and detecting financial crimes. Suriname regulations require specific identity attributes: name, address, telephone number, date of birth, and nationality. Shufti Pro utilizes compliant Customer Due Diligence (CDD) methods such as document verification and real-time audio-video sessions for identity verification.

Accepted Proof of Identity Documents

Suriname accepts several documents as proof of identity:

  • Identity cards
  • Passports
  • Driving licenses
  • Other documents valid in the country of origin meeting statutory requirements
  • Address verification documents like utility bills, bank statements, and government-issued documents

The Importance of Timing

Identity verification is not a one-time process; it is required multiple times. The implementation of procedures depends on the requirements and Shufti Pro’s implementation. New Customers must undergo identity verification upon onboarding, while transaction data must be verified at specific monetary thresholds as per Suriname’s regulations.

Politically Exposed Persons and EDD Measures

Suriname regulations necessitate determining if a customer is a PEP, holds public office, or has a higher risk profile. Shufti Pro’s AML Screening service aids clients in fulfilling these obligations by screening an individual’s selected ID attributes against global regulatory authorities’ watchlists, databases, and potentially compromised PEPs and sanctioned individuals.

Reliance on External Services and Record Retention

Under Suriname’s regulations, you may seek third-party services for due diligence processes; however, all necessary data must be gathered from the third party without undue delay. Shufti Pro acts as the external third-party service provider in these scenarios. You remain responsible for maintaining full compliance and fulfilling AML and KYC obligations despite relying on these services. Additionally, all relevant data must be retained for not less than seven (7) years as per AML and KYC regulations.