The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

January 2023 Recap: Major Events Worldwide and How AML Verification Solution Can Help

b-img-aml

Noncompliance with Know your Customer and Anti Money Laundering (KYC) regulations continue to plague the financial sector and regulators aren’t holding back. Regulators have charged financial firms with eye-popping monetary penalties for not fulfilling  KYC and AML requirements. Some notable AML fines from the previous year included Santander UK’s  £108 million;Deutsche Bank’s$7.1 million; and virtual currency exchangeKraken’s$362,000.

The non-compliance penalties are high, demonstrating how important it is for financial firms to use the AML verification solution.                                                                

A Quick Recap of Major Events in January 2023 

Financial crimes such as money laundering continue to be a concern for financial institutions and governments across the globe. Several important events took place in January 2023 including new laws and regulations to curb financial fraud. Let’s dive deeper into what those events actually were.

b-ingo-january

EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud

The EU (European Union) has issued new AML measures to restrict the use of cash and cryptocurrency in order to curb financial crimes. Under the latest regulations, payments in cash will be limited to a maximum of 10,000 euros with member states having an option of setting fewer thresholds.

The new measures will also impact the gold sector with increased scrutiny of large cash payments and endeavours to make it challenging to use cryptocurrency and other assets for money laundering. Trying to stay anonymous when buying or selling crypto-assets will become much more difficult,” said Zbynek Stanjur, Minister of Finance of the Czech Republic. “Hiding behind multiple layers of ownership of companies won’t work anymore. It will even become difficult to launder dirty money via jewellers or goldsmiths.”

Department of Finance Announces Commencement of South Africa’s New AML/CTF Laws

Department of Finance has announced the starting date for South Africa’s latest AML and Countering Terrorism Financing (CTF) laws to better adhere to global standards specified by FATF. 

The department stated that the commencement of regulations will split into two parts:

  • 29 December 2022: Sections 9, 10, 16, 18 to 55, 59, and 62 to 65
  • 1 April 2023: Sections 1, 3, 4, 5, 8, 11 to 15, 17, 56, 57, 58, 60 and 61

Sections 2 and 6 will come into effect from 1st April excluding some subsections.

Finance Minister Enoch Godongwana said that “the laws address deficiencies in at least 14 of the 20 recommendations, including an appropriate enhancement of powers and procedures for regulatory authorities”.

MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime

MEF (Ministry of Economy and Finance) has introduced new tax rules on commercial gambling companies to implement AML measures and improve transparency. Gambling businesses must comply with International Financial Reporting Standards (IFRS). 

According to  H.E. Mey Vann, Secretary of the MEF State, the regulations will let players enjoy commercial gambling in casinos; but, casinos will have to change the word to commercial gambling on signboards from 2023 onwards. 

“This is very good from a good governance perspective to ensure transparency and accountability,”  said Vann. “We cannot ask them to change immediately, and so we have to give them some time, and they are related to many factors such as their internal agreements and other legal aspects.”

FINCEN Pinpoints Bitzlato as a “Primary Money Laundering Concern”

The US Department of Treasury FinCEN (Financial Crimes Enforcement Network) has tagged a Virtual Crypto Exchange Platform Bitzlato Limited as a “primary money laundering concern” in alliance with illegal Russian finance.

FinCEN specified in the issued order that Bitzlato is a financial firm operating outside the United States of America which plays a major role in CVC (Convertible Virtual Currency) laundering through illicit transactions.

The order mentions that Bitzlato offers Peer-to-Peer (P2P) services and maintains its significant operations and Illicit finance network by facilitating funds and deposit transfers through ransomware groups. The FinCEN’s analysis found that their connections include, but aren’t limited to, transactions involving Conti and the Russian darknet market Hydra.

FINRA Issues its Examination and Risk Monitoring Program Report 2023

FINRA (Financial Industry Regulatory Authority) issued its “Risk Examination and Monitoring Report 2023” on 10th January 2023. The latest report covers the below-mentioned areas for the current year.

