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

    Metaverse and Money Laundering – How Shufti’s AML Screening Helps

    SP Onsite Blog Image Mar-11, 2022-03

    For quite some time now, the world has been preparing itself for the latest development in multipurpose social platforms. The metaverse is a world-changing technology that changes the very concept behind social platforms with the use of Web3.0. What makes Web3.0 different is a decentralized, permissionless, and trustless system that is a token-based economy on blockchain.

    Apart from providing new opportunities for work, social connections, and online shopping, the metaverse also allows criminals to take advantage of digital wallets to obscure the origins of their illegally obtained funds. 

    In this blog, we dive into the details of what makes the metaverse vulnerable to financial crime.

    The Metaverse – A New Concept?

    Despite the common assumption, the metaverse is not really a completely new concept. Online games like the Sims and Second life are an example of technologies that are amplified to create the metaverse. In the metaverse, activities are based on the same concept as in the real world – everything is dependent on money. The only difference being the metaverse is virtual rather than real, everything from interacting with others, sending and receiving services, or buying and selling a property requires money in the form of cryptocurrency payments. 

    Moreover, the metaverse also promises huge potential for partnerships between payment service providers and companies that have the requirement of dealing in virtual assets. Cryptocurrency trends and other related concepts like NFTs are constantly going through different ups and downs based on popularity and how the media portrays them. The end of 2021 saw a period where the crypto sector was soaring sky-high, but there are always risks of financial crime when any industry begins making big money. According to industry experts, the metaverse is not much different when compared to ongoing investment fraud and previous trends like Ponzi schemes. 

    Ultimately, the metaverse is going to issue more and more tokens as its popularity rises, and there will be a subsequent increase in financial crime through the decentralized system. Experts also suggest that financial crime will inevitably prevail in the metaverse as the lack of links to the wider paradigm of the crypto landscape including the smaller projects before the introduction of the metaverse.

    Onsite Blog Infographics March 14, 2022-01

    Financial Crime Risks in the Metaverse

    However, along with all the new opportunities, the metaverse has some factors that invite criminals to take advantage of the system for their own illegal gains. Identity theft, data hacks, breaches, and other financial scams are all possible in the metaverse as they are driven by the similar purpose of stealing someone’s personal information and accessing their digital wallets for illicit activities. Big money can be moved here and there using the metaverse due to the decentralized blockchain-based structure that links every task to digital wallets. 

    As of now, there is no definitive idea of financial crime regulations that are applicable to the metaverse. However, the lack of Know Your Customer (KYC) verification means that users are generally less protected in the digital landscape. Inadequacy in terms of consensus and unified rules that apply to the metaverse can become the reason that motivates criminals to pursue their illegal activities. 

    Since the internet is generally not bound by any single central authority or regulatory body, the metaverse is also currently assumed to follow a similar framework. When it comes to the protection of digital assets, Web3.0 seems to take businesses back to the times of the World Wide Web, allowing users to perform activities freely without the requirement to go through intermediaries or a central body.

    Regulations for KYC in the Metaverse

    Clearly, the main culprit for making the metaverse vulnerable to money laundering is its decentralization. The metaverse is said to be a product of capitalism that has a structure acting as a barrier to security for its users. As a result, there is no centralized landscape or a clear picture about what or who is ultimately responsible for regulations and enforcement. All this collectively creates a scenario where there is a desire to avoid the costs and implications that come with ensuring regulation while establishing a safe, crime-free digital environment. 

    The metaverse is expected to be a digital representation of the real world as we know it today. Various countries around the world have already started working alongside the FATF and their respective governments to implement robust KYC verification and AML screening measures to prevent financial crime. Just like individuals that defraud and steal others’ money in the real world, users in the metaverse will also come up with new techniques to do the same. It’s quite obvious that the global financial system needs more than just a simple verification system.

    How to Combat Money Laundering in the Metaverse

    The way to combat financial crimes like money laundering in the metaverse may not be straightforward considering the number of possibilities and risks. It is important for businesses to hold discussions with industry experts and subject matter experts to achieve the balance between regulatory developments in the metaverse and the world of virtual assets. Companies must understand that they need to prioritize a robust AML screening approach to stand strong against money laundering threats.

