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

    216.73.216.7

    AUSTRAC tightens regulations for enhanced AML Compliance

    AML Compliance

    Australian regulator AUSTRAC has imposed a multi million dollar fine on Commonwealth Bank of Australia (CBA) for failing to report on money laundering activities. The main financial regulator in Australia has strengthened its resolve to clamp down on money laundering activities and has directed all the banking organisations to adopt more vigilant KYC and AML Compliance measures. The fine on CBA was nearly AUD 700 million and was brought upon by the fact that CBA failed to report on money laundering activities being performed through its various accounts. Transactions were made through CBA accounts that eventually enabled drug traffickers and money launderers to get a hold of funds using CBA’s banking system.

    What went wrong with AML Compliance?

    Failing of Commonwealth Bank for AML Compliance system was manifold ranging from late reporting of suspicious transactions and going to the extreme fringe of not monitoring accounts for at least 3 years. Summary of failures admitted by CBA to AUSTRAC are as follow:

    • Late filings of 5300+ reports about transactions exceeding AUD 10,000 in bank’s Intelligence Deposit Machines (IDMs). According to AUSTRAC regulations, CBA has to report this kind of transactions within 10 days to the financial regulators.
    • CBA was not able to perform background checks on over 778,000+ accounts in a period that lapsed between October 2012 and October 2015
    • CBA also admitted that 149 suspicious reports in these 3 years were either filed lated or not at all to AUSTRAC.
    • CBA did not perform background checks on 80 suspicious customers and was not vigilant enough about the activities performed by certain amount of accounts in the aforementioned time period of 3 years.
    • Bank also admitted to the fact that there were at least 14 instances when it did not assesses the financial risks and that regulatory compliance was overlooked for deposits received in IDMs.
    • In the most shocking confession, CBA also admitted to the fact that it was unable to report million of dollars worth money laundering being performed in violation o  f the clearly defined AML Compliance guidelines of AUSTRAC.

    CBA earlier blamed a coding error for the major lapse in AML Compliance or at least for not monitoring the activity and customer onboarding process in the time period of October 2012 – October 2015. Later on, bank admitted their fault in failure to report suspicious accounts and funds transfer in order to prevent a larger regulatory penalty.

    A compromise was reached between the bank and AUSTRAC after which CBA admitted its lack of vigilance for AML Compliance and was fined a far lower fine as compared to what it would have to pay in case AUSTRAC decided to fine the bank on per discrepancy/failure to report basis. It is estimated that confession of reporting late on suspicious accounts and fund transfer saved CBA from being fined at least AUD 1 trillion, something that was seen totally impractical as the theoretical amount far exceeded the total valuation of Commonwealth Bank.

    Greater Scrutiny for AML Compliance

    This example of negligence on part of CBA and the huge fine that the bank has been made to pay has alarmed rest of the banking sector. AUSTRAC has issued a fresh regulatory advisory to banks across Australia to adopt much more vigilant and smart systems to weed out suspicious activities and money laundering.

    Shufti seems to fill the void for banking institutions of Australia who want to safeguard themself from huge penalties as CBA has been made to pay. Shufti is an Artificial Intelligence powered end-to-end verification SaaS product that offers both Digital KYC as well as AML Compliance services to its clients. Shufti has recently launched its services in APAC region enabling businesses to verify identity and credential of users from every part of the world and every language of the world.

    For AML Compliance and Customer Due Diligence, Shufti has compiled a large data bank that contains profiles and names of individuals, business entities and enterprises that have been red flagged by national, regional and international financial watchdogs and Law enforcement agencies. The huge data bank of Shufti pro is compiled from 1000 Watch Lists, Sanction Lists, Politically Exposed Persons (PEPs) and 3000 databases maintained by leading financial watchdogs. The list is updated every 14 minutes to keep the entire record up to date and so that background checks performed for AML Compliance are full proof.

    Going forward, there is hardly any better option than Shufti for banks of Australia to perform robust background checks in order to ensure AML Compliance and avoid multi million dollar regulatory fines.

    Recommended For You:

    Related Posts

    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, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Facial Recognition: Worries About the Use of Synthetic Media

    In 2019, 4.4 billion internet users were connected to the internet worldwide, a rise of 9% from l...