  1. Manipulative Trading
  2. Fixed Income – Fair Pricing
  3. Fractional Shares, Reporting and Order Handling
  4. Regulation SHO

The report also included a financial crime section consisting of three topics:

  1. i) AML, fraud, and sanctions
  2. ii) Cybersecurity and technological governance

 iii) Manipulative trading

Although FINRA’s report covers more than 20 regulatory areas, it continues on highlighting market integrity The four referenced areas besides focusing on market integrity also aware organisations of the upcoming strict scrutiny in such areas. 

The report seeks to provide essential guidelines to the broker-dealers so that they can prepare themselves for review and also assess procedures related to business practices and compliance. 

How Does Shufti Fit in the Puzzle?

Shufti’s AML screening solution plays a crucial role in helping businesses combat money laundering and other financial crimes and stay compliant with KYC and AML regulations.

 Here’s what makes Shufti’s AML Screening Solution stand out:

  • Interactive user interface
  • Screening within seconds
  • Screening against 1700+ global watchlists
  • Enhanced data security
  • Fully automated monitoring

Want to have a tailored AML verification solution for your business?

Talk to us

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

Cross-Border KYC Compliance | Understanding and Overcoming the Challenges

To handle money laundering incidents and rising regulatory pressure, the banking industry benefit...

Cross-Border KYC Compliance | Understanding and Overcoming the Challenges Explore More

Blog

10 High-Risk Jurisdictions for Money Laundering According to FATF

Innovations like stablecoins and non-fungible tokens (NFTs) created quite the hype in the past ye...

10 High-Risk Jurisdictions for Money Laundering According to FATF Explore More

Blog

What To Consider When Implementing Forensic Document Verification Services

As the demand for digital products and services has skyrocketed, so does the need for verificatio...

What To Consider When Implementing Forensic Document Verification Services Explore More

Blog

5 Key Questions About KYC Compliance to Look Out for in 2021

With the COVID-19 pandemic bringing challenges every day for businesses, the rate of identity fra...

5 Key Questions About KYC Compliance to Look Out for in 2021 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

Implementation of AML compliance – Challenges and fundamentals

With the advancement in security controls, financial businesses are becoming fraud and stress-fre...

Implementation of AML compliance – Challenges and fundamentals Explore More

Blog, Business Technology, Financial Crime / AML, Identity & KYC, Online Marketplace

Know Your Business: The Next Step in Identity Verification

The complex regulatory environment and increased exposure to illegal activities indicate that bus...

Know Your Business: The Next Step in Identity Verification Explore More

Blog

Deutsche Bank’s Epstein Fine – Lesson for Financial Institution

High-risk clients pose a serious threat to banks. Over the past few years, a significant number o...

Deutsche Bank’s Epstein Fine – Lesson for Financial Institution Explore More

Blog

Anti-Money Laundering (AML) Solution- Eradicating Money laundering and Securing Ride-Hailing Services

Due to the coronavirus global pandemic, the ride-hailing sector continue to grapple. As per new e...

Anti-Money Laundering (AML) Solution- Eradicating Money laundering and Securing Ride-Hailing Services Explore More

Blog

Transaction Monitoring – Establishing A Defense Mechanism Against Financial Crime

With the rapid increase in the global volume of monetary transactions, money laundering methods a...

Transaction Monitoring – Establishing A  Defense  Mechanism Against Financial Crime Explore More

Blog

Know Your Investor | Sophisticated Investor Verification in Real-Time

In today’s data-driven digital world, organized crime groups and fraudsters have developed more s...

Know Your Investor |  Sophisticated Investor Verification in Real-Time Explore More

Blog

Fintech 2021 – A Brief Insight of Global KYC Regulations

Financial services are among the most heavily regulated sectors in the world, and the number one ...