    Gou Wenjun, head of anti-money laundering of the People’s Bank of China (PBoC), said that the apex bank would regulate the non-fungible token (NFT) and metaverse sectors. These are the major upcoming areas in the cryptocurrency and blockchain space that China hopes to regulate while creating new opportunities.

    What Shufti Offers

    With financial criminals exploiting the metaverse, upcoming businesses are feeling the need to enhance their measures for combating money laundering and terrorist financing. Like other businesses, metaverse companies are also based on customer trust and loyalty. However, conventional ways of securing business interests are considered inadequate when it comes to fighting today’s sophisticated criminals that use the latest tech-driven tools to achieve their motives.

    Preventing financial crimes and the digital assets of customers in the metaverse is only possible through AI-driven AML solutions.

    Shufti’s AI-driven AML Screening is an ideal solution for metaverse companies as they can accurately determine the background information of customers and categorize them according to risk level. Our AML screening solution verifies customers against 1700+ global watchlists with 98.67% in less than a second. 

    Want to know more about AML Screening services for the metaverse?

    Related Posts

    Blog, Financial Crime / AML, Identity & KYC

    Fighting Financial Crime: Why KYC and AML Compliance Is Essential for the Global Finance Sector

    Banks and other financial institutions are often the first line of defense against financial crim...

    Fighting Financial Crime: Why KYC and AML Compliance Is Essential for the Global Finance Sector 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

    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, Business Technology, Financial Crime / AML, Identity & KYC

    AML Technology Eradicating the Perils of Money Laundering

    In the past few years, we have seen a substantial increase in the number of legislations regardin...

    AML Technology Eradicating the Perils of Money Laundering Explore More

    Blog

    Identity Document Verification | Revolutionising Customer Onboarding

    Companies worldwide are undergoing a radical digital transition to keep up with today’s lig...

    Identity Document Verification | Revolutionising Customer Onboarding 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

    Age Verification for Social Media – Protecting the Younger Victims of Online Scams

    With a significant majority of students diverting from their usual school routines due to the COV...

    Age Verification for Social Media – Protecting the Younger Victims of Online Scams Explore More

    Blog

    Top 5 Challenges in Online Identity Verification

    The online ecosystem of identity management is more dynamic than ever before. It’s a flexible and...

    Top 5 Challenges in Online Identity Verification Explore More

    Blog

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution

    Transition is the only thing that is inevitable in the universe. Every passing day is changing ou...

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution Explore More

    Blog

    How Will Simplified Due Diligence SDD Help Industries in 2024?

    For businesses, the due diligence process is an integral part of the Know Your Customer programme...

    How Will Simplified Due Diligence SDD Help Industries in 2024? Explore More

    Blog

    Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded?

    2021 has turned out to be another eventful year for the cryptocurrency sector. In just a span of ...

    Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded? Explore More

    Blog, Fraud Prevention

    Identity Theft – One Fraud Multiple Facets

    Identity theft is a global crime. All types of identities, including the financial, medical and b...

    Identity Theft – One Fraud Multiple Facets 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

    Prevailing Crimes in Identity Verification – How Shufti’s Forensic Document Verification Can Help

    Identity fraud has become quite prevalent in digital businesses which is not only affecting opera...

    Prevailing Crimes in Identity Verification – How Shufti’s Forensic Document Verification Can Help Explore More

    Blog

    Is Your Company Safe? The Importance of Document Verification to Strengthen KYC Checks

    Businesses across the globe are still vulnerable to threats like money laundering, terrorist fina...

    Is Your Company Safe? The Importance of Document Verification to Strengthen KYC Checks Explore More

    Blog, Online Marketplace

    Fraud Protection services for Online Retail Businesses

    Online Marketplace faces Chargeback issues Fraud Protection Services are an integral part of reta...

    Fraud Protection services for Online Retail Businesses Explore More

    Blog, Online Marketplace

    Social Media and Identity Theft Frauds

    Imagine this: You get up in the morning and like most people; check your email. There you have an...

    Social Media and Identity Theft Frauds 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

    Secure the Fintech Future with RegTech

    Financial Technology (Fintech) refers to the use of technological advancements in the financial i...

    Secure the Fintech Future with RegTech Explore More

    Blog

    OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification

    The global Banking and Financial Services Industry (BFSI) is one of the most heavily regulated an...

    OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification Explore More

    Blog

    European Payments Initiative Calling for IDV Solutions

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

    European Payments Initiative Calling for IDV Solutions Explore More

    Blog

    Identity checks – A Profitable Business Strategy or Another Business Expense?

    Online commerce is a necessity of every business these days. With nearly every consumer carrying ...

    Identity checks – A Profitable Business Strategy or Another Business Expense? Explore More

    Anti Money Laundering, Blog, Business Technology, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Initial CCPA Compliance Costs Could Hit $55 Billion: Report

    According to an economic impact assessment prepared for the state attorney general’s office by an...

    Initial CCPA Compliance Costs Could Hit $55 Billion: Report Explore More

    Blog

    Understanding AML Sanction Lists: Key Global Regimes and their Importance

    Sanction lists are expanding regularly and sanctions imposed by different authorities do not alwa...

    Understanding AML Sanction Lists: Key Global Regimes and their Importance Explore More

    Blog

    How machine learning changed facial recognition technology?

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

    How machine learning changed facial recognition technology? Explore More

    Blog

    KYC Verification – Defeating Anonymity on Social Media Platforms

    In the introductory phase, social media platforms were merely a small part of the internet where ...

    KYC Verification – Defeating Anonymity on Social Media Platforms Explore More

    Blog

    Transaction Screening: The Benefits and Challenges

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

    Transaction Screening: The Benefits and Challenges Explore More

    Blog

    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

    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

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes

    Emerging technologies and digitization are transforming the investment sector, creating opportuni...

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes Explore More

    Blog, Identity & KYC

    Why does ID verification fail?

    Know Your Customer (KYC) encompasses an array of practices implemented within organisations to de...

    Why does ID verification fail? Explore More

    Blog

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

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

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

    Blog

    Understanding Risk assessment in the Gambling Sector

    The e-gambling industry has always been lucrative for gamers. However, it has also been constantl...

    Understanding Risk assessment in the Gambling Sector Explore More

    Blog

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help

    Whether you’re an e-commerce store that needs to verify delivery addresses or a bank that has to ...

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help Explore More

    Blog, Identity & KYC

    Facial Recognition Technology – Behind The Curtains

    Business competition has made security technology critical. There are many innovative security te...

    Facial Recognition Technology – Behind The Curtains Explore More

    Blog

    Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19

    Coronavirus took the world into clutches forcing people to adopt isolation and businesses are com...

    Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19 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

    KYC Verification Process – 3 Steps to Know Your Customer Compliance

    Since the turn of the century, we’ve been propelled into a technological revolution. As digital i...

    KYC Verification Process – 3 Steps to Know Your Customer Compliance 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

    10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA)

    One of the prime concerns of businesses today is detecting and mitigating the risk of fraud. This...

    10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA) Explore More

    Blog

    Enhanced Due Diligence Vs. Customer Due Diligence – The Practical Approach to Counter Cybercriminals

    The nature of digital operations is changing, and users are now preferring to use remote services...

    Enhanced Due Diligence Vs. Customer Due Diligence – The Practical Approach to Counter Cybercriminals Explore More

    Blog

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill

    Being the largest economy in Southeast Asia, Indonesia is experiencing enormous growth in the dig...

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill Explore More

    Blog, Business Technology, Identity & KYC

    6 Digital Solutions for Banks to Help with KYC

    Digital KYC: For banks, streamlining the customer onboarding is essential. The manual way of ente...

    6 Digital Solutions for Banks to Help with KYC 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, Identity & KYC

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services

    Canada Revenue Agency or CRA in collaboration with an identity verification service called Secure...

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services Explore More

    Blog

    6 in 10 Leaders Aren’t Ready for Deepfake Fraud Threats

    6 in 10 Leaders Aren’t Ready for Deepfake Fraud Threats Explore More

    Blog

    4 Industries Where OCR Technology Can Work Wonders

    Today, online businesses need to meet the constantly evolving customer needs to survive market co...

    4 Industries Where OCR Technology Can Work Wonders Explore More

    Blog

    Top 10 Cybersecurity Trends for 2021

    Cybersecurity in 2020 became the biggest challenge thanks to the COVID-19 pandemic. Global lockdo...

