Expert Reveals the Importance of Identity Verification in Oman
Identity verification is a crucial aspect of business operations in Oman, particularly when it comes to complying with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. According to an expert, Shufti Pro’s specialized document verification service plays a vital role in ensuring the authenticity of submitted documents.
The Onboarding Process
During the onboarding process, customers will be required to provide their identity documents and perform random gestures as part of a liveness check. This ensures that the individual is physically present and not using fake or tampered-with documents.
Accepted Documents
The expert noted that various documents are considered as proof of identity in Oman, including:
- Passports
- Driving licenses
- Identity cards
- Civil cards for Omani nationals and non-Omani residents
Similarly, utility bills, government-issued documents, and bank statements are accepted as proof of address.
Ongoing Requirement
Identity verification is not a one-time process, but rather an ongoing requirement that must be applied in multiple instances, depending on the specific requirements and risk profiles of customers. The expert advised that identity verification should be performed:
- During onboarding new customers
- During transactions involving higher monetary thresholds
- In situations where there may be increased risks from customers
Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures
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The expert highlighted the importance of identifying Politically Exposed Persons (PEPs) and their family members or close associates. Shufti Pro’s AML Screening service provides a solution for this, screening individuals’ ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
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The expert emphasized that Omani regulations allow businesses to seek the services of third-party providers for due diligence measures. However, businesses remain liable for maintaining all compliance and fulfilling AML and KYC obligations, even if they rely on external services.
Record Retention
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Finally, the expert noted that businesses in Oman are required to retain data for at least 10 years as part of their AML and KYC obligations. This includes collecting necessary information from third-party providers without undue delay.
By emphasizing the importance of identity verification, PEP screening, reliance on external services, and record retention, the expert has underscored the critical role that businesses must play in ensuring compliance with Omani regulations and mitigating risks associated with money laundering and terrorist financing.