Shufti Pro Unveils Advanced Document Verification Service to Combat Fraud and Money Laundering
Introducing a Revolutionary Solution for Identity Verification
In a move to combat fraud and money laundering, Shufti Pro has launched an advanced document verification service designed to help businesses verify the authenticity of documents. This innovative solution includes checks on security features such as holograms, tapered/crumpled edges, doctored elements, form inconsistencies, document expiration, MRZ, reflected colors, and microprinting.
Montserrat’s Regulations on Identity Verification
Montserrat has specific requirements for identity verification. The following documents are considered proof of identity:
- A valid passport
- A valid driver’s license
For address verification, the following documents are accepted:
- A current utility bill (such as gas, electricity, telephone or mobile phone bill)
- A document issued by a government department that shows the end-user’s address
- A bank statement (no older than 3 months ago) that shows the end-user’s address
Timing of Verification
Identity verification is not limited to a one-time process. In fact, it is required in multiple instances as per regulations. The application and choice of when to deploy identity verification procedures depend on business requirements and conveyance to Shufti Pro.
Politically Exposed Persons and EDD Measures
As per Montserrat’s Enhanced Due Diligence (EDD) requirements, businesses are required to determine if their customers are:
- Politically Exposed Persons (PEPs)
- Holding a public office
- Exhibiting a higher risk profile
Shufti Pro provides an AML Screening service that screens individuals’ ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
Montserrat’s regulations state that businesses may seek the services of a third-party provider to apply measures of due diligence. However, regulations also require businesses to collect all such data (Diligence Information) from the third party without undue delay. In this scenario, Shufti Pro will be the external third-party service provider.
Record Retention
As per Montserrat’s regulations, businesses are required to retain data for not less than five (5) years. These records are a part of AML and KYC obligations for due diligence.
Conclusion
By leveraging Shufti Pro’s advanced document verification service, businesses can ensure compliance with Montserrat’s anti-money laundering and know-your-customer regulations, thereby reducing the risk of fraud and money laundering.