The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    51.8.102.237

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions

    cmn issues

    The Central Bank of Nigeria (CBN) has issued guidelines to assist promoters of banks and other financial institutions in fulfilling AML/CFT/CPF standards while they apply for operational licenses. 

    The apex bank stated it’s for use by people and businesses requesting a license to operate as banks and other financial institutions.

    The guideline is issued to comply with the Anti-Money Laundering, Combating The Financing of Terrorism, and Countering Proliferation Financing of Weapons of Mass Destruction (AML/CFT/CPF). Anybody applying for a license is obligated to consider the requirements, which are also mentioned in the guidelines.

    The central bank has, for the first time, published strict standards that align its application process for banking licenses with considerations for the financing of terrorism, the purchase of weapons, and other forms of instability. Due to this, acquiring a banking license will likely become considerably more challenging and rigorous.

    The CBN would be probing the shareholders of potential bank applicants more comprehensively than before, paying close attention to anyone who potentially has a history of criminal activity or links to criminals.

    One significant and compelling conclusion is that applicants should be wary of penalties, especially those imposed by foreign countries and Nigerians. The outcome of their applications may be impacted, for instance, if the funders or supporters of bank clients are from nations that have already been sanctioned.

    The criteria’ scope includes both fresh and pending applications. Although the rules list criteria for licensing applications, including applicability, these are insufficient explanations to reject application forms for just a banking license.

    Suggested Read: CBN, NFIU to Monitor Illicit Crypto Transactions in Centralized Exchanges

    Related Posts

    News

    Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls

    Queensland initiates a new investigation to examine the money laundering controls of the Gambling...

    Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls Explore More

    News

    Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture”

    Australian corporate watchdog imposed $113 million fine on Westpac bank for charging dead people ...

    Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture” Explore More

    News

    Ukraine to Scale-up Fight Against Financial Crimes

    Ukraine’s Cabinet of Ministers has approved a plan that will strengthen the measures to prevent f...

    Ukraine to Scale-up Fight Against Financial Crimes Explore More

    News

    Four Biggest Irish Banks Join Forces for Enhanced Security Measures

    Four biggest banks in Ireland, AIB, Bank of Ireland, PTSB, and KBC, have collaborated on the meas...

    Four Biggest Irish Banks Join Forces for Enhanced Security Measures Explore More

    News

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter

    A team was established in the Department of Finance by the Irish government to campaign for Dubli...

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

    News

    The Bicycle Hotel & Casino Fined $500K For Violating AML Laws

    The Bicycle Hotel and Casino will be paying $500K in fine as it failed to report Currency Transac...

    The Bicycle Hotel & Casino Fined $500K For Violating AML Laws Explore More

    News

    Israel Enforces New Regulations for the Transfer of Digital Currency

    The new digital currency regulations will allow Israeli banks to profit from cryptocurrency tradi...

    Israel Enforces New Regulations for the Transfer of Digital Currency Explore More

    News

    EDD Fraud Scandal in California – 87 Suspects Arrested

    Within two weeks, the Beverly Hills Police have arrested 87 people that are suspected to be invol...

    EDD Fraud Scandal in California – 87 Suspects Arrested Explore More

    News

    MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures

    The Monetary Authority of Singapore (MAS) imposed a fine of S$375,000 on UOB Kay Hian, a brokerag...

    MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures Explore More

    News

    Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud

    The biggest bank fraud in China pushed the government to arrest hundreds of suspects. Regulators ...

    Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud Explore More

    News

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

    The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture Explore More

    News

    World economic forum considers using blockchain to solve supply chain crisis

    The World Economic Forum (WEF) stated on Monday that blockchain and digitization can help supply ...

    World economic forum considers using blockchain to solve supply chain crisis Explore More

    News

    Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns

    According to the US Ambassador to Cyprus Judith Garber, Cyprus has shown progress in dealing with...

    Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns Explore More

    News

    FMA Sues Tiger Brokers for AML/CTF Breaches

    The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...

    FMA Sues Tiger Brokers for AML/CTF Breaches Explore More

    News

    DBS Bank in Singapore Entering the Crypto Sector with Three New Offerings

    Singapore’s largest commercial and retail bank, DBS, is likely to enter the cryptocurrency sector...

