The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    18.97.9.101

    4 Ways How Technology Can Simplify KYC and AML Workflow Management

    technology

    While the terms AML and KYC are used interchangeably, there is a huge difference between the two. AML refers to an overarching framework of governance. KYC is part of that framework.

    AML, which stands for Anti Money Laundering, involves the enforcement of different rules, regulations, and procedures designed to prevent criminals from covering funds they obtained illegally and presenting them as legitimate income.

    The problem with AML and KYC workflow management is that most AML compliance programs are manual. A typical AML process is thorough, intensive, and complicated. As anything manual, there are potentials for errors and lapses. The good news is that solutions are now being developed to improve AML/KYC enforcement and compliance, including the creation and utilization of AML/KYC workflow management software.

    Technology is expected to simplify AML/KYC workflow management. Here are some of the ways:

     Automation combined with AI

    Banks and other financial institutions are tasked to ensure that all transactions they facilitate undergo constant and scrutinous checks and review based on the prevailing AML guidelines.

    It entails accessing and evaluating relevant data from various sources, examining historical alerts, and searching for negative information on customers and their counter-parties through public domain searches.

    Doing all these things and more really requires a significant investment in time, resources, and manpower.

    KYC/AML screening solutions powered with Artificial Intelligence (AI) are the fastest and most feasible substitute for manual KYC. Software project management teams in cooperation and collaboration with AML/KYC compliance experts are working hand in hand to develop automation software with AI functionality. 

    A certain case where KYC automation with AI was implemented resulted in faster processing of KYC documents and a significant reduction of manual resources. The organization saw its average KYC document processing time reduced from 18 minutes to less than a minute. Automation with AI also improved their processing scale to 0.8 million KYC documents per day.

    Shufti can help fight identity fraud with its various verification tools such as face verification, document verification, and AML screening, etc. It uses AI and machine learning to remotely verify IDs through online document verification. Moreover, AI can check even the authenticity of the machine-readable zone (MRZ) code and determine if it was tampered or edited. Forgery and photoshopped documents are also detected by even the slight changes in pixels, which would not be spotted using the naked human eye.

    Advanced Liveness Check

    Identity verification is a huge part of the KYC process. Leaps and bounds in communications and mobile technology have allowed banks, financial institutions, and other businesses to verify the identity of their customers via liveness checks using computers or mobile phones.

    Shufti’s face verification solution does liveness detection, 3D depth perception, fake image detection, human face attributes analysis, and microexpression analysis, among others. This helps you make sure your customers are real in a timely manner while eliminating false negatives. Equipping your business with identity theft protection is crucial to prevent common security issues.

    There are proven ways to circumnavigate this particular part of the identity verification process. One example is holding a high-quality image of a person to the camera to pass the verification stage. Other reports involved showing a pre-recorded video to fool the system. 

    It’s given that the liveness check is just a part of the identity verification stage. But imagine the good it can do to your AML/KYC processes if you have face verification in your AML/KYC workflow. 

     Mobile KYC

    Every day, customers engage in various business and banking transactions like online shopping using their mobile devices. And their numbers grow exponentially as time goes by. 

    Onboarding online customers and accepting payments is made easy with real-time KYC screening. It enables you to practice KYC/AML  screening without affecting customer experience. Especially during the current crisis of COVID-19, the need for remote due diligence has increased. Businesses are struggling to maintain the productivity of their employees due to remote work while performing remote KYC for the first time. This scenario has increased the problems for businesses, and an online KYC screening solution can help in combating fraud and automating customer due diligence. 

    Mobility is even more important now with what the world is experiencing right now because of Covid. That’s why it’s also essential to protect your security even when your team is working remotely. 

    Blockchain for AML/KYC Compliance

    There is a huge debate on whether blockchain technology is the future of AML/KYC compliance. It is a polarizing technology that has placed a great divide between those who oppose it and those who believe it can radically revolutionize AML/KYC.

    But one thing is clear, banks and other financial institutions are spending millions on AML/KYC compliance and they are looking to reduce their costs while running more effective compliance programs. The Thomson Reuters 2017 Global KYC Surveys reported an increase in spending on AML/KYC-related procedures. From $142 million in 2016, the figure rose to $150 million the following year.

    Proponents of utilizing blockchain technology, or specifically the distributed ledger technology (DLT), will enable the smooth and seamless sharing of information between financial institutions and regulators. This will result in the faster delivery and verification of KYC data and reduce the time spent on the manual reconciliation of documents.

