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

    Why Financial Industry Needs KYC/AML Compliance?

    Why Financial Industry Needs KYC/AML Compliance?

    Banks and other financial institutions often serve financial criminals as a conduit for dirty money, facilitating the money laundering process. As the commencement of the digital age has seen paper cash overtaken by digital means, money laundering has adapted to this too and the financial industry has had to implement measures and security practices to combat this ever-growing threat. 

    Illegally obtained cash cannot enter the mainstream economy unless ‘cleaned’, otherwise a paper trail is left behind to lead authorities to said criminal. This can be applicable to a plethora of criminal income, ranging from gambling and drug trafficking to investment fraud. Money laundering tends to follow three main steps- placement, layering and integration, spanning across depositing cash into a bank, passing through the ‘cleaning’ process and introduction into the legal economy. 

    This is where KYC and AML compliance come in, as a strict set of rigid rules and regulations imposed by authorities on financial entities ensure protocol is followed and money-laundering is deterred, detected and prevented. 

    Arm your organisation with the right knowledge to spot the red flags for money laundering in the finance sector

    Global KYC AML Regulations

    KYC policies require organisations operating within the finance industry to identify all customers and assess the potential risks they pose, alongside checking for prior involvement in financial crimes. AML, on the other hand, states that institutions are obliged to monitor and report all suspicious behaviour and activities that may allude to financial crime. This also entails appropriate maintenance of records pertaining to transactions and customer due diligence. Failure to comply with these listed regulations may incur legal and reputational risks, as well as financial penalties. 

    But why has the rate of money laundering increased so dramatically in recent years? 

    The dramatic spike in recent years can be ascribed to numerous factors. However, the ever-changing and turbulent landscape has had a knock-on effect on compliance – constantly changing in order to accommodate and mitigate the growing threats. This can prove difficult for companies, who may struggle to adhere to all regulatory requirements due to the constantly changing nature – it’s essential that you meet KYC  AML criteria for your business. For advice and solutions to ensure you meet global compliance, talk to one of our KYC experts now. 

    Let’s take a look at some of the reasons why money laundering may be more prevalent now:

    Globalisation 

    The increasing interconnectedness of global financial systems and markets has created greater ease when it comes to transfers across borders, making it simpler to launder internationally. Bringing such crimes to justice can be difficult when law enforcement and authorities must amalgamate investigations across borders and jurisdictions. 

    Technological Advancement

    The substantial rise in online payment systems, cryptocurrencies and an array of other digital technologies have made it easier to convolute the source and destination of funds. The hit of Covid-19 in 2020, rampant across all corners of the world further facilitated this. As criminals leveraged this opportunity to exploit payment channels offered to consumers in the midst of lockdowns, such as ‘buy now, pay later’ schemes and the overall upsurge in online payment transactions – offering money launderers more means and methods, hence why this form of financial crime gained a lot of traction. 

    Weak regulations

    As regulation and regulatory bodies vary across countries and territories, financial crime is more prominent in areas with more lax and ineffective legislation and regulatory compliance pertaining to money laundering and other financial crimes, thus making it easier for criminals to move, disperse and clean illegally acquired cash throughout some financial systems. 

    Increased criminal activity

    As organised crime, drug trafficking and other crimes have risen in preceding years, all of the illegal money acquired through this has to once again be ‘cleaned’ before entering the legitimate and mainstream economy. In layman’s terms – more dirty cash means more cleaning.  

    Political instability 

    Often in times of political conflict and turmoil, alongside generally weak governments, money can be moved outside of the country and assets can be hidden with greater  ease from authorities. 

    Increased reporting 

    As we’ve seen more rules and regulations imposed on organisations operating in the financial sector, we’ve had a system in place to flag potential fraud and committed fraud – so more fraudulent activity is being effectively reported. 

    Overall, money laundering is a multifaceted and complex challenge and requires ongoing cooperation between law enforcement, governments, regulative bodies, financial institutions and other authorities to corroborate efforts for effective fraud prevention – hence why strict KYC AML regulations are necessary. If something is in violation of national or international regulations or a suspicious transaction occurs, having a stringent and decisive set of rules and protocols streamlines efforts to quickly and  effectively flag and deter money laundering. 