    Facial Recognition: Worries About the Use of Synthetic Media Explore More

    Blog

    AML Screening – Identifying and Eliminating the Risks of Money Laundering in Businesses

    Eliminating the risks of financial crime in businesses has never been easy and has been identifie...

    AML Screening – Identifying and Eliminating the Risks of Money Laundering in Businesses Explore More

    Blog

    Ensuring KYC/AML Compliance In Cryptocurrency Firms – The Role of Shufti

    With emerging technologies in the financial industry, cryptocurrency is picking up the pace, and ...

    Ensuring KYC/AML Compliance In Cryptocurrency Firms – The Role of Shufti Explore More

    Blog

    Future Prediction of Identity Verification for Businesses

    Ensuring a user’s real identification has become crucial in the age of digitisation. Busine...

    Future Prediction of Identity Verification for Businesses Explore More

    Blog

    Digital Wallet Fraud | How AML Screening Solution Can Help

    Digital wallets are becoming everyone’s go-to transaction method and the total number of e-wallet...

    Digital Wallet Fraud | How AML Screening Solution Can Help Explore More

    Blog

    Identification, Verification and Authentication – Cut from the same cloth

    The modern era of technology has brought so many frauds to light. The digitized world has urged b...

    Identification, Verification and Authentication – Cut from the same cloth Explore More

    Blog

    Intelligent Character Recognition (ICR) Software – One step ahead of OCR

    What is ICR? Intelligent Character Recognition (ICR) is an extended technology of Optical...

    Intelligent Character Recognition (ICR) Software – One step ahead of OCR Explore More

    Blog

    Blockchain and NFTs – Setting New Standards for Cybersecurity and Identity Management

    Non-fungible tokens (NFTs) are an evolution over the emerging concept of cryptocurrencies. As fin...

    Blockchain and NFTs – Setting  New Standards for Cybersecurity and Identity Management Explore More

    Blog

    Corporate Transparency Act – The Road to Better AML Compliance

    According to the latest reports, the United States ranked number 1 for not complying with the ant...

    Corporate Transparency Act – The Road to Better AML Compliance Explore More

    Blog

    The Top 10 Benefits of the Know Your Customer Lifecycle

    In this digital age, where transactions occur remotely and identity theft is rising, establishing...

    The Top 10 Benefits of the Know Your Customer Lifecycle Explore More

    Blog

    Online Age Verification Service: Children’s Digital Privacy amid COVID-19

    The meteoric rise in the adoption of digital technology has influenced every phase of modern huma...

    Online Age Verification Service: Children’s Digital Privacy amid COVID-19 Explore More

    Blog

    Compliance and conversions don’t have to be at odds

    Compliance and conversions don’t have to be at odds Explore More

    Blog, Identity & KYC

    How Brexit Impacts UK-based Identity Verification Companies?

    Brexit and its ramifications for the UK seem to be the only topic that anyone is interested in Br...

    How Brexit Impacts UK-based Identity Verification Companies? 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

    AML in Real Estate – Combating Property Scams at the Forefront

    Real estate is deemed to be a profitable and safe business to invest in thanks to its ever-growin...

    AML in Real Estate – Combating Property Scams at the Forefront Explore More

    Blog

    Combating Money Muling Activities With Shufti’s AML Screening Services

    The coronavirus pandemic has brought about unusual changes in industries and lifestyles across th...

    Combating Money Muling Activities With Shufti’s AML Screening Services Explore More

    Blog, Online Marketplace

    Demand for KYC & ID Verification in Higher Education

    I remember a friend of mine, Jack, from high school he was one of the most non-serious people I k...

    Demand for KYC & ID Verification in Higher Education Explore More

    Blog

    Biometrics Bucking the Trend of KYP in Healthcare

    Over the last few years, biometric technology is deeply entrenched in various commercial marketpl...

    Biometrics Bucking the Trend of KYP in Healthcare Explore More

    Blog

    Five Things you Need to Know About Shufti’s Digital Identity Verification

    The growing digital fraud, stringent KYC and AML regulations put in place, and the increasing bur...

