Financial Crime World

SHUFTI PRO: ENHANCING CUSTOMER ONBOARDING WITH IDENTITY VERIFICATION AND AML/KYC SOLUTIONS

In today’s digital landscape, identity verification and anti-money laundering (AML) / know your customer (KYC) solutions are crucial for businesses to ensure compliance with regulatory requirements and protect their reputation. Shufti Pro, a leading provider of ID verification services, has made it easier for companies to onboard customers efficiently while maintaining the highest standards of security and transparency.

Identity Verification: The Key to Effective Onboarding

Shufti Pro’s document verification service is designed to verify the authenticity of documents submitted by customers. Our specialized technology checks for security features such as:

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

Documents Required for Verification in Argentina

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

  • National Identity Card
  • Passport
  • Driving License

For address verification, the following documents are accepted:

  • Current utility bill (gas, electricity, telephone, or mobile phone)
  • Government-issued document containing customer’s address and name
  • Bank statement (not older than three months)

Timing of Verification: Multiple Instances Required

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

Politically Exposed Persons and Enhanced Due Diligence (EDD) Measures

Shufti Pro’s AML screening service helps determine if a customer is a Politically Exposed Person (PEP), holds a public office, or exhibits a higher risk profile. The service 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

Argentina’s regulations state that you may seek the services of a third party to apply measures of due diligence. Shufti Pro will be the external third-party service provider in this scenario. However, it is essential to note that you remain liable for maintaining all compliance and fulfilling AML and KYC obligations.

Record Retention: Essential for AML and KYC Compliance

As per Argentinian regulations, you are required to retain data for not less than ten years. This information is part of your AML and KYC obligations for due diligence. In the case where this information is processed, collected, and managed by a relevant third-party, you are liable to collect all necessary information without undue delay.

Conclusion

By implementing Shufti Pro’s identity verification and AML/KYC solutions, businesses can ensure compliance with regulatory requirements, protect their reputation, and provide a seamless onboarding experience for customers. Contact us today to learn more about our services!