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

    216.73.216.113

    Identity Verification Forecast: How Will KYC Evolve in 2023?

    b-img-identity

    As the world becomes more digital, scammers are honing their craft and employing trickier techniques to gain access to personal information. KYC & AML non-compliance penalties have resulted in a total of £184,500,056 in fines to date. 

    As a result, Know Your Customer (KYC) is swiftly turning into a crucial aspect of conducting business. Along with facilitating customer identification, it also monitors transactions for any questionable activity, combats money laundering, and prevents the financing of terrorists. While some businesses are actively adopting the latest regulations and fintech trends, others are still stuck in the past.

    What is KYC?

    A KYC verification procedure enables companies to evaluate a customer’s profile and keep an eye out for suspicious behaviour. This safeguards corporations from financial crime, such as Money Laundering (ML) and Terrorism Financing (TF). Using a KYC process during user onboarding lowers identity theft risks and increases business security.

    Insights into KYC Verification 2023

    KYC verification is currently a prerequisite for all financial organisations. When it comes to KYC, a lot has changed over time. From strict laws to changing customer demands, there is a lot to talk about. Let’s dive into the most recent KYC trends to stay ahead of the curve in 2023.

    b-info-expect

    1. Artificial Intelligence (AI) Will Enhance KYC

    Every sector is making use of AI to personalise services for customers and expedite business workflows. FinTech and RegTech are commonly adopting blockchain, robotic process automation, and artificial intelligence for KYC and Customer Due Diligence (CDD).

    Forward-thinking businesses are examining consumer behaviour, defining their risk profiles, analysing transactions, and spotting negative media and reputational threats using AI. Artificial intelligence has the power to revolutionise the way businesses run by lowering manual input and increasing rates of false positives.

    Anti-bias evaluation, around-the-clock work, and consistent output are areas where AI excels over humans. Given that humans can make up to 50 mistakes during one work shift, AI is quickly becoming a worthy replacement.

    2. Internet of Things (IoT) Will Become Widespread

    Another breakthrough is the Internet of Things (IoT) and the endless list of gadgets, machinery, sensors, and other devices that constitute a digitally linked world. It is predicted that there will be 15.9 billion connected devices by 2030. These things have the capacity to track and record data and can produce a more realistic picture of a customer when combined with already existing knowledge.

    IoT devices will continue to grow, and when combined with AI, the data they collect can provide a wealth of information on customer behaviour, identity, transactions, continual risk assessment and categorization.

    3. Cloud Technology Will Become De Facto

    The widespread use of cloud technology by businesses and organisations is one of the major trends right now. Sixty-nine percent of businesses already have at least 60% of their infrastructure and apps in the cloud. Cloud settings enable enterprises to become more adaptive and flexible.

    Traditional KYC solutions are not satisfying the demands of the modern world. Using cloud-based Software-as-a-Service (SaaS) apps, banking institutions can detach themselves from on-premise hardware and move KYC processes to the cloud.

    4. Perpetual KYC Will Become the Norm

    Regulated businesses must understand the potential risk that particular clients pose. Numerous financial firms have received fines for failing to perform periodic high-risk customer assessments. Clients with high risk are normally examined annually. On the other hand, those with medium risk are assessed every 3 years, and those with low risk are evaluated every five years.

    Regulators are putting more pressure on financial firms; thus, businesses are switching from conventional periodic checks to dynamic or constant KYC. The complexity of remediation and the outdated project-based remediation strategy are reduced by automating changes in customer profiles, including risk level and scoring. 

    Perpetual KYC also reduces risk by shortening the window of opportunity for fraudsters to launder their illegal property. More financial organisations will implement continuous KYC and abandon fixed one, three, and five annual review cycles.

    Suggested Read: Periodic to Perpetual KYC — The Changing Landscape in Banks

    5. Opaque Ownership Will Remain a Concern

    The practice of opaque ownerships and business registrations with scant information about beneficial owners is a bad trend that, regrettably, will continue. This lack of knowledge undermines the efforts of KYC experts who are attempting to discover about a company or person. Sadly, this will remain a problem until governments create obligatory public registries that reveal details like the beneficial ownership of businesses. Otherwise, efforts to discover such information will continue to be difficult.

