It has been an eventful Q4 for the team in terms of development, and we are happy to share some exciting news with you, our supporters, advisors and friends:
We continue to push forward our implementation for the Central Bank of Samoa.
More details on the Annual Meeting for the International Monetary Fund (IMF) and World Bank Group can be found here: https://www.cbs.gov.ws/index.php/media/latest-news/positive-feedback-on-samoas-digital-know-your-customers-kyc/
During this meeting, the Central Bank of Samoa was able to present the initiatives undertaken to address the pressures facing its remittance sector. Lack of compliance has brought upon the risk of bank closures in Samoa and other small island developing states, due to anti-money laundering and countering terrorism financing regulations. It is imperative for all countries to have the opportunity to prosper financially and that “no one will be left behind” one of the UN Sustainable Development Goals.
We, at Everest, are establishing the Know-Your-Customers (KYC) utility in Samoa to
“provide the identification and verification mechanisms for the Samoan money transfer operators (MTOs) and other financial institutions to assist with their customer due diligence (CDD) processes.”
Also, following Financial Action Task Force (FATF) recommendations on Virtual Asset Service Providers needing to track senders, receivers, transactions, and be able to report in the appropriate format to the designated financial regulator, Everest ensured its implementations continue to adhere to those international standards, which include the “Travel Rule” and other requirements.
Working together with financial institutions and regulators in Australia and New Zealand, the Central Bank of Samoa is committed to providing remittance opportunities without the risk of fraud or leakage.
Check out another article from Samoa Observer: https://www.samoaobserver.ws/category/samoa/49192
We are making progress on many other fronts. Please keep an eye out for our exciting press releases to come in 2020. Stay tuned!
We truly appreciate your continued support of Everest and our mission to change the way that identity verification and value exchange is conducted. Please contact us directly if you have any comments or feedback- [email protected].
As always, please visit our website https://everest.org/ to learn more.
Bob Reid and Brad Witteman