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

    85.208.96.198

    June 2023 Recap: Major AML Violations and How Can Shufti Help

    b-img-aml-major

    In global financial systems, the increasing frequency of Anti-Money Laundering (AML) violations has become a cause for concern. Illicit activities, such as money laundering and terrorist financing, are perpetuated by individuals and organisations exploiting vulnerabilities in the financial sector. However, AML regulations and practices have emerged as a powerful safeguard to combat these threats. By implementing rigorous compliance measures, conducting thorough due diligence, and leveraging advanced technologies, AML protocols detect, prevent, and deter illicit financial activities. With its proactive approach, AML plays a crucial role in protecting the integrity of economic systems and upholding the trust of individuals and institutions alike.

    Major AML Breaches and Penalties in June 2023

    A quick recap of June 2023 shows no signs of money laundering slowing down, costing firms heavy fines.

    b-info-major

    UAE Imposes DH65 Million Worth of AML Fines on 137 Companies

    The Ministry of Economy fined Dh65.9 million in the first quarter of 2023. The fine was imposed on UAE’s Designated Non-Financial Business and Professions sector (DNFBP) for failing to comply with AML and CTF regulations. 

    The Ministry of Economy oversees inspection tours for these designated non-financial businesses and professions. The sector encompasses various entities, such as agents, auditors, jewellers, brokers, and financial services companies, who offer their services to corporate clients.

    This action is a part of the Ministry’s continuous endeavours to ensure strict adherence to all provisions outlined in Federal Decree-Law No. 20 within the sector. Amendments have been made to the Anti-Money Laundering Act of 2018, its administrative regulations, and associated laws to combat the illegal activities of money laundering and terrorist financing. The country must fulfil its legal obligations to fully comply with the Financial Action Task Force (FATF) international standards. 

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

    The Australian Federal Police (AFP) allegedly uncovered AUD 10 billion in global money laundering activities in Sydney. As part of the investigation, law enforcement officials seized valuable assets, including cash, real estate, and luxury items worth hundreds of millions of dollars. Additionally, nine individuals were arrested for their involvement in money laundering and other criminal offences. 

    The weak Anti-Money Laundering (AML) and Countering Terrorism Financing (CTF) framework in Australia has contributed to its reputation as a regional hub for money laundering. Despite implementing AML and CTF controls by successive Australian governments since 2007, no measures have been taken to enforce compliance with these laws for “gatekeeper professions.” The gatekeepers refer to companies or professions not directly involved in financial transactions.

    Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues

    Atomic Wallet users have faced significant losses in the value of their cryptocurrency, totalling millions of dollars. Numerous Twitter accounts have reported instances of wallet contents being stolen, causing widespread concern within the cryptocurrency community. The breach occurred on June 3, prompting an immediate investigation into the vulnerability.

    Approximately 5 million individuals are believed to have downloaded Atomic Wallet’s cryptocurrency wallet since its launch in 2017 by Konstantin Gladych. Whilst the exact method of the attack remains unconfirmed, Atomic Wallet’s spokesperson has stated that the company is collaborating with multiple security firms and reaching out to relevant organisations to aid in the recovery of the stolen funds.

    An ongoing investigation is being carried out with leading security firms to identify potential attack vectors. At present, there is no conclusive evidence available. The support team gathers the victims’ addresses as part of their efforts.

    MGA Issues 10 Warnings and Revokes 6 Licences of Gaming Operators

    The Malta Gaming Authority (MGA) issued ten warnings and revoked six gambling licenses in 2022. The report indicates that the MGA imposed 16 administrative penalties and reached three regulatory settlements, resulting in a total fine of $191,907.

    The MGA conducted 228 desktop evaluations and 28 compliance audits throughout the year. Additionally, AML  and CTF checks were carried out by the MGA and the Financial Intelligence Analysis Unit (FIAU).

    Concerning individuals and firms suspected of involvement in terrorist financing or money laundering, the Fit and Proper Committee deemed six ineligible. The audit also disclosed that the FIAU took remedial and administrative actions against 25 licensees, ranging from written reprimands to administrative fines, totalling more than $790,336.

    Carl Brincat, the CEO of MGA, expressed satisfaction with the report and emphasised the importance of collaborative efforts to ensure a secure and sustainable gaming sector. Brincat commended the regulator’s commitment to staying abreast of emerging trends and challenges, tirelessly working towards establishing a strong foundation that fosters trust and safeguards vulnerable individuals.

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

    Property firms have been fined over £1 million by HM Revenue & Customs (HMRC) due to non-compliance with AML laws. These fines were imposed on businesses that committed offences during the latter half of the previous year. HMRC has reported that multiple companies failed to adhere to regulations to prevent criminals from exploiting illicit funds.

