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

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

    n-img-targeted

    Money laundering has always remained a huge challenge for global economies, and all the major jurisdictions are working tirelessly to eradicate this menace from the system. Especially after 9/11, a huge policy shift was witnessed that entirely changed the global financial landscape, forcing organizations to enforce stringent checks on all countries. The Financial Action Task Force (FATF), a Paris-based global financial watchdog, is the leading organization working to fight money laundering. For this purpose, it has organized a large amount of data in the form of sanctions lists.

    Recently, the FATF added the United Arab Emirates (UAE) to the grey list for not complying with global Anti-Money Laundering (AML) regulations. UAE, one of the leading economies in the whole region, has relatively weak anti-money laundering policies that encourage criminals to exploit loopholes and carry out financial crimes. In 2021 alone, $625 million were confiscated in UAE in connection with money laundering and terrorist financing. All such incidents of monetary scams in the UAE led the global authorities to impose sanctions on the country and ask the national government to form a comprehensive framework for curbing financial irregularities.

    An Overview of Targeted Financial Sanctions in the UAE

    In response to the rising money laundering and terrorist financing cases, the UAE government has legislated strict laws to regularize all businesses through targeted financial sanctions. Before even UAE’s placement on the FATF grey list, United Nations highlighted the vulnerabilities in the country’s financial system several times and asked the lawmakers to find solutions to this problem in the light of the Security Council’s resolutions. All these efforts by global organizations led the UAE’s government to issue Cabinet Resolution (74), which puts strict checks on financial organizations, corrupt politicians, and wealthy business tycoons, eliminating the chances of financial irregularities.

    Not only the money laundering, but this resolution also addresses the issue of terrorist financing by including the provisions of regulatory authorities, proposing listing and re-listing of criminals under terrorist lists. It has also been stated in the act that all businesses should incorporate a culture of strict scrutiny while maintaining a record of financial transactions and failing to do so can lead to the freezing of bank accounts. The resolution requires all persons, financial companies, and non-financial businesses to comply with Targeted Financial Sanctions (TFS) obligations. It is considered that cabinet resolution (74) will ensure a transparent economic system countering financial criminals while restricting their activities.

    unnamed

    High-Profile Cases of Money Laundering in UAE

    Although monetary crimes were quite prevalent in UAE, targeted financial sanctions have helped law-enforcement authorities a lot in countering the criminals and bringing them under the law. This is the primary reason that in the recent past, a large number of culprits have been penalized in UAE, and hundreds of money laundering and terrorist financing cases are pending in courts.

    Authorities Fine Bank Dh19.5 Million for Violating AML Rules

    The Central Bank of UAE has fined Dh19.5 million to a bank operating in their jurisdiction for not complying with the AML and Counter-Terrorist Financing (CFT) regulations. Without revealing the bank’s name, authorities have stated that all the banks operating in UAE must attain certain levels of AML/CFT compliance, and any organization failing to do so can face serious consequences. The Central Bank has further stated that they will keep on monitoring all the financial organizations and put hefty fines in case of any non-compliance.

    Gang Guilty of Money Laundering in UAE Referred to Court

    Law-enforcement authorities in UAE have rounded up a gang of nine criminals who were laundering money collected from theft and fraud operations. It has also been found in the investigations that scammers were also involved in document forgery and defrauding banks through fake cheques. All the members of the gang have been presented in court where it has been ordered to Police to trace down all financial transactions related to money laundering by criminals.

    Combating Money Laundering and Terrorist Financing through Financial Sanctions

    In the form of Targeted Financial Sanctions (TSF), UAE has formed a comprehensive framework that has all the necessary provisions to counter money laundering and other financial crimes. The resolution not only presents a feasible solution to the problem but also proposes penalties for criminals making it the country’s first-ever document putting strict checks on financial organizations and businesses. Let’s have a look at a few significant recommendations for resolution:

    Registration of Businesses

    It has been made mandatory for all businesses to register their assets, details of customers, and information related to their employees on the UAE’s Executive Office website. The organizations are also permitted to keep a record of all related individuals and present it to authorities in case of any violation or crime.

    Screening Against Sanctions Lists

    Business entities in the UAE have been instructed to consult global sanctions and Politically Exposed Persons (PEP) lists before partnering with any company or onboarding employees. The companies have strictly been instructed to carry out the screening process regularly and if any individual having a name on any sanction list is found, they must report to the law enforcement authorities.

    Freezing of Accounts

    Residents of the UAE have to resort to stern measures of account freezing if they are found on any sanctions list or involved in any financial irregularity. The law-enforcement authorities are quite strict on this and instruct all companies to report any such individual or activity.