Fintech 2021 – A Brief Insight of Global KYC Regulations Explore More

Blog

Liveness Detection and IDV: An Overview of Biometric Facial Recognition

Identity fraud and cybercrime have significantly surged in the past few years. Deepfake technolog...

Liveness Detection and IDV: An Overview of Biometric Facial Recognition Explore More

Blog

AML and KYC Compliance – Big Data Optimising the Regulatory Landscape

Today, different sectors face an influx of user data that they need to process and analyse. To de...

AML and KYC Compliance – Big Data Optimising the Regulatory Landscape Explore More

Blog

Top 5 Reasons Why Businesses Need Transaction Monitoring Solution

Companies are moving towards digitisation, meanwhile, cybercriminals are mastering the art of exp...

Top 5 Reasons Why Businesses Need Transaction Monitoring Solution Explore More

Blog

FATF’s Travel Rule: A New Dawn of Regulations for Virtual Asset Services

Here at the start of 2021, there is much uncertainty regarding the coronavirus situation, whether...

FATF’s Travel Rule: A New Dawn of Regulations for Virtual Asset Services Explore More

Blog

Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification

In today’s digital age, businesses must have a robust identity verification system in place...

Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification Explore More

Blog

Deutsche Bank’s Epstein Fine – Lesson for Financial Institution

High-risk clients pose a serious threat to banks. Over the past few years, a significant number o...

Deutsche Bank’s Epstein Fine – Lesson for Financial Institution 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

Blog

AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering

Recent inquiries and cases against major Australian casinos have raised questions about the measu...

AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering Explore More

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

Data Breaches – Types, Sources, and Preventive Measures

A large number of well-renowned companies are under the threat of high-scale data breaches. After...

Data Breaches – Types, Sources, and Preventive Measures Explore More

Blog

A Brief Insight into Netherlands’ Cryptocurrency Regulations

Just like other European countries, the Netherlands is also a notable financial center making it ...

A Brief Insight into Netherlands’ Cryptocurrency Regulations Explore More

Blog

Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification

Online gaming has become more popular since COVID-19. The pandemic forced people to stay indoors,...

Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification Explore More

Blog, Online Marketplace

How Mobile KYC will revolutionize the Digital World?

Mobile KYC is the next frontier in Identity Verification services allowing greater access to busi...

How Mobile KYC will revolutionize the Digital World? Explore More

Blog

The Role of KYC Protocols in Safeguarding the Future of Cryptocurrency

Despite volatility in the crypto sector, millions of individuals access their services worldwide....

The Role of KYC Protocols in Safeguarding the Future of Cryptocurrency Explore More

Blog

Wholesale or Retail CBDCs? Settling the Endless Debate

The world is now moving towards digitisation at a faster pace than ever. The payment systems have...

Wholesale or Retail CBDCs? Settling the Endless Debate 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

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

Blog

Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help

Non-Fungible Tokens (NFTs) emergence is providing a whole new segment to buy or sell digital crea...

Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help Explore More

Blog, Identity & KYC

4 Ways in which KYC for STO can Revolutionise the Crypto World

The year 2019 is expected to see a significant rise in STOs and have been called the future of bl...

4 Ways in which KYC for STO can Revolutionise the Crypto World Explore More

Blog

Identity Verification | A Complete Guide to Compliance and Risks

The United Nations says $2 trillion is laundered globally every year. Of that, less than 10% is d...

Identity Verification | A Complete Guide to Compliance and Risks Explore More

Blog

Evolution of Digital Payments and Prevailing Crimes – How Shufti’s AML Screening Can Help

With emerging technologies, the digital payments trend is rising, and users are executing frictio...

Evolution of Digital Payments and Prevailing Crimes – How Shufti’s AML Screening Can Help 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

Identity verification for fair and free US elections amid COVID-19

US Elections 2020 is the talk of the town these days. But with COVID-19 pandemic going on how wil...

