Compliance and Regulations

Compliance and Regulations

Shufti Pro adheres to legislations, guidelines and directives
put in place by regulatory authorities and international
watchdogs for KYC and AML compliance.

Compliance and Regulations

Shufti Pro adheres to legislations, guidelines and directives
put in place by regulatory authorities and international
watchdogs for KYC and AML compliance.

PCI DSS

Something about PCI DSS
PCI DSS Compliance helps financial institutions to apply standard industry-level measures for security mandates, technologies and ongoing processes that prevent breaches and cardholder data theft for their payment systems.

Whom does it concern?

E-payments, FinTech, POS vendors, & e-merchants.

Association with Digital KYC?

PCI Protection of the PII & Unique Card numbers is the core requirement of verification processes.

Compliance Measures by Shufti Pro

  • Adherence to the PCI DSS requirement 3.3
  • PAN masking of plastic payment cards
  • Only first six (6) & last four (4) digits are displayed

GDPR

Something about GDPR
General Data Protection Regulation is a directive set by the European Union. A legislation that sets forth guidelines regarding how information is collected and how it is processed and used by online businesses and websites.

Whom does it concern?

Entities that process PII data of EU citizens across all industries.

Association with e-KYC?

Data collection during KYC must be defined so the process stays highly transparent.

Compliance Measures by Shufti Pro

  • Privacy and data policies available for clients
  • Access to documentation processes
  • User’s consent and rights to request data made clear

FINCEN

Something about FinCEN
FinCEN is the Bureau of the U.S. Department of the Treasury. It is responsible for the protection of the financial system from illicit use, combat money laundering and promotes national security through the collection of financial information.

Whom does it concern?

Entities registered in the United States and its surrounding jurisdictions.

Association with IDV?

FinCEN directs due diligence measures for digital KYC and AML practices by regulatory authorities.

Compliance Measures by Shufti Pro

  • Verification services to legal/financial intermediaries
  • KYC of customers and beneficial owners of companies
  • AML screening within a greater risk-based approach

FINMA Logo

FINMA

Something about FINMA
FINMA, the Swiss Government body responsible for financial regulation within Switzerland, is responsible for the supervision of banks, insurance, associated financial institutions, and intermediaries. The authority ensures the sound functioning of the country’s financial system.

Whom does it concern?

Swiss-based Financials Institutions, E-payments, SRO’s, Online Businesses & Associations.

Association with Digital KYC?

Implementation of due diligence measures for client onboarding via digital channels.

Compliance Measures by Shufti Pro

  • Visual security features of identity documents checked
  • Liveness detection for video verification and selfie upload
  • Adoption of measures with respect to technology enhancements

FINTRAC

Something about FinTRAC
FinTRAC deals in the detection, prevention, and deterrence of money laundering and financing of terrorist activities in Canada. Under its control, FinTRAC ensures the protection of personal information.

Whom does it concern?

Businesses and Entities operating in Canada and jurisdictions under the control of Canada.

Association with online identity verification?

FinTRAC has dedicated CDD measures and AML frameworks for financial institutions to implement.

Compliance Measures by Shufti Pro

  • Use of reliable data and independent source documents
  • PEPs and sanctions screening against watch lists for AML compliance
  • Address verification from given identity (or other) documents

FATF

Something about FATF
FATF standards promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Whom does it concern?

Organizations from member and non-member countries.

Association with Identity Verification?

FATF contains due diligence recommendations for third-party KYC/AML providers.

Compliance Measures by Shufti Pro

  • Use of reliable data and independent source documents
  • Records updated and maintained
  • PEPs, sanctions and watch lists’ screening

OFAC

Something about OFAC
OFAC is responsible for economic sanction administration and enforcement in support of U.S. national security and foreign policy objectives. It deals with sanctions administration regarding transactions or investments in sanctioned countries or with sanctioned entities.

Whom does it concern?

Any entity that conducts business activities with compromised individuals.

Association with Digital KYC?

Screening against databases containing lists from regulatory authorities like FinCEN, FinTRAC, FATF, OFAC etc.

Compliance Measures by Shufti Pro

  • Global sanctions and watch lists of regulatory authorities
  • AML screening against OFAC highlighted (and other) lists
  • No business with entities that are / prone to be sanctioned