    The fines were £3.2 million, with more than £1 million specifically targeting property firms. The primary issue observed was the failure to register within the required timeframe. Among the fined businesses are RW Invest, based in Tunbridge Wells, which received a fine of £44,210, and 1st Lettings Property Services, located in Coventry, fined £14,850 for their failure to register on time.

    Nick Sharp, HMRC’s Director of Economic Crime, emphasised that money laundering is not a victimless crime. He further stated that HMRC is dedicated to assisting businesses in protecting themselves against criminal activities and will continue to address the non-compliant minority. Sharp highlighted the substantial cost of serious and organised crime to the UK, costing billions of pounds yearly, and stressed that effective AML screening is crucial in combating this issue.

    How Can Shufti Help?

    Shufti offers an AI-powered AML screening solution that is trusted globally. Our AML solutions screen clients against 1700+ watchlists within seconds and mitigate the risk of money laundering and fraud. Not only do our AML solutions keep scammers away, but they also help businesses comply with KYC and AML regulations.

    Still confused about how an AML screening solution protects your firms from financial crimes?

    Talk to us

    Related Posts

    Blog

    Top 7 Trends Shaping the Future of Gambling Industry in 2023

    Amidst technological advancement and the changing regulatory landscape, the gaming sector demonst...

    Top 7 Trends Shaping the Future of Gambling Industry in 2023 Explore More

    Blog

    The 10 Biggest DeFi Hacks of 2022 and How Can KYC/AML Compliance Help

    The crypto industry witnessed a challenging year in 2022, marked by numerous hacks and scams, hig...

    The 10 Biggest DeFi Hacks of 2022 and How Can KYC/AML Compliance Help Explore More

    Blog

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution

    In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution Explore More

    Blog

    From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs

    Over the past few years, NFTs or Non-Fungible Tokens have become popular in the crypto sector. Ac...

    From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs 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

    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

    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

    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

    Shufti’s Insights on Enhancing Customer Onboarding Experience

    The digital world nowadays requires a lot of effort from businesses to ensure customer satisfacti...

    Shufti’s Insights on Enhancing Customer Onboarding Experience 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

    Inside Innovation at Shufti: Visual Heatmaps That Help Instantly Spot Document Tampering 

    In the complex landscape of identity fraud, the smallest details can make the biggest difference....

    Inside Innovation at Shufti: Visual Heatmaps That Help Instantly Spot Document Tampering  Explore More

    Blog, Fraud Prevention

    Internet of Things: B2B IoT Segments about to hit $300 Billion by 2020

    The Internet of Things is growing exponentially with respect to its usage and capabilities. A who...

    Internet of Things: B2B IoT Segments about to hit $300 Billion by 2020 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, Identity & KYC

    How AML/KYC Direct Credible ICO Growth?

    What if I told you, early in the days of ICOs, startups operated with little to no top level regu...

    How AML/KYC Direct Credible ICO Growth? Explore More

    Blog

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution

    In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution Explore More

    Blog, Fraud Prevention

    Data Breaches in 2019 – A Year in Review

    Stepping into 2020, the year 2019 has been on the rollercoaster in terms of security breaches. Da...

    Data Breaches in 2019 – A Year in Review 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

    Lithuania’s AML Regulations – How the EU’s FinTech Hub Prevents Financial Crime

    Emerging FinTech firms around the world spend almost one-third of their overall budgets on develo...

    Lithuania’s AML Regulations – How the EU’s FinTech Hub Prevents Financial Crime Explore More

    Blog

    Protect Your Business Against Identity Theft with Face ID Check

    The efficacy of biometric authentication becomes questionable in the face of facial ID checks. It...

    Protect Your Business Against Identity Theft with Face ID Check Explore More

    Blog

    5 AI-Powered Products to Boost Digital Experiences Post Covid

    If there’s one thing financial institutions understood within the first year of global shutdowns ...

    5 AI-Powered Products to Boost Digital Experiences Post Covid 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

    Biometric Authentication: Use Cases and Advantages

    What is Biometric Authentication? Biometric authentication refers to the process of using unique ...

    Biometric Authentication: Use Cases and Advantages Explore More

    Blog

    Leveraging Age Assurance for Data Privacy and User Protection

    Online age verification has gained great attention in recent years since many minors have been se...

    Leveraging Age Assurance for Data Privacy and User Protection Explore More

    Blog

    Phishing Attacks and the Role of Two-Factor Authentication

    In today’s digital world, almost everything we do is on the internet, be it for official purposes...

    Phishing Attacks and the Role of Two-Factor Authentication Explore More

    Blog

    Know Your Patient – Eliminating Fraud and Crime in the Healthcare Sector

    The digital transformation has reached the healthcare sector with new remote onboarding options f...