    Top 10 Cybersecurity Trends for 2021 Explore More

    Blog, Online Marketplace

    How Identity Verification Makes Remote Account Opening Efficient for Banks

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

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

    Blog

    Risks of Vaccine Verification Apps & What IDV Industry can Offer

    COVID-19 has brought enough changes to make the world smarter. Businesses and customers migrating...

    Risks of Vaccine Verification Apps & What IDV Industry can Offer Explore More

    Blog

    Prevailing Crimes in Metaverse – How Shufti’s IDV Solution Can Help

    Metaverse is a virtual space where people belonging to the same or different physical regions can...

    Prevailing Crimes in Metaverse – How Shufti’s IDV Solution Can Help Explore More

    Blog, Online Marketplace

    Benefits of KYC services for Money Services Operators

    Money service operators are at the forefront of international financial system as they help with ...

    Benefits of KYC services for Money Services Operators Explore More

    Blog

    Securing Telehealth Services and Fighting Identity Fraud with Shufti’s ID Verification Solution

    The telehealth industry has been completely revolutionized by services ranging from medical essen...

    Securing Telehealth Services and Fighting Identity Fraud with Shufti’s ID Verification Solution Explore More

    Blog

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman

    About Lisa Kleinman Dr. Lisa Kleinman, Ph.D. is a UX leader, researcher and design strategist who...

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman Explore More

    Blog

    Age Verification Service – How Businesses can Identify Underage Visitors in Real Time?

    When it comes online retail, one has to know that in such an age of fast-moving technology and in...

    Age Verification Service – How Businesses can Identify Underage Visitors in Real Time? Explore More

    Blog

    Online Identity Verification – How to Secure Online Gaming & Gambling Platforms

    Online gambling is the way to go for betting enthusiasts nowadays and brings both convenience and...

    Online Identity Verification – How to Secure Online Gaming & Gambling Platforms Explore More

    Blog

    Multi-Tier Security – Another Line of Defense Against Bank Account Scammers

    The banking sector has been witnessing a significant rise in criminal activities is a major conce...

    Multi-Tier Security – Another Line of Defense Against Bank Account Scammers Explore More

    Blog

    AI-Powered OCR to replace data entry in 2020 – A detailed insight

    Living in the data-driven world, there is a huge demand for storing data from printed or handwrit...

    AI-Powered OCR to replace data entry in 2020 – A detailed insight Explore More

    Blog

    Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help

    International trade is exchanging services, capital, and goods across borders or territories, gen...

    Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help Explore More

    Blog

    Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help

    Since the start of civilization, humans have used money in several different ways, and throughout...

    Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help 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

    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

    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

    Securing Digital Landscape with Electronic Identity Verification Services in 2023

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

    Securing Digital Landscape with Electronic Identity Verification Services in 2023 Explore More

    Blog

    Address Verification: The Cornerstone of Elevating Customer Experience

    Today’s highly emerging technology is changing the way consumers shop online products. Given the ...

    Address Verification: The Cornerstone of Elevating Customer Experience Explore More

    Anti Money Laundering, Blog

    Danske Bank Scandal: Banks Under Strict AML Scrutiny of FSA

    Money laundering is becoming a global phenomenon. As per the United Nations Office on Drug and cr...

    Danske Bank Scandal: Banks Under Strict AML Scrutiny of FSA Explore More

    Blog

    Securing Investment Industry with Shufti’s Investor Verification Solution

    In this tech-driven world, perpetrators and organized crime groups are adopting sophisticated met...

    Securing Investment Industry with Shufti’s Investor Verification Solution Explore More

    Blog

    High-Risk Customers in Banking and How EDD Can Help Identify Them

    In this age of digitisation, banks and other financial institutions face a high risk of money lau...

    High-Risk Customers in Banking and How EDD Can Help Identify Them Explore More

    Blog

    Identity Verification Isn’t Just for Compliance Anymore

    Identity verification solutions are well-known in regulatory compliance environments, particularl...

    Identity Verification Isn’t Just for Compliance Anymore Explore More

    Blog

    Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification

    Along with the rise in virtual and remote work, the number of cases of recruitment fraud is incre...

    Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification 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

    Perpetual KYC – Securing Businesses through Continuous Identity Verification

    With regulatory scrutiny increasing globally, failures or loopholes in security systems pose a si...

    Perpetual KYC – Securing Businesses through Continuous Identity Verification 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