    DLT is also believed to speed up compliance efforts by encouraging and empowering financial institutions to coordinate and cooperate by making their AML/KYC compliance data available for sharing, especially in transactions that involve multiple banks. Such set up allows financial institutions to access data to verify available information rather than independently gather and validate data from scratch.

    Secured risk management

    Today’s security threats are more advanced. That is why organizations should utilize a strong risk management framework. With seamless identity verifications, monitoring and investigation tools, you can improve your workflow management. You can tighten your IT security with security software tools, that help in proactive risk management. 

    Key Takeaways

    Artificial Intelligence (AI) technologies have been making it easier for all sectors of the world in enhancing all processes and streamlining operations. Undoubtedly, the identity verification market has also benefitted from advanced technology. Digital identity verification and AML screening are now easier to perform in real-time. Moreover, KYC/AML checks can be performed in a few seconds with high-level of accuracy ensured. 

    Shufti’s digital KYC/AML verification is ideal for businesses because it verifies all the individuals in real-time in 15 to 60 seconds. 

    Know more about Know Your Customer and Anti-Money Laundering verification from our experts. 

    Related Posts

    Blog, Identity & KYC, Online Marketplace

    Importance of Identity Proofing for Facebook & Social Media

    For years, social media has been used as a tool for increased connectivity. Both businesses, as w...

    Importance of Identity Proofing for Facebook & Social Media Explore More

    Blog

    A Brief Insight into AML Regulations for the Art Market

    While the banking sector faces increased scrutiny to prevent illicit financial flows, a significa...

    A Brief Insight into AML Regulations for the Art Market Explore More

    Blog

    Ensuring Compliance and Securing Business Reputation – How Shufti Can Help

    In the highly digitized world, businesses are partnering with each other to serve mutual interest...

    Ensuring Compliance and Securing Business Reputation – How Shufti Can Help Explore More

    Blog

    Warning Signs of ICO Scams and the Role of Identity Verification Service

    If you have heard of Bitcoins and cryptocurrencies then you must have heard of ICOs or Initial Co...

    Warning Signs of ICO Scams and the Role of Identity Verification Service Explore More

    Blog

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions

    Startups, SMEs, and the gig industry have seen unprecedented growth. Not to mention, COVID-19 was...

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions Explore More

    Blog

    The Shufti Difference: Speed, Security, and Fairness Without Compromise

    With over 100 fraud and identity companies operating worldwide, you might assume that something l...

    The Shufti Difference: Speed, Security, and Fairness Without Compromise Explore More

    Blog

    Building Better Customer Experiences from the Inside Out

    ”I don’t really think that it’s possible to deliver an excellent customer experience without havi...

    Building Better Customer Experiences from the Inside Out Explore More

    Blog

    The US Corporate Transparency Act – What’s New? [December 2022]

    Generally, small to medium businesses in the US continue operating without disclosing the benefic...

    The US Corporate Transparency Act – What’s New? [December 2022] Explore More

    Blog

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape

    Financial technology (FinTech) exists to improve and automate the delivery of economical services...

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape Explore More

    Blog

    KYC Outsourcing vs. In-House Systems – What Should Businesses Opt For?

    KYC requirements for financial institutions throughout the world come with a basic need for imple...

    KYC Outsourcing vs. In-House Systems – What Should Businesses Opt For? Explore More

    Blog

    Securing Business Operations with Address Verification in 2024

    A key component of enhancing customer service and reducing fraud is gathering and validating addr...

    Securing Business Operations with Address Verification in 2024 Explore More

    Blog

    Securing Identities in the Age of AI with Facial Recognition Technology

    Although the digital revolution has brought us unprecedented levels of connectivity and comfort, ...

    Securing Identities in the Age of AI with Facial Recognition Technology Explore More

    Biometric Technology, Blog, Online Marketplace

    Face Verification Becoming Vital For Travel Industry

    Over the past few years, biometric technology has become increasingly mainstream. This is due in ...

    Face Verification Becoming Vital For Travel Industry Explore More

    Blog

    Securing Digital Payments and Mitigating Financial Crimes Through AML Screening Solutions

    The promise of payments technologies is being realized. Consumers are executing frictionless paym...