    Five Things you Need to Know About Shufti’s Digital Identity Verification Explore More

    Blog

    Video KYC: A Complete Overview

    The digitisation of KYC was inevitable, but the COVID-19 pandemic accelerated what would have oth...

    Video KYC: A Complete Overview Explore More

    Blog, Financial Crime / AML

    AMLD5 Amendments in Prepaid Cards Transaction Threshold

    In July 2018, the European Commission came into effect the 5th Anti-Money Laundering Directive (A...

    AMLD5 Amendments in Prepaid Cards Transaction Threshold Explore More

    Blog

    5 Things Businesses Should Know about PEP Screening

    Regulators levy penalties when compliance programs fail or companies have insufficient compliance...

    5 Things Businesses Should Know about PEP Screening Explore More

    Blog

    Top 5 Industries that AI will Transform in 2021

    Artificial intelligence is becoming a comprehensive and encyclopedic term to describe any innovat...

    Top 5 Industries that AI will Transform in 2021 Explore More

    Blog

    Understanding and Implementing Age Verification Requirements in Accordance with the FDA Deeming Rule

    Youth is considered the most valuable asset for any country, and it is the government’s responsib...

    Understanding and Implementing Age Verification Requirements in Accordance with the FDA Deeming Rule Explore More

    Blog

    EDD: Safeguarding Business Interests with Comprehensive Risk Mitigation

    Traditional due diligence practices may not provide sufficient insights into higher-risk business...

    EDD: Safeguarding Business Interests with Comprehensive Risk Mitigation Explore More

    Blog

    e-IDV: Improving Client Onboarding for Banks and FinTech

    Individuals and business owners often face significant time constraints when visiting banks physi...

    e-IDV: Improving Client Onboarding for Banks and FinTech Explore More

    Blog

    A Brief Insight into Safe Havens for Russian Oligarchs

    The recent Russia-Ukraine conflict has sparked the West to impose sanctions targeting the Russian...

    A Brief Insight into Safe Havens for Russian Oligarchs Explore More

    Blog

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance

    Money laundering has always remained a huge challenge for global economies, and all the major jur...

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance Explore More

    Blog

    Video KYC in 2025: What It Is, How It Works & Why It Matters

    Introduction Lockdowns pushed remote onboarding from nicety to necessity, turning video KYC into ...

    Video KYC in 2025: What It Is, How It Works & Why It Matters Explore More

    Blog

    AML Screening for Luxury Items Industry – The Role of Shufti in Ensuring Compliance

    Money laundering is a global issue, and with emerging technologies, criminals are also using more...

    AML Screening for Luxury Items Industry – The Role of Shufti in Ensuring Compliance Explore More

    Blog

    How Deepfakes Deceptions are Affecting Businesses

    The word deep fake comes from the terms “deep learning” and “fake,” and is a type of artificial i...

    How Deepfakes Deceptions are Affecting Businesses Explore More

    Blog

    Anti-Money Laundering Challenges Faced by the Fintech Industry

    Since the implementation of the bank Secrecy Act (BSA) in 1970, the United States government has ...

    Anti-Money Laundering Challenges Faced by the Fintech Industry Explore More

    Blog

    Document Authentication | Streamlining Onboarding, Compliance & Fraud Prevention

    Before the world experienced digitisation due to the advent of smartphones, fast-speed internet, ...

    Document Authentication | Streamlining Onboarding, Compliance & Fraud Prevention Explore More

    Blog, Online Marketplace

    How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace?

    The affliction of cybercrimes and online frauds has reached such high proportions that the cost o...

    How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace? Explore More

    Blog

    Unfolding Telecom Frauds through Effective KYC Compliance

    The growing adoption of smartphones has naturally spurred sharing of personal data. From providin...

    Unfolding Telecom Frauds through Effective KYC Compliance Explore More

    Blog

    5 Key Market Trends in Identity Verification

    The year 2020 has caused a dramatic shift in the business industry and our way of living.  The si...

    5 Key Market Trends in Identity Verification Explore More

    Blog

    AML Screening for Online Gambling Platforms – Placing the Bets on Regulatory Compliance

    With technology evolving every day, online gambling is one of the sectors that has revolutionized...