    Common Types of Fraud  in the Financial Industry

    Before we delve into the most common types of fraud that occur within the financial sector, it’s critical that organisations understand the motive behind such crimes, in order to take proper  steps for mitigation. 

    Clients and investors of financial institutions are the most common source of fraud and threaten the functionality and integrity of financial institutions and the wider financial ecosystem. The anonymity widely associated with financial crime is highly appealing to perpetrators, as identification is often a skewed process due to the use of stolen or fake identities. This further highlights the necessity of KYC AML checks, ensuring that all customers adhere and pass the required onboarding checks and identity verification – all of which fall within the realm of obligatory practices enforced by KYC and AML compliance. Verification of all clients and stakeholders is crucial in flagging possible high-risk clientele and fraudulent activities. 

    Here are the most common types of fraud that occur within the financial industry:

    Money laundering & terrorist financing 

    Dirty money acquired by criminals must be cleaned and is often used to fund terrorist groups. Banks are not allowed to extend services to money launderers, in the event of a bank found to be involved with such illegal transactions they are fined as per AML regulations. 

    Account takeovers 

    Account takeovers are unfortunately extremely common within the finance sector. This is when a criminal takes control of a customer’s account via stolen credentials (passwords, PINs, etc.) and use it to steal money or make transactions through this account. The growing trend of biometric verification is largely attributed to this. 

    Phishing scams 

    Phishing scams are extremely common and refer to cyber-attacks executed through fake emails often sent to employees within financial institutions. If an employee falls prey to this scam, the cybercriminal will be able to gain access to confidential information and more. In light of this, it is critical that all organisations provide staff with adequate training in how to spot and avoid such scams, alongside robust firewalls.

    Fake identities 

    Criminals use fake identities to open accounts at financial institutions to conduct illegal activities, holding extremely negative consequences in store for any and all organisations involved. 

    Research from the Insurance Information Institute found that 3 million identities were stolen in 2018 and 1.4 million of those stolen identities were fraud-related, 50% of those identities were stolen to conduct credit card fraud with banks and businesses.

    Our 2022 ID Fraud Report reveals more alarming statistics pertaining to the current state of the fraud landscape within finance. 

    • The rate of ID fraud increased by almost 48% in 2022 – an all time high. 
    • UK Finance declared bank fraud “a national threat to security”. 
    • The first 6 months of 2022 alone saw the UK lose £609.8 million to digital banking fraud. 
    • 2022 marked the highest increase in ID document forgery at 24%. 
    • The most forged document was passports, followed by ID cards. 

    Download Shufti’s 2022 ID Fraud Report here for more information on the nature of the fraud landscape and arm your business with the right tools and knowledge for effective fraud prevention. 

    Regulations have evolved rapidly in recent years, so being knowledgeable in the ongoing trends can help your organisation make informed and effective decisions when conducting business operations, alongside choosing the right IDV providers to ensure compliance depending on your industry and location. 

    Here are some recent KYC & AML trends provided by Shufti’s compliance experts: 

    Increasing use of technology

    Many banks and other financial institutions are adopting new and innovative technology like AI and blockchain to enhance KYC and AML process. This also entails machine learning, often employed to analyse customer data and flag suspicious transactions. 

    Shifting focus on a risk-based approach

    Regulators across the world  are stressing  the importance of a risk-based approach to KYC and AML, advising financial institutions to identify and prioritise highest risk customers and transactions and subject them to more thorough screening.

    Enhanced due diligence

    Enhanced due diligence is a prominent feature being enforced upon financial institutions, especially towards high-risk customers (e.g. politically exposed persons & those in high-risk jurisdictions).

    Increasing scrutiny from regulators

    KYC and AML procedures within financial institutions have been hit with increasing scrutiny from regulatory authorities, conducting more thorough and frequent inspections, alongside harsher non-compliance penalties. 

    Collaborative efforts

    There has been a greater call and requirement for collaboration between financial institutions to combat financial crime. Sharing of data, practices, reports, knowledge and resources in some cases.

    For example, Sweden has taken this into stride with the incorporation of a centralised database:  

    Nordic KYC Utility is a centralised database for digital KYC, created by 5 major Nordic banks. The database was successful in contriving greater transparency, identifying and tracking financial risks; and causing a notable reduction in development costs and decreasing maintenance charges for each banking organisation. Pooling their data together proved most effective in stopping financial crime- if you’re dabbling in financial crime at one bank, it makes it tremendously difficult to jump ship. 