    Securing Digital Payments and Mitigating Financial Crimes Through AML Screening Solutions Explore More

    Blog

    ID Verification for High-Potential Digital Fraud Cases

    Instances of digital frauds and payment scams are highly damaging for banks and financial institu...

    ID Verification for High-Potential Digital Fraud Cases Explore More

    Blog

    AI-Powered OCR to Combat Challenges During Manual Data Processing

    Every industry has to deal with tons of customer data on a daily basis. Receiving information, ex...

    AI-Powered OCR to Combat Challenges During Manual Data Processing Explore More

    Blog

    The Dark Side of Digital Wallets and the Role of Crypto Monitoring

    Cybercriminals have recently exhibited a keen interest in crypto theft, in some circumstances goi...

    The Dark Side of Digital Wallets and the Role of Crypto Monitoring Explore More

    Artificial Intelligence, Blog

    How Augmented Intelligence is next stop in ID Verification Services?

    Augmented intelligence (AI), also referred to as intelligence augmentation (IA) and cognitive aug...

    How Augmented Intelligence is next stop in ID Verification Services? Explore More

    Blog, Identity & KYC, Online Marketplace

    Importance of Identity Proofing for Facebook & Social Media

    For years, social media has been used as a tool for increased connectivity. Both businesses, as w...

    Importance of Identity Proofing for Facebook & Social Media Explore More

    Blog

    Transaction Screening: The Benefits and Challenges

    Financial crimes are rising, wreaking havoc on organisations and individuals. The fraud rate has ...

    Transaction Screening: The Benefits and Challenges Explore More

    Blog

    KYC/AML Compliance – A Roadblock for Money Mules and Illicit Fund Transfers

    Cybercrimes are becoming increasingly complex and diverse in the era of digitization, with frauds...

    KYC/AML Compliance – A Roadblock for Money Mules and Illicit Fund Transfers Explore More

    Blog

    Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services

    The global art industry is embracing digitization. However, the technological advancements and a ...

    Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services Explore More

    Blog

    Know Your Business – What Does it Mean & How can it Protect Your Company?

    Businesses that offer their services to other businesses, instead of individual consumers, have t...

    Know Your Business – What Does it Mean & How can it Protect Your Company? Explore More

    Blog

    How to Protect Yourself From Cyber Crime in the Holiday Season?

    Most people around the world do the majority of their shopping during the holiday season. Accordi...

    How to Protect Yourself From Cyber Crime in the Holiday Season? Explore More

    Blog

    Working from Home Spikes Demand for Digital Identity Verification

    Due to the Coronavirus Pandemic, many businesses are grounded or are enforced to work from home. ...

    Working from Home Spikes Demand for Digital Identity Verification Explore More

    Blog

    Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes

    Exotic cars, designer clothes, artifacts, and private jets make attractive news headlines and mov...

    Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes Explore More

    Blog

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud

    Throughout the United States, an emerging scam has taken the nation by storm. Unemployment Insura...

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud Explore More

    Blog

    5 Industry Leaders Shared Their Insights on the Future of Biometrics

    Modern technology has brought several conveniences to life. From the ease of working at home to s...

    5 Industry Leaders Shared Their Insights on the Future of Biometrics Explore More

    Blog

    Fintech Compliance – Boogeyman for Trillion Dollar Industry?

    Fintech industry is flexing its muscle by bringing onboard more and more customers and innovating...

    Fintech Compliance – Boogeyman for Trillion Dollar Industry? Explore More

    Blog

    E-commerce Frauds – Common types and Prevention tips

    What are some common e-commerce frauds and how can you prevent them? Is the buyer on your site an...

    E-commerce Frauds – Common types and Prevention tips Explore More

    Blog

    Online Document Verification – The Role of Shufti’s Optical Character Recognition (OCR) in Eliminating Fraud

    Document verification is the most important stage when it comes to doing online business, getting...

    Online Document Verification – The Role of Shufti’s Optical Character Recognition (OCR) in Eliminating Fraud Explore More

    Blog

    Swipe Right on Facial Verification for Secure Online Dating

    In today’s COVID-ridden world, in-person dating is deemed very risky due to the spread of the vir...

    Swipe Right on Facial Verification for Secure Online Dating Explore More

    Blog

    e-IDV: Safeguarding Businesses and Customers in the Digital Age

    Identity theft cases are on the rise in this age of digitisation. In 2022, India topped the list ...

    e-IDV: Safeguarding Businesses and Customers in the Digital Age Explore More

    Blog, Financial Crime / AML, Reg Tech

    AMLD5 – Regulations catching up with Technology

    In this era of technology, it is a common saying that “Innovation leads and regulation follows.” ...