    AML Screening for Online Gambling Platforms – Placing the Bets on Regulatory Compliance Explore More

    Blog

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE

    As the Middle East’s financial hub, the UAE offers several enticing free trade zones that a...

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE Explore More

    Blog

    Money Laundering in the Real Estate Sector – How Shufti’s AML Services Help

    Purchasing luxurious mansions is always an attractive way for money launderers to legitimize thei...

    Money Laundering in the Real Estate Sector – How Shufti’s AML Services Help Explore More

    Blog

    Age Verification: Data Privacy and User Protection

    In recent years, there’s been a lot of speculation surrounding the issue of whether or not ...

    Age Verification: Data Privacy and User Protection Explore More

    Anti Money Laundering, Artificial Intelligence, Blog

    AI a Blessing – AML compliance cost reduced by $217 billion

    The U.S. financial firms spend approximately $25.3 Billion in terms of compliance, risk managemen...

    AI a Blessing – AML compliance cost reduced by $217 billion Explore More

    Blog

    Acquiring a Security Foothold in Hybrid Workspaces with Facial Recognition

    In 2020, companies experimented with different ways of working as the result of lockdown and Covi...

    Acquiring a Security Foothold in Hybrid Workspaces with Facial Recognition Explore More

    Blog

    Identity Verification entails a lot more than customer verification

    Identity theft and digital fraud are on the rise. Cybersecurity is of essence for all the organis...

    Identity Verification entails a lot more than customer verification Explore More

    Blog

    KYC | How to perform KYC verification in three simple steps

    Know Your Customer (KYC) is an identity verification process that plays a critical role in the pr...

    KYC | How to perform KYC verification in three simple steps Explore More

    Blog

    Navigating the Evolving Landscape of Forex Trading: Insights from Hachem Rifai

    The foreign exchange (Forex) market stands apart as the largest and most liquid financial market ...

    Navigating the Evolving Landscape of Forex Trading: Insights from Hachem Rifai Explore More

    Blog

    Shufti’s Address Verification Service – A Key Step in Digital Identity Verification

    The rapidly developing technology of today is altering how consumers browse for things online. Th...

    Shufti’s Address Verification Service – A Key Step in Digital Identity Verification Explore More

    Blog

    5 Reasons to Invest in Intelligent Character Recognition Services

    Businesses deal with a plethora of documents, ranging from accounting and finance to sales and ma...

    5 Reasons to Invest in Intelligent Character Recognition Services Explore More

    Blog

    Identity verification in freelancing- no more smoke and mirrors

    Freelancing platforms are rapidly growing. In 2017, around 57 million Americans were freelancing ...

    Identity verification in freelancing- no more smoke and mirrors Explore More

    Biometric Technology, Blog

    How eIDAS compliance is easier with Biometric Consent from Shufti pro?

    Biometric consent authentication is a brand new verification solution from Shufti, using an i...

    How eIDAS compliance is easier with Biometric Consent from Shufti pro? Explore More

    Anti Money Laundering, Blog, Financial Crime / AML

    US Treasury opposes European Commission AML Country List

    The European Commission has adopted a new list of 23 countries which lack appropriate framework f...

    US Treasury opposes European Commission AML Country List Explore More

    Blog

    CCPA Compliance Checklist – Is your business ready?

    With the world moving towards digitization, organizations have a customer base from all around th...

    CCPA Compliance Checklist – Is your business ready? Explore More

    Blog

    ID verification prevents 8 Security Issues of businesses

      The biggest concern for businesses, in terms of safety, nowadays is online or cybersecurit...

    ID verification prevents 8 Security Issues of businesses Explore More

    Blog

    Europol launches European Financial and Economic Crime Center (EFECC)

    Financial and economic crimes are today the leading threats that are affecting millions of EU cit...

    Europol launches European Financial and Economic Crime Center (EFECC) Explore More

    Blog

    Bitcoin ATMs – how it works and KYC compliance

    Bitcoin ATMs are everything an ATM is and isn’t. The world of finance and banking has chang...