    Individual KYC services provided by each bank was stated to be more strenuous due to time consumption, expenses, general maintenance and upkeep. Customers also reported multi-formatted KYC services provided by different banks to be an inconvenience, Nordic KYC Utility completely eradicates this with its robust and uniformed layout for all participating financial institutions. 

    Businesses need real-time KYC and AML verification solutions

    As per the global AML and KYC regulations, financial institutions must perform KYC AML process in line with  compliance standards. The institutions that are liable for compliance under the KYC and AML regimes are banks, brokerage houses, insurance companies, forex exchanges, non-banks mortgage lenders, money transmitters, cryptocurrency facilitators, etc. 

    How is online KYC and AML verification performed?

    The API is integrated with the financial institutions existing systems. Every time a new user is onboarded or an end-user accesses their account verification is performed. Real-time identity verification is performed through in-depth screening of ID documents and face verification or biometric verification. Furthermore, documents and addresses are verified in real-time before onboarding a new client. Once the verification has been completed the end-user is granted access to the system of the financial institution. 

    In the case of AML verification, the information of the end-user is screened against regularly updated databases that consist of global sanction lists, watchlists, and PEP lists.

    What are the benefits of online KYC and AML verification solutions?

    Fraud prevention

    Online KYC and AML solutions help the financial institutions in preventing the risk that comes from a diverse clientele. Identity thieves and money launderers can be identified at the very first stage and help the businesses in serving only legitimate clients that pose a low risk.  

    Regulatory compliance

    Online KYC, such as e-IDV and AML verification solution helps financial institutions in catering to regulatory compliance. Correctly done, your organisation can diminish the risk of non-compliance penalties and uphold the integrity of your business. For example, Swedbank was recently fined for non-compliance and lost its market value, alongside  its credit rating. 

    Customer onboarding

    Online KYC and AML verification solutions help the financial institutions in onboarding clients with good credibility. Fast verification provides a seamless onboarding experience for customers and helps retain more happy clients. 

    Here at Shufti, we onboard customers in as little as 30 seconds, whilst ensuring your industry requirements are met, alongside easy global compliance. Find out more on our award-winning KYC solution here. 

    What happens when organisations fail to comply with KYC and AML regulations?

    This may vary depending on the type of financial crime and the scale of the crime committed, but several outcomes are assured if an organisation is found to be affiliated with financial criminals. Here’s what could happen: 

    • Reputational damage 
    • Customers may leave and take their business elsewhere 
    • Investors may pull funding and become exceptionally wary of investing in the future 
    • Non- compliance fines & penalties 
    • Banks may be required to pay restitution to victims of the crime committed 
    • If the bank or its employees are found to have knowingly participated, this will lead to hefty fines, court and potential imprisonment 
    • Revocation of the banks licence to operate 

    As regulations have become more stringent, we’ve seen many cases brought to the attention of the public eye, in regards to failure to comply. Let’s take a look at some of these cases: 

    2012

    HSBC: Faced a fine of $1.9 billion for failure of preventing money laundering committed by terrorist organisations and drug trafficking. HSBC also faced further investigations and fines for violation of sanctions against Iran and numerous other countries, alongside a number of other non-compliance issues. 

    Standard Chartered: Similarly to HSBC, faced fines for violating sanctions against Iran and other countries, costing them $667 million for this disregard of AML regulatory requirements. 

    2014

    JPMorgan Chase: The failure to prevent Bernie Madoff’s Ponzi scheme landed JPMorgan with an astronomical fine of $2.6 billion. They also faced further investigation and fines for violating sanctions against other countries and other non-compliance issues. 

    2016

    Wells Fargo: Faced with a fine of $186 million for the creation of 2 million credit card accounts and deposits. They were investigated for an array of other issues, including non-compliance. 

    2020

    Goldman Sachs: Fined $2.9 billion for the part it played in the 1MDB scandal, helping raise money for the Malaysian government which was later found to be linked with corruption and money laundering. 

    Wells Fargo: Fraudulent sales practices led to a £3 billion, as employees facilitated the creation of millions of unauthorised accounts to ensure sales quotas were met.  