    AMLD5 – Regulations catching up with Technology Explore More

    Blog

    Safeguarding Financial Operations with Transaction Monitoring and AML Screening

    To enhance the power of anti-money laundering regulation, transaction monitoring systems have evo...

    Safeguarding Financial Operations with Transaction Monitoring and AML Screening Explore More

    Blog

    Electronic Identity Verification | Forecasts and Predictions

    Identities change as the world goes more digital. As more activities, like banking, socialising, ...

    Electronic Identity Verification | Forecasts and Predictions Explore More

    Blog

    Travel Industry – Trends, Scams, and a Solution to Combat Fraud

    The modern world is filled with surprises for everyone nowadays. Be it individuals or enterprises...

    Travel Industry – Trends, Scams, and a Solution to Combat Fraud Explore More

    Blog, Identity & KYC, Online Marketplace

    Utilising Digital Identity Verification for Imparting Better Healthcare

    The importance of patient identification and verification is crucial in the healthcare sector. Ac...

    Utilising Digital Identity Verification for Imparting Better Healthcare Explore More

    Blog

    FATF’s High-Risk Jurisdictions [2022 Update] – How Business Can Comply

    Paris-based global watchdog FATF (Financial Action Task Force) maintains lists of countries that ...

    FATF’s High-Risk Jurisdictions [2022 Update] – How Business Can Comply Explore More

    Blog

    Why Digital Identity Verification is Booming – A Detailed Insight

    According to the report “Digital Identity & Document Verification Market & Technology Ana...

    Why Digital Identity Verification is Booming – A Detailed Insight Explore More

    Blog

    The Shufti Difference: Speed, Security, and Fairness Without Compromise

    With over 100 fraud and identity companies operating worldwide, you might assume that something l...

    The Shufti Difference: Speed, Security, and Fairness Without Compromise Explore More

    Blog

    FATF’s June 2021 Plenary – Strategic and Country-specific Initiatives

    The fourth plenary meeting of the Financial Action Task Force (FATF) took place from June 20-25 t...

    FATF’s June 2021 Plenary – Strategic and Country-specific Initiatives Explore More

    Blog

    AML Solutions: Eliminating the Risks of Money Laundering

    Money laundering is a serious crime that can have serious and long-term consequences for your bus...

    AML Solutions: Eliminating the Risks of Money Laundering Explore More

    Blog, Fraud Prevention

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season

    With the holiday shopping season in full swing, e-commerce fraud risk is a glaring reality that n...

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season Explore More

    Blog

    Language Barrier? Challenge Accepted!

    Language Barrier? Challenge Accepted! Explore More

    Blog

    A Brief Insight into Social Media Scams – How Shufti’s IDV Solution Helps

    There is no doubt that social media has its benefits in contemporary times. With the growing tech...

    A Brief Insight into Social Media Scams – How Shufti’s IDV Solution Helps Explore More

    Blog, Fraud Prevention

    Account Takeover Frauds – Impact, Causes, and Prevention

    Living in the era of technology, the world is rapidly moving towards digitization. From banking i...

    Account Takeover Frauds –  Impact, Causes, and Prevention Explore More

    Blog

    Brazil to Launch CBDC: Its Impact on Financial Firms and How KYC/AML Can Help

    Where does the cash come from? The country’s central bank authorises the printing of paper ...

    Brazil to Launch CBDC: Its Impact on Financial Firms and How KYC/AML Can Help Explore More

    Blog

    A New Dawn for Global Coverage: Built to Work Everywhere

    A New Dawn for Global Coverage: Built to Work Everywhere Explore More

    Blog, Financial Crime / AML, Identity & KYC, Reg Tech

    Significance of AML Compliance in Money Services Business

    The financial sector landscape is evolving with the advent of the FinTech industry. Many revoluti...

    Significance of AML Compliance in Money Services Business Explore More

    Blog

    Surging Crimes in NFT Marketplaces – Setting New Security Standards Using Shufti’s AML Solution

    The emergence of Non-Fungible Tokens (NFTs) has created new investment opportunities for business...

    Surging Crimes in NFT Marketplaces – Setting New Security Standards Using Shufti’s AML Solution Explore More

    Blog

    European Payments Initiative Calling for IDV Solutions

    The rise in the popularity of Visa and Mastercard in Europe, both US-headquartered companies, was...