    6. Global Regulations Will Become Tighter

    With rising cybercrime, international laws have been evolving to ensure that businesses remain compliant with KYC and AML regulations. These efforts have undoubtedly been successful, as evidenced by regulations like the EU’s Fourth and Fifth Anti-Money Laundering Directive and the European Commission’s levying of fines on nations that continue to fail in implementing money laundering laws.

    Regulators lag behind how quickly technology and crime are advancing. Several nations missed the compliance deadline despite the sixth Anti-Money Laundering Directive being in effect. Global regulations will eventually become more stringent, but for the time being, anticipate delays from individual countries.

    Key Takeaways

    With a dramatic rise in criminal activity, the demand for automated KYC has increased. As laws tighten and customer demands rise, it is getting harder to keep up. Thus, the digital world requires a KYC verification system that can authenticate customers, quickly enrol them, and assure ongoing compliance with the law. As a result, there is a good chance that everlasting KYC will rule the globe in the years to come.

    One thing is for sure: criminals will continue to come up with inventive techniques to steal individual identities, commit fraud, and mistreat businesses. To confront this, Shufti offers real-time identity verification anytime, anywhere, in seconds.

    Want to learn more about Shufti’s KYC Verification services to curb identity fraud?

    Connect with a KYC expert

    Related Posts

    Blog

    AML Screening – Identifying Financial Criminals in the Art & Antiquities Sector

    There is no doubt in the fact that art and antiquities are one of the sectors responsible for bil...

    AML Screening – Identifying Financial Criminals in the Art & Antiquities Sector Explore More

    Blog

    Antiquities Market – A Conduit of Money Laundering and Terror Financing

    Money laundering and terror financing through art and antiquities has been a concern of regulator...

    Antiquities Market – A Conduit of Money Laundering and Terror Financing 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

    The Mesh of Human Behavior and Technology: CX Expert Saroni Kundu on Building Customer-Centric Businesses

    No matter the industry, customer experience (CX) is key to building trust and loyalty. If you’re ...

    The Mesh of Human Behavior and Technology: CX Expert Saroni Kundu on Building Customer-Centric Businesses Explore More

    Blog

    Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud

    With online services picking up pace, cybercriminals are ramping up their  digital attacks and us...

    Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud Explore More

    Blog

    FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities

    The rise in money laundering, terror financing and other financial crime has encouraged regulator...

    FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities Explore More

    Blog

    Anti-Money Laundering (AML) Screening | Combat Online Gambling Scams Effectively

    Online gambling has seen significant adoption in the past few years because of the convenience, v...

    Anti-Money Laundering (AML) Screening | Combat Online Gambling Scams Effectively Explore More

    Blog

    Two-Factor Authentication – A Firewall Against Social Engineering Attacks

    Businesses and financial institutions around the globe often report concerns of financial crimes ...

    Two-Factor Authentication – A Firewall Against Social Engineering Attacks Explore More

    Blog

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates]

    Financial crimes are an ever-increasing threat to the global economic climate. As a financial hub...

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates] Explore More

    Anti Money Laundering, Blog, Financial Crime / AML, Identity & KYC

    Winter is Coming: With a Storm of KYC and AML Regulations

    The ever-evolving regulations are creating challenges and complexities for the financial institut...

    Winter is Coming: With a Storm of KYC and AML Regulations Explore More

    Blog

    Shufti’s Bug Bounty Programme: Strengthening Security Via Ethical Hacking

    With the avalanche of security vulnerabilities in the verification industry, Shufti is launch...

    Shufti’s Bug Bounty Programme: Strengthening Security Via Ethical Hacking Explore More

    Blog

    Know Your Patient – Curbing Healthcare Fraud through Identity Verification

    With global digitization and emerging technologies, the healthcare sector has adopted a variety o...