    2021

    Danske Bank: Fined $130 million for involvement in Saudi Arabia bribery scheme and Italy, whereby improper payments were made to win over certain businesses. The bank was also fined $150 million for involvement in a money laundering scandal, enabling billions of dollars to be moved from 2007 and 2015 via its Estonian branch. 

    Capital One: Fined $390 million for failure to report suspicious transactions.

    NatWest: Plead guilty to three counts of failure to conduct adequate monitoring over a £365 million deposit paid into an account, majority of which was in cash, by a gold dealer. They were fined £265 million. 

    2022

    Santander: Fined £108 million for numerous issues relating to the risk of financial crime. 

    Metro Bank: Fined £10 million for misleading investors and misreporting assets

    KYC and AML compliance is inevitable for global financial institutions.  To summarise, these are the key points of KYC AML compliance regulations that every organisation in the financial factor should be well versed with:

    • Conduct identity verification on your customers before serving them
    • Customers should be screened against international sanction lists, terrorist lists, high-risk countries and PEPs (Politically exposed people)
    • On-going AML screening of clients
    • Proper record-keeping for the AML practices within the organisation
    • Any transaction above the “minimum cash transaction threshold” must be reported to the concerned authorities
    • Employee training and an integrated AML compliance program
    • Non-compliance fines and penalties 

    Whilst this can be precarious ground to navigate, Shufti is here to help.  

    For any further questions, advice or inquiries into our highly advanced suite of identity verification solutions, contact our team and experience our tools in action by scheduling a free demo.

    b-banner-IDV in Ensuring Secure Gaming

    Related Posts

    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

    Blog

    Enhancing security in the cryptocurrency world with KYC verification

    Almost 20 years after the legislation on combating money laundering, regulators around the world ...

    Enhancing security in the cryptocurrency world with KYC verification Explore More

    Blog

    UK Elections: Photo ID Law Change Raising Concerns for Voters

    Law changes bring several hassles for the public and government authorities. The recent photo ID ...

    UK Elections: Photo ID Law Change Raising Concerns for Voters Explore More

    Blog

    How Two-Factor Authentication Enhances the Security of Digital Business Platforms

    Considering the recent trends in fraudulent activities, it is evident that social engineering and...

    How Two-Factor Authentication Enhances the Security of Digital Business Platforms Explore More

    Blog

    How Can Businesses Detect Arbitrage Sports Betting?

    Various gamblers have investigated and exploited potential weaknesses in betting markets for mill...

    How Can Businesses Detect Arbitrage Sports Betting? 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

    The Complete Guide | Identifying Fake Documents

    Many application processes have become easier and faster due to digital transformation. This is b...

    The Complete Guide | Identifying Fake Documents Explore More

    Blog

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

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

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

    Blog

    Anti Money Laundering – What is AML compliance and why is it important?

    Anti-money laundering compliance is vital for obliged entities and being conversant with AML comp...

    Anti Money Laundering – What is AML compliance and why is it important? Explore More

    Blog, Online Marketplace

    What do NGOs have to gain from Identity Verification Services?

    Identity Verification services are quickly becoming the cornerstone of NGO-related activities acr...

    What do NGOs have to gain from Identity Verification Services? Explore More

    Blog, Financial Crime / AML

    South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

    South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulat...

    South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance Explore More

    Blog

    Identity Verification making online dating platforms secure

    The expansion of the internet and mobile devices has led to the rapid adoption of online dating. ...

    Identity Verification making online dating platforms secure Explore More

    Blog

    How ID Verification can Help you Boost your Revenue in 2019?

    For years now banks have been using laid back and inconvenient methods for ID verification of cus...

    How ID Verification can Help you Boost your Revenue in 2019? Explore More

    Blog

    What 5 Businesses Have to Say About Shufti’s Digital AML/KYC Services

    Various industries throughout the world are being transformed through automation thanks to the on...

    What 5 Businesses Have to Say About Shufti’s Digital AML/KYC Services Explore More

    Blog

    Understanding Facial Identification: Face Verification vs. Face Recognition

    Many terms in the biometrics field are used interchangeably, particularly regarding facial verifi...

    Understanding Facial Identification: Face Verification vs. Face Recognition Explore More

    Blog

    What Makes the Automotive Industry a Vehicle for Money Launderers

    The automobile industry is the world’s biggest revenue-generating sector. In the global aut...