    DBS Bank in Singapore Entering the Crypto Sector with Three New Offerings Explore More

    News

    Danish Gambling Operator Reports Tipwin to the Police for AML Failings

    Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...

    Danish Gambling Operator Reports Tipwin to the Police for AML Failings Explore More

    News

    Toronto: 4 People Charged for Alleged Identity Theft and Fraud Worth Millions

    Toronto police seized millions of dollars, Porsche Panamera, and other identity details after a y...

    Toronto: 4 People Charged for Alleged Identity Theft and Fraud Worth Millions Explore More

    News

    The UAE and Malta Organise a Joint Workshop to Share AML/CFT Knowledge & Experience

    The UAE and Malta organised training workshops between 12-15 June to strengthen cooperation and c...

    The UAE and Malta Organise a Joint Workshop to Share AML/CFT Knowledge & Experience Explore More

    News

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

    European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

    News

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions

    The FinCEN and Federal Reserve Board are planning to reduce the threshold for international trans...

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions Explore More

    News

    Money Laundering in Ireland Skyrockets as Criminals Move Online

    The cases of money laundering in Ireland has more than doubled last year and now it has spiked si...

    Money Laundering in Ireland Skyrockets as Criminals Move Online Explore More

    News

    KYC Alliance between Dubai Economy and six banks

    As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...

    KYC Alliance between Dubai Economy and six banks Explore More

    News

    European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering

    The parliament members adopted a comprehensive set of regulations stemming from the previous reco...

    European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering Explore More

    News

    ICC Qatar is going to have a seminar on money laundering and terrorist financing

    The International Chamber of Commerce (ICC) Qatar is conducting a compliance awareness seminar on...

    ICC Qatar is going to have a seminar on money laundering and terrorist financing Explore More

    News

    National Audit Office Plans to Review FCA’s Responsibilities

    The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

    National Audit Office Plans to Review FCA’s Responsibilities Explore More

    News

    Chinese Officials to Face Scrutiny Over their Financial Affairs in Hong Kong

    Hong Kong’s banks will take extra measures to monitor transactions by Chinese politically connect...

    Chinese Officials to Face Scrutiny Over their Financial Affairs in Hong Kong Explore More

    News

    Swiss Courts to Return Millions to Sanctioned Russians

    The Swiss courts have decided to pay the stolen millions of dollars back to the sanctioned Russia...

    Swiss Courts to Return Millions to Sanctioned Russians Explore More

    News

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering

    Christian Lindner, German Finance Minister, announced at the weekly cabinet meeting held at the C...

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering Explore More

    News

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report

    The Canadian gambling sector is on its toes after Commissioner Austin Cullen’s report revealed in...

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report Explore More

    News

    UK Approves New Age Verification Laws to Protect Children

    The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

    UK Approves New Age Verification Laws to Protect Children Explore More

    News

    UK Government to Crackdown Corruption Under New AML laws

    Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...

    UK Government to Crackdown Corruption Under New AML laws Explore More

    News

    AML and Crypto Fines Surge to £4bn in Regulatory Crackdown

    The global AML fines surged 53% in 2022, while crypto fines rose over 90% as regulators cracked d...

    AML and Crypto Fines Surge to £4bn in Regulatory Crackdown Explore More

    News

    The UK plans to levy on banks to prevent money laundering

    According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

    The UK plans to levy on banks to prevent money laundering Explore More

    News

    Dubai Jails 9 and Fines Over Dh15 Million for Money Laundering

    Dubai courts have issued prison sentences to 9 offenders for money laundering. The Emirates conti...

    Dubai Jails 9 and Fines Over Dh15 Million for Money Laundering Explore More

    News

    North Korean bankers charged in $2.5 billion money-laundering scheme

    The US Department of Justice recently revealed criminal charges against about twenty-four North K...

    North Korean bankers charged in $2.5 billion money-laundering scheme Explore More

    News

    BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls

    Germany’s Financial Watchdog BaFin is not satisfied with the efforts of Deutsche Bank AG to contr...

    BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls Explore More

    News

    Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion

    Law enforcement authorities in Saudi Arabia arrested at least 32 suspects including businessmen, ...

    Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion Explore More

    News

    Money Laundering Cases Doubled in the Past Six Years – Eurojust Report

    Eurojust has recorded around 3000 cases of cross-border money laundering over the last six years....