    Know Your Patient – Curbing Healthcare Fraud through Identity Verification Explore More

    Blog

    Digital Identity Verification for Open Finance & FinTech Platforms

    Financial applications in the modern world have been sub-categorized into open and closed banking...

    Digital Identity Verification for Open Finance & FinTech Platforms Explore More

    Blog

    How ID Verification Helps in Fighting Digital Scams?

    ID VERIFICATION: Digital scams are common phenomena and it affects all types of businesses in eve...

    How ID Verification Helps in Fighting Digital Scams? Explore More

    Blog

    Know Your Patient (KYP) – the next big thing in health care

    Its high time the hospital industry must think beyond providing just giving medical assistance to...

    Know Your Patient (KYP) – the next big thing in health care Explore More

    Blog

    Modern Financial Management: The Role of KYI in Safeguarding Businesses

    With our digital ecosystem being full of threats, there is a significant possibility that the qua...

    Modern Financial Management: The Role of KYI in Safeguarding Businesses Explore More

    Blog

    Case Study: Enhancing Security in Live-Streaming with Fast ID

    A global social media company faced a critical challenge: preventing the misuse of its live-strea...

    Case Study: Enhancing Security in Live-Streaming with Fast ID Explore More

    Blog, Online Marketplace

    KYC for customer on-boarding in Telecommunications Industry

    Identity Verification is quite necessary for Telecommunications Industry in today’s digital...

    KYC for customer on-boarding in Telecommunications Industry Explore More

    Blog

    5 Ways Facial Biometric Technology Elevates Customer Retention

    Today, biometric technology is known for its ease of use and reliability. Facial biometrics have ...

    5 Ways Facial Biometric Technology Elevates Customer Retention Explore More

    Blog

    AML Compliance – Sharpening Focus on FinCrime in the Payments Industry

    Conventional payment services are embracing technological transformation, which is significantly ...

    AML Compliance – Sharpening Focus on FinCrime in the Payments Industry 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

    Blog

    10 Fraud Signals Every Industry Must Monitor

    Gone are the days when businesses paid attention to customer verification only. Today, organizati...

    10 Fraud Signals Every Industry Must Monitor Explore More

    Blog

    Shufti’s Growth Skyrockets Above 100% in the Fiscal Year 2020

    In 2020, Shufti witnessed a remarkable growth of over 100%. Together with this, it can comfor...

    Shufti’s Growth Skyrockets Above 100% in the Fiscal Year 2020 Explore More

    Blog

    5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti

    Last year, Shufti’s AI-powered identity verification system captured a 3.36% increase in iden...

    5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti 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

    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

    A Basic Guide to Smurfing and the Role of AML in Combating It

    Scammers employ various strategies to conceal illegally acquired funds, and one increasingly prev...

    A Basic Guide to Smurfing and the Role of AML in Combating It Explore More

    Blog

    Keeping AI Bias Out of the IDV Game with Shufti

    Consider this: 85% of financial institutions today use some form of AI in their products. The tec...

    Keeping AI Bias Out of the IDV Game with Shufti Explore More

    Blog, Financial Crime / AML

    Impact of Bitcoin Addresses’ Sanctions on IDV Providers

    The technology enhancement is being done at an exponential rate around the world. As the tech kee...

    Impact of Bitcoin Addresses’ Sanctions on IDV Providers 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

    KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services

    In today’s credit-thirsty world, Buy Now, Pay Later has emerged as a clear winner, forever changi...

    KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services Explore More

    Blog

    Facial Recognition KYC Services | Helping Businesses Fight Fraud with Unparalleled Biometric Checks

    The AI revolution has enabled businesses to leverage the power of technology in KYC verification....

    Facial Recognition KYC Services | Helping Businesses Fight Fraud with Unparalleled Biometric Checks Explore More

    Blog

    Gambling Compliance or Data Protection? The Puzzle is Solved!

    The evolving regulations for the gambling industry are likely to increase compliance challenges i...

    Gambling Compliance or Data Protection? The Puzzle is Solved! Explore More

    Blog, Financial Crime / AML

    AUSTRAC tightens regulations for enhanced AML Compliance

    Australian regulator AUSTRAC has imposed a multi million dollar fine on Commonwealth Bank of Aust...

