Turkmenistan Identity Verification: A Comprehensive Guide
Understanding Identity Verification
Identity verification plays a crucial role in ensuring compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. In Turkmenistan, the process involves confirming an individual’s name, date of birth (DOB), and address through various means, including government-issued documents, utility bills, and bank statements.
Timing of Verification
Identity verification is not a one-time process but rather an ongoing obligation under Turkmenistan’s regulations. It must be performed in multiple instances, including:
- Onboarding new customers
- During transaction data processing
The timing of verification depends on the client’s requirements and their conveyance to Shufti Pro.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence
In the absence of explicit regulations, clients may utilize enhanced due diligence measures for high-risk end-users. Shufti Pro provides an AML Screening service that screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
Clients may seek the services of a third-party provider to fulfill their AML/KYC obligations. However, it is essential to note that the client will remain liable for maintaining regulatory compliance as well as fulfilling AML and KYC obligations, regardless of reliance on a third-party provider.
Record Retention
As per Turkmenistan’s regulations, clients are required to retain data for not less than five years. This information includes all necessary details related to due diligence and must be collected from the relevant third-party provider without undue delay.
Conclusion
In conclusion, identity verification is a critical component of AML/CFT compliance in Turkmenistan. It is essential for financial institutions and businesses to understand the regulations surrounding this process to ensure they are meeting their obligations and maintaining transparency in all transactions.