Service to Verify Identity and Combat Financial Crime

In an effort to prevent financial crime, a new service has been launched to verify the authenticity of documents and perform checks on security features. The service includes verification of identity and address proof, as well as screening for politically exposed persons (PEPs) and enhanced due diligence measures.

Documents Required for Verification

According to regulations in Ireland, valid passports, driver’s licenses, and national identity cards are considered proof of identity. In Gibraltar, utility bills, government-issued documents, and bank statements that show the end-user’s address and name are accepted as proof of address.

Timing of Verification

Identity verification is not a one-time process, but rather a continuous requirement to prevent financial crime. The service should be deployed in multiple instances, depending on the requirements and conveyance to Shufti Pro.

Politically Exposed Persons and EDD Measures

Under Gibraltar’s regulations, businesses are required to determine if customers are PEPs or exhibit higher risk profiles. Shufti Pro provides an AML screening service that screens individuals against global regulatory authority watchlists, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

Gibraltar’s regulations allow businesses to seek the services of a third-party provider for due diligence measures. However, it is essential to collect all necessary data from the third-party service without undue delay and maintain compliance with AML and KYC obligations.

Record Retention

Regulations in Gibraltar require businesses to retain data for no less than five years as part of their AML and KYC obligations. In cases where information is processed, collected, and managed by a relevant third-party provider, it is crucial to collect all necessary information without undue delay.

This service aims to provide a comprehensive solution for businesses to verify the authenticity of documents, prevent financial crime, and comply with regulations in Ireland and Gibraltar.