    AUSTRAC tightens regulations for enhanced AML Compliance Explore More

    Blog

    Online Marketplaces and Increasing Crimes – How Shufti KYC Solution Can Help

    With technological advancements and emerging innovations, online marketplaces have been digitized...

    Online Marketplaces and Increasing Crimes – How Shufti KYC Solution Can Help Explore More

    Blog

    SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023

    There is no denying the fact that the financial industry has vital importance in the contemporary...

    SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023 Explore More

    Blog

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications

    The Financial industry is introducing a digital revolution globally. The term Fintech corresponds...

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications Explore More

    Blog

    Biometric Authentication Technology – Everything you Need to Know

    Nowadays businesses are looking for more secure systems for the sole reason of customer authentic...

    Biometric Authentication Technology – Everything you Need to Know Explore More

    Blog, Online Marketplace

    12 Ways Identity Verification Services Helping Online Businesses

    The online marketplace has a culminating presence in the business world. Worldwide e-commerce sal...

    12 Ways Identity Verification Services Helping Online Businesses Explore More

    Blog

    The Most Common Bank Scams and How e-IDV Can Help

    Protecting customers against diverse types of fraud is a continual practice for banks and credit ...

    The Most Common Bank Scams and How e-IDV Can Help Explore More

    Blog

    AML Compliance – Identifying the Red Flags Money Laundering in the Real Estate Sector

    Purchasing real estate is an attractive way for money launderers to legitimise larger amounts of ...

    AML Compliance – Identifying the Red Flags Money Laundering in the Real Estate Sector Explore More

    Blog

    A Fintech’s Journey to 100% Compliance and Rapid Growth

    My EU Pay, a specialist payment institution serving hundreds of business customers in the U.K. an...

    A Fintech’s Journey to 100% Compliance and Rapid Growth Explore More

    Blog, Online Marketplace

    Nordic Banks brace for Digital KYC with centralized Database

    Five major Nordic banks have formed a partnership to establish a company that will compile a cent...

    Nordic Banks brace for Digital KYC with centralized Database Explore More

    Blog

    The State of KYC/AML Compliance in Commonwealth of Independent States (CIS) Region

    Commonwealth of Independent States (CIS) is among the largest regions of the world with numerous ...

    The State of KYC/AML Compliance in Commonwealth of Independent States (CIS) Region Explore More

    Blog, Identity & KYC

    Employees’ Digital Identity Verification for Remote Hiring

    With the age of technological advancement, the world is becoming a heavily connected global villa...

    Employees’ Digital Identity Verification for Remote Hiring Explore More

    Blog

    The Most Frequently Asked Questions About Perpetual KYC

    Maintaining the accuracy of customer data presents a considerable challenge. Automating it has tr...

    The Most Frequently Asked Questions About Perpetual KYC Explore More

    Blog

    KYC Compliance for DeFi Platforms – Finding the Balance for a Secure Future

    The rise of decentralized services in the form of digital asset trading platforms and DeFi consta...

    KYC Compliance for DeFi Platforms – Finding the Balance for a Secure Future Explore More

    Blog

    Holiday Season Scams – 5 Ways Identity Verification Can Help You

    The holiday season brings in a lot of joy and harmony for everyone. From thanksgiving to new year...

    Holiday Season Scams – 5 Ways Identity Verification Can Help You Explore More

    Biometric Technology, Blog

    Biometric Authentication: Applications and Constraints

    Biometric authentication is considered as an advanced way of ensuring Know Your Customer (KYC). T...

    Biometric Authentication: Applications and Constraints Explore More

    Blog

    Don’t Need AML Compliance? Think Again!

    The majority of the businesses believe that they do not need to comply with AML regulations at al...

    Don’t Need AML Compliance? Think Again! Explore More

    Blog

    OCR Reader | How Does it Streamline the IDV Process?

    The unprecedented growth in business automation has created a competitive market where businesses...