    Bitcoin ATMs – how it works and KYC compliance Explore More

    Blog

    Top 8 Facial Recognition trends to watch in 2020

    Facial recognition has been gaining prominence in recent times, owing to the benefits it offers o...

    Top 8 Facial Recognition trends to watch in 2020 Explore More

    Blog, Reg Tech

    Here’s How Compliance to KYC and AML Regulations May Help Crypto Rebound

    Cryptocurrency was the talk of the day in the months and even years leading up to the present wee...

    Here’s How Compliance to KYC and AML Regulations May Help Crypto Rebound Explore More

    Blog

    Understanding the Difference Between CIP and KYC

    Financial institutions worldwide, including banks, lenders, credit unions, insurers, and other en...

    Understanding the Difference Between CIP and KYC Explore More

    Blog, Identity & KYC

    How ID Verification via OCR can transform Digital World?

    ID verification is hailed as the ultimate savior for businesses operating multiple digital channe...

    How ID Verification via OCR can transform Digital World? Explore More

    Blog

    KYC and AML: The Key to Secure BNPL Services in 2023

    Seems like Buy Now Pay Later (BNPL) services have taken the world by storm, with 360 million user...

    KYC and AML: The Key to Secure BNPL Services in 2023 Explore More

    Blog

    Securing The Digital Landscape with Electronic Identity Verification Services

    With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

    Securing The Digital Landscape with Electronic Identity Verification Services Explore More

    Blog

    Identity Verification Forecast: How Will KYC Evolve in 2023?

    As the world becomes more digital, scammers are honing their craft and employing trickier techniq...

    Identity Verification Forecast: How Will KYC Evolve in 2023? Explore More

    Blog

    A Statistical Analysis of Prevalent Crimes in the Global Financial Industry – [2022 Overview]

    Over the past few years, the financial industry has witnessed significant technological changes, ...

    A Statistical Analysis of Prevalent Crimes in the Global Financial Industry – [2022 Overview] Explore More

    Blog

    Healthcare is the New Target of Criminals – What’s the Solution?

    The healthcare sector has been facing many challenges due to coronavirus pandemic. Cybercrimes ha...

    Healthcare is the New Target of Criminals – What’s the Solution? Explore More

    Blog

    KYC Isn’t Enough: Get Ready for the Future of Verification

    Over the past few years, companies have been looking for more sophisticated identity verification...

    KYC Isn’t Enough: Get Ready for the Future of Verification Explore More

    Blog

    6 Ways Identity Verification Will Unlock Digital Transformation in Airlines

    Airlines were particularly negatively impacted by the Covid-19 pandemic, and the situation was fu...

    6 Ways Identity Verification Will Unlock Digital Transformation in Airlines Explore More

    Blog

    Understanding and Implementing Age Verification Requirements in Accordance with the FDA Deeming Rule

    Youth is considered the most valuable asset for any country, and it is the government’s responsib...

    Understanding and Implementing Age Verification Requirements in Accordance with the FDA Deeming Rule Explore More

    Blog

    10 Frequently Asked Questions about Real-time Document Verification

    As we’re propelled deeper into digital transformation, techniques employed by scammers are ...

    10 Frequently Asked Questions about Real-time Document Verification Explore More

    Blog

    The New Face of Authentication (*hint: you’ve seen it before!) 

    Companies face the daunting tasks of securing their data against the evolving threat of fraud whi...

    The New Face of Authentication (*hint: you’ve seen it before!)  Explore More

    Blog

    The Role of Digital Identity in Business-Customer Relationship

    Dealing with any business online have you ever wondered where this relationship would go? We all ...

    The Role of Digital Identity in Business-Customer Relationship Explore More

    Blog

    Risk Assessment: Building Trust in Crypto Exchanges

    Other than following AML and KYC laws, crypto exchanges have a huge responsibility on their shoul...

    Risk Assessment: Building Trust in Crypto Exchanges Explore More

    Blog, Reg Tech

    GDPR Phishing Scams – A Novel Trap to Scoop up Information

    General Data Protection Regulation (GDPR), an EU regulation comes into force on 25 May 2018 and a...

    GDPR Phishing Scams – A Novel Trap to Scoop up Information 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