Financial Crime World

Document Verification Service Ensures Authenticity in Japan

Introduction

Tokyo, Japan - In a bid to combat financial crimes and ensure regulatory compliance, Shufti Pro has introduced a specialized document verification service that checks the authenticity of documents presented by customers. The service is designed to cater to the specific requirements of Japanese regulations.

Features of Document Verification Service

Shufti Pro’s document verification service includes checks on various security features such as:

  • Holograms
  • Tapered/crumpled edges
  • Doctored elements
  • Form inconsistencies
  • Document expiration
  • MRZ (Machine Readable Zone)
  • Reflected colors
  • Microprinting

The service is designed to ensure that documents presented by customers are genuine and meet regulatory requirements.

Documents Required for Verification

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

  • Valid passport
  • Current driving license
  • Resident Registration Card
  • ID Document (My Number Card)
  • Health Insurance Certificate/Card
  • National Pension Handbook

Similarly, documents required for address verification include:

  • Current utility bill
  • Government-issued document showing end-user’s address and name
  • Bank statement (no older than three months)

Timing of Verification

Identity verification is not limited to one-time, one-instance process. It is required in multiple instances as per regulations. The application and choice of when to deploy identity verification procedures depend on the requirements and conveyance to Shufti Pro.

Politically Exposed Persons and Enhanced Due Diligence Measures

Under Japanese regulations, it is mandatory to determine if a customer is a Politically Exposed Person (PEP), holds a public office, or exhibits a higher risk profile. To fulfill this obligation, Shufti Pro provides an AML Screening service that screens an individual’s selected ID attributes of Name and DOB against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

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

Record Retention

As per Japanese regulations, it is mandatory to retain data for not less than seven years. This includes all necessary information (Due Diligence Data) collected from the third-party without undue delay.

Conclusion

Shufti Pro’s document verification service aims to provide a secure and compliant solution for businesses operating in Japan, ensuring that they are able to verify the authenticity of documents presented by customers while maintaining regulatory compliance.