    OCR Reader | How Does it Streamline the IDV Process? Explore More

    Blog

    A Comprehensive Guide to Choosing a Perfect e-KYC Solution for Businesses

    Most of our processes, including financial and business dealings, have now shifted to online plat...

    A Comprehensive Guide to Choosing a Perfect e-KYC Solution for Businesses Explore More

    Blog

    Integrated Compliance Management – Mitigating the Regulatory Risks

    Businesses operating in the financial sector often face organizational and compliance challenges....

    Integrated Compliance Management – Mitigating the Regulatory Risks Explore More

    Blog

    How Age Verification Protects the E-commerce Industry From Potential Risks

    Online shopping has become the new normal since the COVID-19 pandemic struck. With digital produc...

    How Age Verification Protects the E-commerce Industry From Potential Risks Explore More

    Blog

    FATF’s Stance on Digitizing FIUs and Adopting A Risk-Based Approach for VAs

    The Financial Action Task Force (FATF) is tirelessly working to guide Financial Intelligence Unit...

    FATF’s Stance on Digitizing FIUs and Adopting A Risk-Based Approach for VAs Explore More

    Blog

    What is an OCR Screening and How Does it Work?

    In our digital environment, where automated technology has already taken over corporate processes...

    What is an OCR Screening and How Does it Work? Explore More

    Blog, Identity & KYC

    Common Online Scams You Need to Know About

    The explosion of the internet and the world moving towards the fourth industrial revolution have ...

    Common Online Scams You Need to Know About Explore More

    Blog

    AML compliance checklist for efficient AML screening in 2020

    2019 brought a plethora of AML regulations for businesses and non-compliance is no more an option...

    AML compliance checklist for efficient AML screening in 2020 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

    Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations

    The stability of the global economy is at risk pertaining to the rapidly growing issues of money ...

    Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations Explore More

    Blog

    6 Industry Experts Share Their Thoughts on NFC ID Verification

    Thanks to the growth of contactless transaction systems like Apple Pay, NFC is now a mainstream t...

    6 Industry Experts Share Their Thoughts on NFC ID Verification 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, Identity & KYC

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry

    Know Your Patient: The healthcare industry is more prone to data breaches than any other industry...

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry Explore More

    Blog

    How Can You Make Your Onboarding Process Cost-Effective?

    The customer onboarding process can cost your business a fortune if it is complex. In the modern ...

    How Can You Make Your Onboarding Process Cost-Effective? Explore More

    Blog

    Reshaping the Travel Industry with NFC Verification – How Shufti Can Help

    With emerging technologies and the increasing use of digital services, the travel industry has be...

    Reshaping the Travel Industry with NFC Verification – How Shufti Can Help Explore More

    Blog

    The Most Common Bank Scams and How e-IDV Can Help

    Protecting customers against diverse types of fraud is a continual practice for banks and credit ...

    The Most Common Bank Scams and How e-IDV Can Help Explore More

    Blog

    The Changing Landscape of KYC/AML Regulations in 2021

    Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations have been evolving over time...

    The Changing Landscape of KYC/AML Regulations in 2021 Explore More

    Blog

    Customer Due Diligence Checklist – Is Your Business Compliant?

    Compliance regulations can be a challenging task for the financial services sector and fulfilling...

    Customer Due Diligence Checklist – Is Your Business Compliant? Explore More

    Blog

    Contact-free ID authentication – combating fraud during COVID-19 outbreak

    Coronavirus outbreak, which was initially thought of as some sort of common flu in the Chinese ci...

    Contact-free ID authentication – combating fraud during COVID-19 outbreak Explore More

    Blog, Fraud Prevention

    Cryptocurrency Scams – Checklist for Protection

    Headlines about some cryptocurrency exchange being hacked are not unusual. So far, hackers have s...

    Cryptocurrency Scams – Checklist for Protection 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

    Uncovering 5 Holiday Season Scams and How to Avoid them this Year

    ‘Tis the season when the best deals of the year are attracting customers towards online shopping ...

    Uncovering 5 Holiday Season Scams and How to Avoid them this Year 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