    European Payments Initiative Calling for IDV Solutions Explore More

    Blog, Identity & KYC

    10 Quick Tips Regarding Identity Theft Protection

    Identity fraud has grown substantially in the past two decades, and unfortunately, it is here to ...

    10 Quick Tips Regarding Identity Theft Protection Explore More

    Blog

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution

    Telecommunication technology in the healthcare industry is already widely used and is expanding t...

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution Explore More

    Blog

    Risk Assessment: Building Trust Among Travellers

    The travel and tourism industry is among the largest in the world. Many countries, such as the UA...

    Risk Assessment: Building Trust Among Travellers Explore More

    Blog

    Fintech 2021: KYC/AML Bringing New Innovation to the Table

    2020 was all about surviving the pandemic, but it has also kickstarted a new wave of innovation. ...

    Fintech 2021: KYC/AML Bringing New Innovation to the Table Explore More

    Blog

    AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector

    The United Arab Emirates (UAE) is fast becoming the world’s most reputable financial hub, but the...

    AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector Explore More

    Blog

    How can AML play a role to impede the financing of terrorism?

    Money Laundering and Terrorism Financing are global issues and there is no dispute regarding it. ...

    How can AML play a role to impede the financing of terrorism? Explore More

    Blog

    Age Verification Laws and Regulations Worldwide

    The world has become increasingly digital, making it easier to access age-restricted products, se...

    Age Verification Laws and Regulations Worldwide Explore More

    Blog

    The Complete Guide | Transaction Monitoring for Financial Institutions

    With technological advancement, financial criminals have also been given a wider range of tools a...

    The Complete  Guide | Transaction Monitoring for Financial Institutions Explore More

    Blog, Online Marketplace

    How Identity Verification Makes Remote Account Opening Efficient for Banks

    Banks have a lot to benefit from the remote account opening service as it allows them to bring a ...

    How Identity Verification Makes Remote Account Opening Efficient for Banks Explore More

    Blog

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks

    Today, money laundering has permeated almost every regulated market and has become the most occur...

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks Explore More

    Blog

    How machine learning changed facial recognition technology?

    We are entering a new era of fast and secure authentication clubbed with a perfect storm of digit...

    How machine learning changed facial recognition technology? Explore More

    Blog

    Facial Verification – Curing Fraud in the Healthcare Sector

    Healthcare professionals continue to be hot targets of bad actors and cybercriminals, with attack...

    Facial Verification – Curing Fraud in the Healthcare Sector Explore More

    Blog, Online Marketplace

    How API-based Technologies Can Transform the Future of Online Marketplace

    API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of dig...

    How API-based Technologies Can Transform the Future of Online Marketplace Explore More

    Blog, Online Marketplace

    Why age verification matters to online businesses?

    Identity verification services are fast becoming a business norm for companies that are enthusias...

    Blog, Online Marketplace

    ID Verification Ensuring Safety Deals in Real Estate Sector

    Buying and selling properties for people are major, thought-provoking decisions. It requires week...

    ID Verification Ensuring Safety Deals in Real Estate Sector Explore More

    Blog, Online Marketplace

    Industrial significance of KYC / AML Compliance in 2019

    As the type and amount of fraudulent activities have increased over the years, governments and re...

    Industrial significance of KYC / AML Compliance in 2019 Explore More

    Blog

    Strengthening E-commerce Security with KYC Regulations

    Facilitating customers to shop online, anytime and anywhere, eCommerce has revolutionised digital...

    Strengthening E-commerce Security with KYC Regulations Explore More

    Blog, Online Marketplace

    Age Verification – Must Have For Age Restricted Retailers

    Mobile e-commerce makes up for nearly 29% of the entire e-commerce sales in the US. A majority of...

    Age Verification –  Must Have For Age Restricted Retailers Explore More

    Blog

    Enhancing Trust in eCommerce with AI-powered Identity Verification

    eCommerce in today’s world involves utilizing evolving technologies to ensure convenience for cus...

    Enhancing Trust in eCommerce with AI-powered Identity Verification Explore More

    Blog

    5 Technology Trends To Disrupt Banking in 2020

    Living in the digital era, technology is driving major changes in almost every industry. Whether ...

    5 Technology Trends To Disrupt Banking in 2020 Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started