Samoan Regulators Emphasize Importance of Utility Bill Verification in AML Compliance
AML Compliance Measures Strengthened in Samoa
In a recent move, the Samoan government has reiterated the need for utility bill verification as part of anti-money laundering (AML) compliance measures. This emphasis comes amidst increasing concerns over money laundering and terrorist financing in the country.
New Regulations Require Utility Bill Verification
According to new regulations, businesses operating in Samoa are required to verify the identity of their customers by obtaining a document issued by a government department that shows the customer’s address. Additionally, a bank statement no older than three months is also accepted as proof of identity.
Identity Verification: A Multi-Instance Process
The regulations emphasize that identity verification is not a one-time process and must be conducted in multiple instances to ensure compliance with AML requirements. Businesses are required to verify the identity of their customers:
- When onboarding new clients
- When dealing with transaction data above certain monetary thresholds
- In high-risk situations where individuals may pose an increased risk of money laundering
Politically Exposed Persons and Enhanced Due Diligence
The regulations also require businesses to determine if their customers are Politically Exposed Persons (PEPs) or hold public offices. To facilitate this process, Shufti Pro offers an AML screening service that screens individuals’ ID attributes against global regulatory watchlists and databases.
Reliance on External Services Allowed
Samoan regulations allow businesses to seek the services of third-party providers for AML compliance measures. However, businesses remain liable for maintaining all compliance data and fulfilling their AML obligations, regardless of reliance on external services.
Record Retention Required
Finally, businesses are required to retain customer data for a minimum of five years as part of their AML and KYC obligations.
Consequences of Non-Compliance
In light of these new regulations, it is essential for businesses operating in Samoa to ensure they are fully compliant with all AML requirements. Failure to do so may result in severe penalties and reputational damage.
About Shufti Pro
Shufti Pro is a leading provider of AML screening services that helps businesses verify customer identities and detect potential money laundering threats. With its advanced technology and global database, Shufti Pro enables businesses to stay ahead of the curve in AML compliance.