    The AML requirements in the UAE permit financial institutions especially digital businesses, to establish a comprehensive framework to counter criminals. It has been recommended to all organizations to implement a strict Know Your Customer (KYC) system through different techniques like document authentication, facial recognition, and address verification of users. As per the legal requirements of UAE’s AML procedures, it is also essential for companies to appoint AML compliance officers who can help businesses to comply with global regulations while monitoring suspicious activities.

    Ensuring AML Compliance Through Financial Sanctions

    Undoubtedly, it can be said that targeted financial sanctions in UAE are a crucial step toward countering money laundering and terrorist financing. By implementing the resolution’s recommendations, businesses can stay not only compliant with global regulations but also avoid financial losses. The global financial watchdogs, particularly FATF, European Union (EU), and Interpol, have accumulated vast data in the form of sanctions lists, which can help counter criminals while bringing them under the law.

    How Shufti Can Help

    UAE is one of the world’s largest financial hubs but also presents safe havens to money launderers and financial criminals. Combating terrorist financing and money laundering is quite crucial for the UAE government to counter illicit activities and make it a safe place for sophisticated businesses and organizations.

    Shufti’s state-of-the-art anti-money laundering screening solutions are the most viable option for countering financial crimes and reporting any suspicious activities. Powered by thousands of AI algorithms, it has access to 1700+ sanctions lists by global financial watchdogs and screens data against them to identify criminals. Shufti’s AML solution is efficient enough to generate output in less than a second with 98.67% accuracy.

    Want to get more information about AML screening solutions for businesses based in UAE?

    Talk to us

    Related Posts

    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

    Combating 8 Prevalent Biometric Fraud Through a Single AI Solution

    Considering how criminals are attempting new strategies to “steal a face”, companies are no longe...

    Combating 8 Prevalent Biometric Fraud Through a Single AI Solution 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

    Impact of Beneficial Ownership Transparency on Real Estate Crimes

    The high price tags of real estate in the US open doors for corrupt politicians, kleptocrats, and...

    Impact of Beneficial Ownership Transparency on Real Estate Crimes Explore More

    Blog

    Identity verification solutions to fight against faces of fraud

    In this digital world, billions of smart devices are circulating, connecting and communicating wi...

    Identity verification solutions to fight against faces of fraud Explore More

    Blog, Identity & KYC, Online Marketplace

    Importance of Identity Proofing for Facebook & Social Media

    For years, social media has been used as a tool for increased connectivity. Both businesses, as w...

    Importance of Identity Proofing for Facebook & Social Media Explore More

    Blog, Financial Crime / AML

    AMLD5 Amendments in Prepaid Cards Transaction Threshold

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

    AMLD5 Amendments in Prepaid Cards Transaction Threshold Explore More

    Blog

    How Shufti Identity Verification User Experience Impacts Business Outcomes

    User experience (UX) isn’t only about design or even metric-driven decision making. It’s a busine...

    How Shufti Identity Verification User Experience Impacts Business Outcomes Explore More

    Blog, Financial Crime / AML, Identity & KYC

    5AMLD: Implications for Cryptocurrency

    What is 5AMLD? As part of the Action Plan against terrorism, the 5th Anti-Money Laundering Direct...

    5AMLD: Implications for Cryptocurrency Explore More

    Blog

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

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

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

    Blog

    Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help

    Argentina has faced many significant challenges due to its geographical location, including the f...

    Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help Explore More

    Blog

    Anti-Money Laundering (AML) Solutions – Ensuring Responsible Gambling and Data Protection

    Like other industries, the gambling industry is also becoming a prime target of criminals. Howeve...

    Anti-Money Laundering (AML) Solutions – Ensuring Responsible Gambling and Data Protection Explore More

    Blog

    Securing Identities in the Age of AI with Facial Recognition Technology

    Although the digital revolution has brought us unprecedented levels of connectivity and comfort, ...

    Securing Identities in the Age of AI with Facial Recognition Technology Explore More

    Blog, Identity & KYC

    Geolocation Technology and its benefits for KYC Verification

    KYC verification has come a long way from simply authenticating the official identity documents o...

    Geolocation Technology and its benefits for KYC Verification Explore More

    Blog

    Securing Public Facilities with Touchless ID Verification Kiosks

    Due to the coronavirus pandemic, social distancing became the utmost need of the hour. Given the ...

    Securing Public Facilities with Touchless ID Verification Kiosks 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

    August 2023 Recap: Major Violations and How AML Screening Can Help

    With technological advancement, scammers are revising their strategies to bypass verification sol...

