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Shufti Pro: Expert Identity Verification and AML/KYC Solutions for Cambodia
Phnom Penh, Cambodia - In a bid to combat money laundering and terrorist financing, the Cambodian government has introduced stringent regulations requiring businesses to implement robust Anti-Money Laundering (AML) and Know Your Customer (KYC) measures. To help companies navigate these complex requirements, Shufti Pro offers a suite of specialized document verification services.
Document Verification: The First Line of Defense
Shufti Pro’s expert team utilizes advanced technology to verify the authenticity of documents presented by customers or partners. Our comprehensive checks include:
- Security features such as holograms, tapered/crumpled edges, doctored elements, form inconsistencies, document expiration, MRZ, reflected colors, and microprinting.
Identity Verification: A Critical Component of AML/KYC
In Cambodia, identity verification is a crucial step in the onboarding process. Shufti Pro extracts information from commercial registers or official databases to verify the identity of legal persons or partnerships. Our KYC (Know Your Customer) solution provides a comprehensive overview of customer data, helping businesses make informed decisions.
Documents Required for Verification
In Cambodia, proof of identity and address are essential documents required for verification. These include:
- Valid passport
- Driver’s license
- National identity card
Proof of address documents include:
- Current utility bill (gas, electricity, telephone, or mobile phone)
- Government-issued document showing the end-user’s address and name
- Bank statement (no older than 3 months) showing the end-user’s address and name
Timing of Verification
Identity verification is not a one-time process. It’s required in multiple instances as per regulations. The timing of verification depends on your business requirements and circumstances. Shufti Pro recommends verifying customer identities during the onboarding process, especially when dealing with high-risk transactions or customers.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence
As part of Enhanced Due Diligence, businesses must identify Politically Exposed Persons (PEPs), hold public office, or exhibit a higher risk profile. Shufti Pro’s AML Screening service helps you determine if your customer is a PEP and provides detailed information on their risk category.
Reliance on External Services
While there are no explicit regulations governing reliance on external services, clients may choose to outsource their AML/KYC obligations to third-party providers. However, it’s essential to note that the client remains liable for maintaining regulatory compliance and fulfilling AML/KYC obligations.
Record Retention: A Critical Component of Compliance
As per Cambodian regulations, businesses must retain data for at least five years. Shufti Pro’s expert team helps you navigate these complex requirements, ensuring seamless compliance with AML/KYC regulations.
By partnering with Shufti Pro, businesses can ensure robust identity verification and AML/KYC measures, minimizing the risk of non-compliance and reputational damage. Contact us today to learn more about our specialized services and solutions for Cambodia.