    What Makes the Automotive Industry a Vehicle for Money Launderers Explore More

    Blog, Fraud Prevention

    Looking for Online Fraud Prevention: Here Is What You Can Do

    In an increasingly digital world, it is extremely important for online businesses to identify fra...

    Looking for Online Fraud Prevention: Here Is What You Can Do 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, Online Marketplace

    Secure Online Merchandises with e-KYC and Digital ID Verification

    Selling and purchasing online has its own advantages, both for the seller and the buyer. Online m...

    Secure Online Merchandises with e-KYC and Digital ID Verification Explore More

    Blog

    Top Applications of Facial Recognition Technology in the Digital Age

    Facial recognition technology is biometric security in which an individual’s physical trait...

    Top Applications of Facial Recognition Technology in the Digital Age Explore More

    Blog, Fraud Prevention

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season

    With the holiday shopping season in full swing, e-commerce fraud risk is a glaring reality that n...

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season Explore More

    Blog

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

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

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

    Blog

    The EU’s New AML Proposal, What’s in Store?

    To strengthen the EU’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) ...

    The EU’s New AML Proposal, What’s in Store? Explore More

    Blog

    The need for identity verification solutions spiking in demand

    At present, we are living in a digital world. Everyone is on the internet which is an anonymous s...

    The need for identity verification solutions spiking in demand Explore More

    Blog

    Top 7 Gambling Trends to Look Out for in 2023

    Going from a few billion dollars to over $81 bn in a matter of a decade is astronomical for any i...

    Top 7 Gambling Trends to Look Out for in 2023 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

    Top 5 Trends to Revamp the Online Gambling Industry in 2022

    In recent times, the online gambling sector has demonstrated continuous growth along with technol...

    Top 5 Trends to Revamp the Online Gambling Industry in 2022 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, 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

    Identity Verification – Building Trust and Combating Scams in Online Dating

    Since the beginning of civilization, humans have always preferred to live in communities. This co...

    Identity Verification – Building Trust and Combating Scams in Online Dating Explore More

    Blog

    Initial Art Offering – Everything you need to know about it

    Initial Art offering is an innovative way to support artists and their brilliant art without worr...

    Initial Art Offering – Everything you need to know about it Explore More

    Blog

    AUSTRAC’s ML/TF Risk Assessment Report on Foreign Subsidiary Banks [Part 4]

    This blog covers the last chapter of our four-part series on AUSTRAC’s money laundering and terro...

    AUSTRAC’s ML/TF Risk Assessment Report on Foreign Subsidiary Banks [Part 4] Explore More

    Blog

    E-KYC – The Next Step in the Evolution of KYC Verification

    As the world shifts to digital applications, financial operations are being automated for added c...

    E-KYC – The Next Step in the Evolution of KYC Verification Explore More

    Blog

    Biometric Authentication – A Solution Against Fraud Detection

    Biometrics technology is the way forward for identity verification services as they allow for qui...

    Biometric Authentication – A Solution Against Fraud Detection Explore More

    Blog

    Halloween and the Spooky Scams – How identity verification helps?

    Halloween is just around the corner and so do the scammers ready to exploit the opportunity. Whic...

    Halloween and the Spooky Scams – How identity verification helps? Explore More

    Blog

    Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services

    The global art industry is embracing digitization. However, the technological advancements and a ...

    Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services 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

    A Brief Insight Into Anti-Money Laundering (AML) Regulations in Colombia

    Money laundering has become a global issue, and almost all countries are facing this threat in va...

    A Brief Insight Into Anti-Money Laundering (AML) Regulations in Colombia Explore More

    Blog

    Mobile Payments – Way of the Future or a Fad of the Digital Age?

    Are we moving towards a world where retailers may one day say “We don’t take cash”? As mobile pay...

    Mobile Payments –  Way of the Future or a Fad of the Digital Age? Explore More

    Blog

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

    A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution Explore More

    Blog

    The ‘What’ and ‘How’ of Address Verification Service

    The rising number of chargebacks and other fraudulent activities has led organisations to develop...

    The ‘What’ and ‘How’ of Address Verification Service Explore More

    Blog

    7 Trends in Identity Verification Solutions to look for in 2020

    Internet is an anonymous space where people can hide their identities and come up with bizarre ps...