    August 2023 Recap: Major Violations and How AML Screening Can Help Explore More

    Blog

    Ensuring Compliance and Securing Business Reputation – How Shufti Can Help

    In the highly digitized world, businesses are partnering with each other to serve mutual interest...

    Ensuring Compliance and Securing Business Reputation – How Shufti Can Help Explore More

    Blog

    2 Factor Authentication: Businesses’ Secret Weapon Against Cybercriminals

    Passwords continue to be a low-hanging fruit for cybercriminals.  Approximately 15 million record...

    2 Factor Authentication: Businesses’ Secret Weapon Against Cybercriminals Explore More

    Blog

    A Basic Guide to Intelligent Character Recognition (ICR)

     With technological advancement, businesses are finding new ways to leverage digital sol...

    A Basic Guide to Intelligent Character Recognition (ICR) Explore More

    Blog

    Post COVID-19 – What are the alternatives to fingerprint biometrics for identity verification?

    The way things are headed, there is no doubt about the fact that the world will be a different pl...

    Post COVID-19 – What are the alternatives to fingerprint biometrics for identity verification? Explore More

    Blog

    How to Combat Document Forgery in 2023 and Beyond

    As digitisation continues to change our world and daily practices at an exponential rate, crimina...

    How to Combat Document Forgery in 2023 and Beyond Explore More

    Artificial Intelligence, Blog

    How Augmented Intelligence is next stop in ID Verification Services?

    Augmented intelligence (AI), also referred to as intelligence augmentation (IA) and cognitive aug...

    How Augmented Intelligence is next stop in ID Verification Services? Explore More

    Blog

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

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

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

    Blog

    The State of Fraud Detection & Prevention in 2024 | Ready, Set, Fraud

    Since the dawn of the internet in the 90s, we’ve witnessed multiple phases of digital revolution....

    The State of Fraud Detection & Prevention in 2024 | Ready, Set, Fraud Explore More

    Blog

    5 Ways Face Recognition Will Become More Prevalent in 2023 and Beyond

    During the covid pandemic, many businesses updated their access control systems to facial recogni...

    5 Ways Face Recognition Will Become More Prevalent in 2023 and Beyond Explore More

    Blog

    How to Design an Effective Client Lifecycle Management (CLM) System with ID Verification

    The customer journey with a business is very comprehensive. It does not end once the customer is ...

    How to Design an Effective Client Lifecycle Management (CLM) System with ID Verification Explore More

    Blog

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

    Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes 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

    4 Tips to avoid digital payment frauds

    Due to the contingency caused by the rapid expansion of the Covid-19, online transactions have in...

    4 Tips to avoid digital payment frauds Explore More

    Blog

    Digital KYC – Protecting All Generations from ID Fraud

    From baby boomers to Gen Z, identity fraud is the problem of all generations. Studies suggest tha...

    Digital KYC  – Protecting All Generations from ID Fraud Explore More

    Blog

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification

    Social media was a simple place for interaction a few years back. People valued it for its securi...

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification Explore More

    Blog

    Enhancing Trust in eCommerce with AI-powered Identity Verification

    eCommerce in today’s world involves utilizing evolving technologies to ensure convenience for cus...

    Enhancing Trust in eCommerce with AI-powered Identity Verification Explore More

    Blog, Online Marketplace

    Document Verification Services for a Secure Freelance Platform

    Picture this you have recently started a freelance website you have marketed it properly and foll...

    Document Verification Services for a Secure Freelance Platform Explore More

    Blog

    EU’s Smart ID Wallet – Paving the Way for a Seamless Digital World

    A few days back, the European Union Commission published a draft for digital ID wallets for all t...

    EU’s Smart ID Wallet – Paving the Way for a Seamless Digital World 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

    How FinTech can Leverage on FINMA Blockchain Initiative?

    Swiss Financial Markets Supervisory Authority (FINMA) has taken a revolutionary step in the histo...

    How FinTech can Leverage on FINMA Blockchain Initiative? Explore More

    Blog

    UK’s On-Demand Culture – Building Trust & Security with Digital ID Verification

    People across the world are spending more time on the internet ever since the pandemic struck the...

    UK’s On-Demand Culture – Building Trust & Security with Digital ID Verification Explore More

    Blog

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution

    Historically, the measures to curb money laundering and terrorist financing had only been only im...

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution Explore More

    Blog

    Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters

    In recent times, the financial industry has witnessed significant technological changes which hav...

    Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters Explore More

    Blog

    The Importance of KYC and AML Compliance in the APAC Region

    According to recent studies, over the past three years, more than ever, sanctions have been impos...

