Summary
This document is a guide on the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Ethiopia. It outlines the legal framework established to combat money laundering and terrorist financing, detailing the rights and obligations of both legal and natural persons. The guide references Ethiopia's Proclamation No. 657/2009, which sets forth the necessary requirements for AML and KYC procedures, particularly focusing on identity verification. It explains the due diligence requirements, including the necessary identification attributes for verifying individuals, and compliant Customer Due Diligence (CDD) methods. The document also describes the types of documents required for verification, the timing of verification processes, and the measures for dealing with Politically Exposed Persons (PEPs). Additionally, it discusses the reliance on external services for fulfilling AML/KYC obligations and the record retention requirements mandated by Ethiopian regulations. Overall, the document serves as a comprehensive reference for organizations seeking to comply with AML and KYC standards in Ethiopia.