    7 Trends in Identity Verification Solutions to look for 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

    Common Types of BNPL Fraud and the Role of KYC/AML Regulations

    The Buy Now Pay Later (BNPL) services are growing rapidly. 42% of credit customers are interested...

    Common Types of BNPL Fraud and the Role of KYC/AML Regulations Explore More

    Blog

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help

    With transforming technologies, the use of cryptocurrency is skyrocketing, and a large number of ...

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help Explore More

    Blog

    How Optical Character Recognition Improves the Process of Identity Verification for Businesses

    Evolving technologies have created a competitive market where every business strives to optimize ...

    How Optical Character Recognition Improves the Process of Identity Verification for Businesses Explore More

    Blog

    NFTs and Surging Crimes – How Shufti’s AML/KYC Solution Can Secure The Digital Ecosystem

    Non-Fungible Tokens (NFTs) are by far one of the most popular topics right now. Artist Mike Winke...

    NFTs and Surging Crimes – How Shufti’s AML/KYC Solution Can Secure The Digital Ecosystem Explore More

    Blog, Financial Crime / AML

    Secure Crypto Wallets with e-KYC & AML Screening

    Payment and funds’ transfer has taken a more digital turn in recent years, with the onset of Cryp...

    Secure Crypto Wallets with e-KYC & AML Screening 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

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE

    As the Middle East’s financial hub, the UAE offers several enticing free trade zones that a...

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE 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

    Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services

    Cryptocurrencies have been around for a decade and investors have found a feasible option for inv...

    Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services Explore More

    Blog

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer

    From the world’s glitziest gaming development to betting shops on the high streets, the global ga...

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer 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

    Biometric Authentication – A Solution Against Fraud Detection

    Biometrics technology is the way forward for identity verification services as they allow for qui...

    Biometric Authentication – A Solution Against Fraud Detection 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

    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

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions

    Startups, SMEs, and the gig industry have seen unprecedented growth. Not to mention, COVID-19 was...

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions Explore More

    Blog

    Biometric Authentication – How Do Fraudsters Try to Bypass These Checks?

    Biometric authentication is one of the ideal ways of dealing with fraudsters. Unfortunately, crim...

    Biometric Authentication – How Do Fraudsters Try to Bypass These Checks? Explore More

    Blog

    KYC screening vs One time passwords – what’s good for your business?

    Customer due diligence sometimes tests the nerves of strategists and compliance officers. With mu...

    KYC screening vs One time passwords – what’s good for your business? Explore More

    Blog

    License Verification for Online Transport Services

    License Verification for Online Transport Services The world of transport services has dramatical...

    License Verification for Online Transport Services Explore More

    Blog

    The ‘What’ and ‘How’ of Address Verification Service

    The rising number of chargebacks and other fraudulent activities has led organisations to develop...

    The ‘What’ and ‘How’ of Address Verification Service 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

    5 Key Questions about Facial Recognition Answered by Experts

    Technology has definitely made life convenient but comes with a gazillion concerns from anyone wh...

    5 Key Questions about Facial Recognition Answered by Experts Explore More

    Blog

    Money Laundering in the Metaverse – NFTs, DeFi, and the Role of Shufti’s AML Solutions

    For more than a decade, the metaverse concept has been picking up pace, and the world is preparin...

    Money Laundering in the Metaverse – NFTs, DeFi,  and the Role of Shufti’s AML Solutions 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

    NFTs and Surging Crimes – How Shufti’s AML/KYC Solution Can Secure The Digital Ecosystem

    Non-Fungible Tokens (NFTs) are by far one of the most popular topics right now. Artist Mike Winke...

    NFTs and Surging Crimes – How Shufti’s AML/KYC Solution Can Secure The Digital Ecosystem 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

    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

    11 Common Mistakes End-Users Commit During KYC – Shufti

    KYC identity verification is one big challenge for end-users. Your customers might be making a lo...

    11 Common Mistakes End-Users Commit During KYC – Shufti Explore More

    Blog

    Banking Scams: Top 5 Predictions and How to Stay Safe in 2023

    The most recent fraud statistics will make you uncomfortable. Fraud cases are rising – relentless...

    Banking Scams: Top 5 Predictions and How to Stay Safe in 2023 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

    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