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Eritrea’s Money Laundering Detection: Stay Compliant with Easy ID Verification Solutions

As a member state of the Financial Action Task Force (FATF) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), Eritrea has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in line with international standards. To ensure compliance, financial institutions must accurately verify identities of customers across Africa. Smile ID offers a user-friendly solution to streamline this process.

Eritrea’s Regulatory Overview

The Bank of Eritrea (BOE), the Eritrea Financial Intelligence Unit (EFIU) enforce AML/KYC regulations in the country. The primary legislation governing KYC/AML is the Anti-Money Laundering and Combating Financing of Terrorism Proclamation No. 175/2014.

Data Protection Regulations

According to Article 18 of Eritrea’s constitution, institutions must obtain users’ consent before processing and transferring personal data. Users have the right to erasure of their personal data upon request.

Verification Solutions in Eritrea

Smile ID offers a comprehensive solution for verifying identities in Eritrea, ensuring compliance with KYC/AML regulations. The system verifies users using any of the following documents:

Eritrean Passport
Passports issued by the Ministry of Foreign Affairs
Other accepted identification documents

The solution includes:

99.8% recognition accuracy for faces of all skin tones
A compatible device solution for seamless verification
Transcribes document text with 96% accuracy
Checks for accurate format and identifies tampered and forged documents

Get Started!

Smile ID is equipped to help financial institutions level up their KYC/AML compliance stack. Our team is ready to understand your needs, answer questions, and set up your account. With our solution, you can quickly verify identities, prevent fraud, and streamline the user verification process for customers across Africa.