• June 3, 2021

How to Verify a Cambodian

How to Verify a Cambodian

How to Verify a Cambodian 1080 720 Data Zoo

Overview

The Asian Development Bank (ADB) forecasts Cambodia’s economy to grow by 4% in 2021 and 5.5 % in 2022. The increase is due to economic recoveries in major trading partners boosting the demand for exports. The southeast Asian country has seen a rebound in several sectors this year. But the uneven growth will put ongoing pressure on some industries, which will slow down the country’s overall development. A recent community outbreak of COVID-19 has brought back travel restrictions, and trade with major partners (such as the United States and European Union) is functioning at a slower speed than expected. The government will be foreseeing an accommodative fiscal policy stance this year and next year to support growth. 

Financial Action Task Force (FATF) Status

Cambodia is on the FATF Grey List of Countries that have been identified as having strategic AML deficiencies.

The Cambodian Jurisdictions is under increased monitoring, working actively with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring, positioning them in the grey list.

Regulator

Asia/Pacific Group on Money Laundering (APG): 

The purpose of APG is to ensure the adoption, implementation and enforcement of internationally accepted anti-money laundering and counter-terrorist financing standards as set out in the FATF Forty Recommendations and FATF Eight Special Recommendations.

National Bank of Cambodia (NBC): 

The nation’s central bank is the monetary and supervisory authority. The mission of the NBC is to determine and direct the monetary policy aimed at maintaining price stability. This mission will help facilitate economic development within the framework of the kingdom’s economic and financial policy. The NBC can license, delicense, regulate and supervise banks, including financial institutions, as the Cambodian supervisory authority.

Cambodia Financial Intelligence Unit (“CAFIU” ): 

An independent decision-maker under the NBC. CAFIU’s legal functions are to include the receipt of suspicious and cash transaction reports. When there is reason to believe that there is a money laundering or terrorist financing offence, they collect information related to money laundering and the financing of terrorism, analyse received reports, and disseminate analyses to law enforcement.

Anti-Corruption Unit (ACU): 

Certain provisions of the criminal law regarding money laundering are subject to the anti-corruption regime in Cambodia. The ACU is a particular body tasked with investigating and enforcing corruption crimes.

Relevant regulations

On 27 June 2020, Cambodia issued the new Law on Anti-Money Laundering and Combating the Financing of Terrorism (‘the 2020 AML/CFT Law’) – Replacing the previous 2007 law and the 2013 sub-decree that accompanied the former law. All other laws relevant to AML have remained in effect. 

The 2020 AML/CFT Law, which comprises nine chapters and 47 articles, aims to further prevent and combat money laundering and terrorist financing in Cambodia by increasing the scope of the law’s reach and general deterrence measures. In many ways identical to its predecessor, the 2020 AML/CFT Law differs in three significant ways from the 2007 law:

  1. It provides more specific definitions for terms used throughout the law.
  2. It requires reporting entities to introduce enhanced due diligence measures to maintain compliance.
  3. It introduces increased penalties for non-compliance with the law. 

Cambodian verification available:

Any Cambodian citizen can be verified using government or credit data sources. Based on the documentation verified against the data sources, the name, date of birth, and address can be validated.

Cambodian citizens can be verified using the following documents:

National Identity Card:

The “Khmer National Identity Card” is the national identity card provided to the citizens of Cambodia by the General Department of Identification. It is a mandatory source of identification that can verify an individual’s name, gender, date of birth (DOB) and address. Their complete home address, ID number, and fingerprints are stored electronically and not noted on the card. Additionally, a scanned copy of the holder’s birth certificate and the relevant page of their family book is stored electronically. In 2011, the government implemented a new biometric identity card.

Passport: 

The General Department of Identification issues citizens’ passports for international travel, and in 2014 the government introduced the new biometric passport. You can verify your customers’ nationality, name, and DOB.

Driver Licence

In today’s digital age, a driver licence is issued in the form of a smart card by the Ministry of Public Works and Transport. In Cambodia, citizens are not required to carry their licence around at all times. You can verify your customers’ name, address, DOB and Licence number.

AML Screening: 

Global watchlists can identify if Cambodian citizens are high-risk individuals or entities. You can screen your customers’ against PEPs, Sanctions and adverse media lists.

Author Sara Singh Tak, Data Zoo Marketing Specialist


About Data Zoo

Instantly verify your Cambodian customers with access to 85% coverage. We utilise superior independent; government, credit, utility and commercial data sources to provide industry-leading match rates and superior ~1.3 second response times. Depending on your AML, CTF, KYC and identity requirements, we provide an adaptable model that allows risk-based profilingcustomised rulesetsmulti-source verificationsearch sequencingpre-validationongoing match results and historical transactions.

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