    The Importance of KYC and AML Compliance in the APAC Region Explore More

    Blog

    Biometric Authentication: The Importance, Use Cases & Myths

    Today’s business owners rank security among the highest priorities. As hackers continue to ...

    Biometric Authentication: The Importance, Use Cases & Myths Explore More

    Blog

    Rising Concerns of Money Laundering and the Role of Global Financial Sanctions

    Since 9/11, money laundering has become a global issue that has raised alarms for financial watch...

    Rising Concerns of Money Laundering and the Role of Global Financial Sanctions 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

    Corporate Transparency Act – The Road to Better AML Compliance

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

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

    Blog

    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

    How E-KYC is Overcoming the Hurdles of Financial Inclusion

    The challenges associated with the global pandemic have risen at a bewildering speed and yet ther...

    How E-KYC is Overcoming the Hurdles of  Financial Inclusion Explore More

    Blog

    Shufti’s Journey Builder: Designing Identity Verification Made Simple 

    As financial regulations around the world become more complex and ever changing, businesses like ...

    Shufti’s Journey Builder: Designing Identity Verification Made Simple  Explore More

    Blog

    How to Combat Document Forgery in 2023 and Beyond

    As digitisation continues to change our world and daily practices at an exponential rate, crimina...

    How to Combat Document Forgery in 2023 and Beyond Explore More

    Blog

    Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help

    Argentina has faced many significant challenges due to its geographical location, including the f...

    Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help Explore More

    Blog

    On-Premises vs Cloud Services – Two Sides of the Same Coin

    With the advent of technology, industries are streamlining all their processes and ensuring highe...

    On-Premises vs Cloud Services – Two Sides of the Same Coin 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

    AML Compliance in the UK’s Financial Sector – What Shufti Offers

    The UK is known in the global financial paradigm for being both a financial hub and the dirty mon...

    AML Compliance in the UK’s Financial Sector – What Shufti Offers 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, 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

    Covid Test Verification To Facilitate Tourism Worldwide

    Due to the coronavirus pandemic, tourism has been adversely affected and the entire travel sector...

    Covid Test Verification To Facilitate Tourism Worldwide Explore More

    Blog

    Top 10 Technology Trends in the Travel Industry to watch for in 2022

    The travel industry is one of the worst-hit sectors from the coronavirus outbreak, which disturbe...

    Top 10 Technology Trends in the Travel Industry to watch for in 2022 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

    e-IDV: Safeguarding Businesses and Customers in the Digital Age

    Identity theft cases are on the rise in this age of digitisation. In 2022, India topped the list ...

    e-IDV: Safeguarding Businesses and Customers in the Digital Age Explore More

    Blog

    CFT & AML Compliance To Hold Back Financial Crimes

    In this digital era, many factors are greasing the wheel of money laundering. Due to online trans...

    CFT & AML Compliance To Hold Back Financial Crimes 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

    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

    A Year In Review of the FinTech Industry [2021 Update]

    The FinTech industry is soaring with a record of $91.5 billion in global funding so far this year...

    A Year In Review of the FinTech Industry [2021 Update] Explore More

    Blog

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

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

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

    Blog

    What to expect from Booming Identity Verification Market in 2020?

    Technologies hatched by fourth industrial revolution such as the Internet of Things (IoT), roboti...

    What to expect from Booming Identity Verification Market in 2020? Explore More

    Blog

    Know Your Customer (KYC) vs Customer Due Diligence (CDD): What’s the Difference?

     Ensuring robust identity verification processes is necessary with the ever-increasing n...

    Know Your Customer (KYC) vs Customer Due Diligence (CDD): What’s the Difference? Explore More

    Blog

    Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction

    There is a surging demand for swift and remote identity verification methods in our digital world...

    Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction Explore More

    Blog

    The Importance of KYC and AML Compliance in the APAC Region

    According to recent studies, over the past three years, more than ever, sanctions have been impos...

    The Importance of KYC and AML Compliance in the APAC Region Explore More

    Blog

    NFC Verification – Making Digital Payments Mainstream from Alternative

    With time, payment methods have evolved from coins to paper-based money, then plastic, and now sm...

    NFC Verification – Making Digital Payments Mainstream from Alternative Explore More

    Blog

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs)

    Identifying UBOs and their control over a business is crucial for financial firms to meet regulat...

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs) Explore More

    Blog

    The Shufti Difference: Speed, Security, and Fairness Without Compromise

    With over 100 fraud and identity companies operating worldwide, you might assume that something l...

    The Shufti Difference: Speed, Security, and Fairness Without Compromise Explore More

    Blog

    Securing The Digital Landscape with Electronic Identity Verification Services

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

    Securing The Digital Landscape with Electronic Identity Verification Services Explore More

    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