Financial Crime World

Tunisia’s Identity Verification and AML Requirements: What You Need to Know

As a business operating in Tunisia, it is essential to comply with the country’s anti-money laundering (AML) and know-your-customer (KYC) regulations. In this article, we will explore the key requirements for identity verification and AML compliance in Tunisia.

Identity Verification Documents

In Tunisia, the following documents are considered proof of identity:

  • Identity Card
  • Driving License
  • Passport

For address verification, the following documents are accepted:

  • Current utility bill (e.g. gas, electricity, telephone or mobile phone bill)
    • Showing the end-user’s address and name
  • Bank statement (issued within the last three months)
    • Showing the end-user’s address and name
  • Document issued by a government department
    • Showing the end-user’s address and name

Timing of Verification

Identity verification is not a one-time process, but rather an ongoing requirement. It must be conducted in multiple instances as per regulations. The timing of verification depends on your business requirements and the conveyance to Shufti Pro.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD)

Tunisia’s regulations require businesses to determine if their customers are PEPs, hold public office, or exhibit a higher risk profile. To fulfill this obligation, Shufti Pro provides an AML Screening service that screens an individual’s selected ID attributes against watchlists of global regulatory authorities and domestic databases.

Reliance on External Services

In the absence of explicit regulations, clients may seek the services of a third-party provider to fulfill AML/KYC obligations. However, they will remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations.

Record Retention

As per Tunisia’s Act, businesses are required to retain data for at least 10 years. This includes all AML and KYC data collected from customers. In cases where this information is processed, collected, and managed by a third-party provider, the business must collect all necessary information without undue delay.

Conclusion

Understanding Tunisia’s identity verification and AML requirements is crucial for businesses operating in the country. By complying with these regulations, you can ensure your business remains compliant and minimizes the risk of non-compliance penalties.