    Know Your Patient – Eliminating Fraud and Crime in the Healthcare Sector Explore More

    Blog, Financial Crime / AML

    Impact of Canada’s Evolving AML Regimes on Your Business

    Canada’s AML regulations changed a lot in 2019. More rigid AML regulations are imposed on all typ...

    Impact of Canada’s Evolving AML Regimes on Your Business 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

    Mounting Cases of Money Laundering through Digital Currencies in 2021

    Even though cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are increasing rapidly, yet the...

    Mounting Cases of Money Laundering through Digital Currencies in 2021 Explore More

    Blog

    Top 5 Payment Trends Transforming the Commerce Sector in 2021

    Financial markets across the globe saw many unpredictable changes due to the pandemic last year. ...

    Top 5 Payment Trends Transforming the Commerce Sector in 2021 Explore More

    Blog, Online Marketplace

    KYC for Financial Institutions

    E-KYC for Financial Institutions Imagine you’re the owner of a brokerage firm. You’re not exactly...

    KYC for Financial Institutions Explore More

    Blog

    Optical Character Recognition (OCR) – Powering Shufti’s Document Verification

    Trust is a key factor when it comes to doing business or getting financial services from banks. A...

    Optical Character Recognition (OCR) – Powering Shufti’s Document Verification Explore More

    Blog

    An Insight Into AML Compliance Concerns Amid Russia Sanctions

    With Russia’s attack on Ukraine, the international financial landscape is facing concerns of comp...

    An Insight Into AML Compliance Concerns Amid Russia Sanctions Explore More

    Blog

    Addressing AML Compliance Challenges with a Risk-based Approach (2023)

    Regardless of how big or small a company is, the after-effects of Covid-19 and the global financi...

    Addressing AML Compliance Challenges with a Risk-based Approach (2023) Explore More

    Blog

    KYC alternatives disrupting traditional KYC methods

    Technology is building bridges between businesses and consumers across the barriers of distance a...

    KYC alternatives disrupting traditional KYC methods Explore More

    Blog

    California Privacy Rights Act – What Businesses Must Do to Comply

    The California Privacy Rights Act (CPRA), also known as Proposition 24, was approved on November ...

    California Privacy Rights Act – What Businesses Must Do to Comply Explore More

    Blog, Identity & KYC

    Merchant Identity Proofing: Building Strong B2B Relations

    Identity Proofing: The success of e-commerce has been very remarkable. It is expected that global...

    Merchant Identity Proofing: Building Strong B2B Relations Explore More

    Blog

    Anti-Money Laundering Solutions | Helping Businesses Fight Against Financial Crimes

    In today’s digital world, increased financial crimes adversely impact global industries, mainly t...

    Anti-Money Laundering Solutions | Helping Businesses Fight Against Financial Crimes Explore More

    Blog

    Regulatory Compliance | The Importance of Age Verification on Betting Sites

    Online betting sites and gambling platforms frequently face significant challenges in adhering to...

    Regulatory Compliance | The Importance of Age Verification on Betting Sites 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

    Blockchain and cryptocurrency security Guide

    Online bitcoin business might have experienced a slump in recent months but still, it remains to ...

    Blockchain and cryptocurrency security Guide 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

    Online Identity Verification – The Hallmark of Surviving the Digital Upheaval

    Embracing the digital world seems like entering uncharted waters where the challenges are novel, ...

    Online Identity Verification – The Hallmark of Surviving the Digital Upheaval Explore More

    Blog

    ID Verification – What new KYC Services Shufti launched in 2018?

    Shufti started 2018 with an aim to fight the menace of digital fraud, identity theft, and onl...

    ID Verification – What new KYC Services Shufti launched in 2018? Explore More

    Blog

    International ID Day – An Overview of the 2021 Identity Landscape

    The International ID Day is not marked on everybody’s calendar but is of significant value for ma...

    International ID Day – An Overview of the 2021 Identity Landscape Explore More

    Blog

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience

    Modern gaming is the most recent evolution of online games that has enchanted gamers across the g...

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience Explore More

    Blog

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023

    Customer onboarding and business relationships always come with associated risks that must be han...

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023 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

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution

    In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution 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

    The FATF Travel Rule: What Business Owners Must Know

    The rapidly evolving landscape of technology and cryptocurrency has made the regulation of digita...

    The FATF Travel Rule: What Business Owners Must Know Explore More

    Blog

    Vendor due diligence – Why it’s important and how it’s done?

    In today’s ever-changing corporate landscape, businesses are always looking for ways to make thei...

    Vendor due diligence – Why it’s important and how it’s done? Explore More

    Blog, Fraud Prevention

    8 Fraud Prevention Tips for a smooth business uptake in 2018

    The Need for Fraud Prevention As technology has evolved over the years, the way we do business ha...

