Shufti Pro Unveils Comprehensive Document Verification Solution for Japanese Businesses
Streamlining Compliance with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) Regulations
In a bid to help Japanese companies comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, Shufti Pro has launched its specialized document verification service. This innovative solution enables businesses to authenticate the identity of their customers by performing in-depth checks on the authenticity of various documents.
Advanced Document Verification Features
The document verification process includes a range of security features such as:
- Holograms
- Tapered edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
These advanced features ensure that only genuine documents are accepted by businesses, thereby reducing the risk of fraud and money laundering.
Verifying Addresses: A Key Aspect of Compliance
According to Shufti Pro’s latest whitepaper, verifying addresses is a crucial aspect of compliance. In Japan, a current utility bill, government-issued document, or bank statement (no older than three months) can be used as proof of address.
Identity Verification: An Ongoing Requirement
Shufti Pro emphasizes that identity verification is not a one-time process but rather an ongoing requirement. Businesses are advised to conduct multiple checks throughout the customer onboarding process and at various stages of transactions, depending on their specific requirements.
Enhanced Due Diligence (EDD) Measures for High-Risk Customers
The company stresses the need for enhanced due diligence measures when dealing with high-risk customers or those who exhibit suspicious behavior. Shufti Pro’s AML screening service helps businesses identify:
- Politically Exposed Persons (PEPs)
- Sanctioned individuals
- Other high-risk entities by screening against global regulatory watchlists.
Data Retention Requirements
Japanese regulations require clients to retain data for at least seven years as part of their AML and KYC obligations. Shufti Pro advises businesses to collect necessary information from third-party service providers without undue delay.
Conclusion
By leveraging Shufti Pro’s comprehensive document verification solution, Japanese businesses can ensure compliance with AML and KYC regulations while minimizing the risk of fraud and money laundering. With its advanced features and ongoing identity verification process, Shufti Pro provides a robust solution for businesses looking to streamline their compliance efforts.