Identity verification for fair and free US elections amid COVID-19 Explore More

Blog

AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering

Cryptocurrency has been notoriously criticised for money laundering and other illicit activities ...

AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering Explore More

Anti Money Laundering, Blog, Financial Crime / AML

Why PEPs are High Risk and a Threat To Your Business?

In the Financial and Trade industry, you may have often heard the term PEPs and the importance of...

Why PEPs are High Risk and a Threat To Your Business? Explore More

Blog, Fraud Prevention

6 Steps of Online Fraud Prevention for Businesses

With the rapid development in the online retail industry and banking industry, there is an increa...

6 Steps of Online Fraud Prevention for Businesses Explore More

Blog

Brazil’s Updated Regulatory AML Guidelines for 2023

Money laundering, corruption, and drug trafficking are prevalent issues in Brazil, the world’s se...

Brazil’s Updated Regulatory AML Guidelines for 2023 Explore More

Blog

AML Screening – Revealing the True Identities of Ultimate Beneficial Owners in Businesses

Hiding the Ultimate Beneficial Owners (UBOs) behind a business is never a good sign. However, som...

AML Screening – Revealing the True Identities of Ultimate Beneficial Owners in Businesses Explore More

Blog

The State of Money Laundering in The United States – How Shufti Can Help

The United States of America is among the first countries that took effective measures to fight f...

The State of Money Laundering in The United States – How Shufti Can Help Explore More

Blog

E-Learning Platforms and Prevailing Crimes – How Shufti Can Help

The global pandemic is prompting a phenomenal increase in online service. From doing groceries to...

E-Learning Platforms and Prevailing Crimes – How Shufti Can Help 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

The Power of Identity Verification Solutions in Ensuring Risk-Free Recruitment Operations

Over the recent years, the employment industry has undergone significant changes, from mass offbo...

The Power of  Identity Verification Solutions in Ensuring Risk-Free Recruitment Operations Explore More

Blog

What is Biometric Consent Authentication?

Biometric Consent Authentication is a modernistic approach to counter the increasing number of id...

What is Biometric Consent Authentication? Explore More

Blog

AUSTRAC’s ML/TF Risk Assessment Report on Major Banks [Part 1]

Back in September 2018, the Australian Government provided AUD 5.175 million funding to AUSTRAC f...

AUSTRAC’s ML/TF Risk Assessment Report on Major Banks [Part 1] Explore More

Blog

The Path to CX Leadership – An Interview with Saroni Kundu

From Code to Customer: How Saroni Kundu Found Her Passion in CX In our latest Beyond Borders podc...

The Path to CX Leadership – An Interview with Saroni Kundu Explore More

Blog

Protecting eCommerce Platforms and Mitigating Crime Risks with Shufti’s IDV Solution

The term e-commerce was tossed back in the 1960s, with the rise of electronic commerce in which t...

Protecting eCommerce Platforms and Mitigating Crime Risks with Shufti’s IDV Solution Explore More

Blog

Know Your Patient (KYP) | Significance in Fighting Patient Identity Theft & Scams

The global medicare industry is a common target for fraudsters looking to gain access to patients...

Know Your Patient (KYP) |  Significance in Fighting Patient Identity Theft & Scams Explore More

Blog

High-Risk Countries and The Significance of AML/CFT Regulations – How Shufti Can Help

Money laundering and terrorist financing are becoming a global concern. To overcome the risk of c...

High-Risk Countries and The Significance of AML/CFT Regulations – How Shufti Can Help Explore More

Blog

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV?

Ever since Mark Zuckerberg changed Facebook’s name to Meta, the acronym “metaverse” has taken ove...

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV? Explore More

Blog

Frequently Asked Questions about OCR Scanners

The way we process and analyse written information has been entirely transformed by Optical Chara...

Frequently Asked Questions about OCR Scanners Explore More

Blog

Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry

With global stock markets skyrocketing, the wealth, asset and investment sector is under growing ...

Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry Explore More

Blog

Top Cryptocurrency Trends to Look Out for in 2022

2021 has been a remarkable year for cryptocurrency as because of COVID-19 outbreak crypto industr...

Top Cryptocurrency Trends to Look Out for in 2022 Explore More

Blog

Detecting & Preventing KYI Fraud | A Deep-Dive into 2023 Investment Scams

Businesses need to bring on reliable partners and investors who can contribute to growth, provide...

Detecting & Preventing KYI Fraud | A Deep-Dive into 2023 Investment Scams Explore More

Blog

Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference?

 Often, people confuse CIP and KYC and think both are the same. Customer Identification ...

Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference? 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

Blog

Evaluating the Potential of Digital ID Verification Systems in 2022

Identity fraud and synthetic identities are skyrocketing and collectively account for a loss of ​...

Evaluating the Potential of Digital ID Verification Systems in 2022 Explore More

Blog

AML Verification Services: Fighting Back Financial Crimes in 2023

The Covid-19 outbreak has increased reliance on eCommerce and digital banking — cultivating a lus...

AML Verification Services: Fighting Back Financial Crimes in 2023 Explore More

Blog

The Significance of Age Verification in the Digital Space

With the innovation of technology, digital services among younger audiences are becoming increasi...

The Significance of Age Verification in the Digital Space Explore More

Blog

E-Signature | Digitise and Verify Agreements in Compliance

The use of electronic signature, or e-signature, has transformed business dealings. The days of s...

E-Signature | Digitise and Verify Agreements in Compliance 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

Analyzing the UK and US Gambling Industry by Numbers

Businesses and people in the gambling sector are aware of the risks involved and what are their p...

Analyzing the UK and US Gambling Industry by Numbers Explore More

Blog

COVID-19: An opportunity for financial sector to expand digital transformation

A sudden epidemic swept across the world, and it had an impact on our lives, work, and even the p...

COVID-19: An opportunity for financial sector to expand digital transformation Explore More

Blog

A Brief Insight into Crypto Regulations in the Asia-Pacific Region

The Asia-Pacific region is one of the areas with the highest rate of crypto adoption. Considering...

A Brief Insight into Crypto Regulations in the Asia-Pacific Region Explore More

Blog

The Advantages of Know Your Business (KYB)

Know Your Business (KYB) policies are a recent innovation in the field of fraud prevention. Since...

The Advantages of Know Your Business (KYB) Explore More

Blog

E-learning Platforms and IDV Solutions: A Natural And Much Needed Partnership

The advancement of modern technologies and telecommunication modes has made online assistance ava...

E-learning Platforms and IDV Solutions:  A Natural And Much Needed Partnership Explore More

Blog

Risk Assessment – Building Trust in Financial Institutions

For financial institutions to hold onto their customers, they must build and conserve advanced le...

Risk Assessment – Building Trust in Financial Institutions Explore More

Blog

Anti-Money Laundering (AML) Solution- Eradicating Money laundering and Securing Ride-Hailing Services

Due to the coronavirus global pandemic, the ride-hailing sector continue to grapple. As per new e...

Anti-Money Laundering (AML) Solution- Eradicating Money laundering and Securing Ride-Hailing Services Explore More

Blog, Identity & KYC, Reg Tech

RegTech: The Case for Financial Inclusion

The FinTech industry has grown tremendously in recent years, introducing both scale and efficienc...

RegTech: The Case for Financial Inclusion Explore More

Blog

High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help?

In today’s continuously evolving world, businesses should not only focus on the revenue they gene...

High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help? Explore More

Blog

Shahid Hanif’s Take on Shufti’s Five-Year Journey of Winning the Fight Against Fraud

The financial sector constantly faces new and emerging challenges in fighting sophisticated fraud...

Shahid Hanif’s Take on Shufti’s Five-Year Journey of Winning the Fight Against Fraud 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