    8 Fraud Prevention Tips for a smooth business uptake in 2018 Explore More

    Blog

    Brexit to Change Sanction and Money Laundering Regulations in 2021

    In 2016, the United Kingdom decided to part ways with the European Union (EU). After its preparat...

    Brexit to Change Sanction and Money Laundering Regulations in 2021 Explore More

    Blog

    Fighting Deepfakes with Fool-Proofed Identity Verification Systems: How Shufti Can Help

    Undoubtedly, 21st century is the most innovative time period in human history. With every passing...

    Fighting Deepfakes with Fool-Proofed Identity Verification Systems: How Shufti Can Help Explore More

    Biometric Technology, Blog, Identity & KYC

    ID Verification API – Smooth Integration With Online Systems

    The financial services (FS) sector has the highest ever recorded abandonment rate of 83.6% amongs...

    ID Verification API – Smooth Integration With Online Systems Explore More

    Blog

    KJM Age Restrictions Breaking New Grounds for Gaming Industry

    Minor protection has become a challenge for everyone these days. Parents are worried about the ty...

    KJM Age Restrictions Breaking New Grounds for Gaming Industry Explore More

    Blog

    How E-Commerce sites can prevent scams over Black Friday and Cyber Monday

    For online businesses, customer authentication for internet payments is very crucial. An ever-inc...

    How E-Commerce sites can prevent scams over Black Friday and Cyber Monday Explore More

    Blog

    Revolutionizing the Finance Sector | VKYC’s Impact on Identity Verification in 2024

    Identity verification is crucial in today’s ever-evolving digital landscape as it helps prevent i...

    Revolutionizing the Finance Sector | VKYC’s Impact on Identity Verification in 2024 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

    Financial Regulations Against Crypto Sanctions Evasion in the UK – Is the Crypto Sector Safe?

    Many governments throughout the world are facing concerns of money laundering and sanctions evasi...

    Financial Regulations Against Crypto Sanctions Evasion in the UK – Is the Crypto Sector Safe? 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

    AI Document Verification 2025

    Why This Matters in 2025 Digital onboarding is booming, but so is document fraud. The global iden...

    AI Document Verification 2025 Explore More

    Blog

    AML Compliance for Luxury Goods Market – How Shufti can Help

    Money laundering using high-value goods such as jewelry, yachts, motor vehicles, watches, fine ar...

    AML Compliance for Luxury Goods Market – How Shufti can Help Explore More

    Blog

    DSAR Under GDPR and CCPA – Understanding the Key Differences

    Data protection is one of the key concerns of organisations these days. For the same reason, data...

    DSAR Under GDPR and CCPA – Understanding the Key Differences Explore More

    Blog

    Assessing the Importance of Digital Identity Verification in On-Demand Services

    Dealing with the after-effects of the coronavirus pandemic, digital business platforms and e-comm...

    Assessing the Importance of Digital Identity Verification in On-Demand Services Explore More

    Blog

    Understanding Digital Identity

    What is Digital Identity? In the digital world, your identity is made up of your p...

    Understanding Digital Identity Explore More

    Blog

    Harnessing the power of AML Screenings to Uncover Politically Exposed Persons [PEPs]

    Since the last decade, governments and financial institutions have been trying to limit corruptio...

    Harnessing the power of AML Screenings to Uncover Politically Exposed Persons [PEPs] Explore More

    Blog

    Financial Regulations Against Crypto Sanctions Evasion in the UK – Is the Crypto Sector Safe?

    Many governments throughout the world are facing concerns of money laundering and sanctions evasi...

    Financial Regulations Against Crypto Sanctions Evasion in the UK – Is the Crypto Sector Safe? Explore More

    Blog

    Securing Banks and Curbing Financial Crimes with Shufti AML/KYC Solution

    Banks and other financial institutions constantly face the challenges of tackling financial crime...

    Securing Banks and Curbing Financial Crimes with Shufti AML/KYC Solution Explore More

    Blog

    Identity Verification and Prevailing Crimes – How Shufti’s Proof of Verification Services Can Help

    With growing digitization, emerging technologies, and increased use of online transactions, a hug...

    Identity Verification and Prevailing Crimes – How Shufti’s Proof of Verification Services Can Help Explore More

    Blog

    An Insight into Global Regulations for the Cryptocurrency Sector [2022 Update]

    With emerging technologies continuing to proliferate faster and rapid digitization all around us,...

    An Insight into Global Regulations for the Cryptocurrency Sector [2022 Update] Explore More

    Blog

    Identity verification in social media – Lighting up the dark side

    Social media is a word every one of us can relate to. With every passing day, it is penetrating i...

    Identity verification in social media – Lighting up the dark side 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