Know Your Customer- Regulations in Belize

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KYC
As a registered business in Belize, it is very important for you to pay close attention to the people you are working with. Customers, suppliers, and other stakeholders in your business can greatly affect the reputation and operations of your business activities.

Belize’s current Anti Money Laundering Standing
Belize has been classified as a country of high concern for money laundering activities by the US State Department. The government has been working to amend the laws and provisions to comply with the requirements needed to be removed from this list.

They have made significant progress, however with Belize being such a strong cash based economy, it is a task that requires weighty effort and infrastructure.

This leaves the door wide open with many loopholes in the systems that make it easy for criminals to get away with financial crimes.

It also highlights the importance of the KYC procedures and regulations set in place.

Money Laundering and Terrorism Prevention Act

Based on Chapter 104, the Money Laundering and Terrorism Prevention Act, companies who conduct business activities with individuals or corporate individuals should undergo proper procedures to verify the individual’s identity.

In this process they should verify the information pertaining to their address, social security, national identification card or passport or other form of identification.

When dealing with a company, proper documentation of incorporation and verifying the legal status of the company, its shareholders and its structure should be the main focus.

They should possess an understanding of the nature of the business and the source of funds and or property of their clients.

Continued processes
A business is responsible to do the necessary due diligence to ensure continuous monitoring of their customers.

It is the responsibility of the business to know if a person is considered politically exposed, holds a public office or is deemed to be of higher risk.

Compliance-U
Gaining and maintaining access to these necessary procedures can be time consuming and a bit confusing. Compliance-U can assist with implementing these regulations and making your KYC process easier. You don’t need to spend time worrying about being compliant, as they take the responsibility off your hands.