    Money Laundering Cases Doubled in the Past Six Years – Eurojust Report Explore More

    News

    Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss

    According to the boss of New York based investment banking company, Goldman Sachs, Cryptocurrenci...

    Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss Explore More

    News

    Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud

    Technology experts raise questions about the lack of transparency of the municipality in dealing ...

    Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud Explore More

    News

    EMLCU Reviews Egypts Efforts to Fight Financial Crime

    Chairman of EMLCU (Egyptian Money Laundering and Terrorist Financing Combating Unit) Ahmed Saeed ...

    EMLCU Reviews Egypts Efforts to Fight Financial Crime Explore More

    News

    Australian Federal Police Issues Warning on Valentine’s Day Financial Scams

    Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...

    Australian Federal Police Issues Warning on Valentine’s Day Financial Scams Explore More

    News

    EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More

    The EU’s parliament, commission, and council are set to initiate discussions on the issue of anti...

    EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More Explore More

    News

    AFP Investigates Money Laundering Tactics Employed by Criminals in 2021

    The Australian Federal Police is highlighting the hidden channels used by money launderers in 202...

    AFP Investigates Money Laundering Tactics Employed by Criminals in 2021 Explore More

    News

    China Strides Forwards with New KYC Rules to Rein Money laundering

    China is stepping up to fight its long-running battle against financial crimes such as money laun...

    China Strides Forwards with New KYC Rules to Rein Money laundering Explore More

    News

    FATF Votes to Graylist Malta

    Malta’s Prime Minister announced the news at a conference on Wednesday after local media reported...

    FATF Votes to Graylist Malta Explore More

    News

    FATF Criticized Cash-Rich Germany Over Money Laundering Concerns

    FATF dealt a blow to Germany’s reputation, which considered itself high regarding its reput...

    FATF Criticized Cash-Rich Germany Over Money Laundering Concerns Explore More

    News

    Cryptocurrency brought under AML rules in Singapore

    Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

    Cryptocurrency brought under AML rules in Singapore Explore More

    News

    Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator

    A US federal regulator has said that the first federally-chartered digital asset bank Anchorage D...

    Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator Explore More

    News

    The third man involved in ID theft scheme and money laundering is sentenced to jail

    Minnesota man among the three criminals involved ID theft scheme and money laundering has finally...

    The third man involved in ID theft scheme and money laundering is sentenced to jail Explore More

    News

    FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings

    The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...

    FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings Explore More

    News

    Canadian Anti-Money Laundering Agency Fines RBC $7.4M

    Canada’s anti-money laundering regulatory body imposed a C$7.4 million penalty on the Royal Bank ...

    Canadian Anti-Money Laundering Agency Fines RBC $7.4M Explore More

    News

    New Zealand Forces Banks To Strengthen Their Security Measures

    New Zealand’s parliamentary committee has urged banks and financial institutes to bolster their s...

    New Zealand Forces Banks To Strengthen Their Security Measures Explore More

    News

    First Canadian bank introduces digital ID verification

    Digital Identity is progressing in Canada, with a new bank account opening process backed by digi...

    First Canadian bank introduces digital ID verification Explore More

    News

    MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework

    MONEYVAL has called upon Polish authorities to improve their regulatory framework and work on str...

    MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework Explore More

    News

    US Officials allege student defrauded Apple as part of SIM swap attack

    Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...

    US Officials allege student defrauded Apple as part of SIM swap attack Explore More

    News

    UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub

    The UK is reportedly planning to regulate stablecoins as a payment method and the Royal Mint is t...

    UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub Explore More

    News

    AUSTRAC Partners With UK Counterpart to Fight Fraud

    The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...

    AUSTRAC Partners With UK Counterpart to Fight Fraud Explore More

    News

    e-KYC services introduced in Malaysia by InstaREM

    Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

    e-KYC services introduced in Malaysia by InstaREM Explore More

    News

    US DOJ Files Cases to Stop Russian Money Laundering Networks

    The US DOJ (Department of Justice) filed two cases in the latest action to disrupt money launderi...

    US DOJ Files Cases to Stop Russian Money Laundering Networks Explore More

    News

    Binance Resorts to Shady Crypto Firms as Authorised Options Run Short

    Binance, the global crypto exchange leader, retract to shady asset companies as authorised option...

    Binance Resorts to Shady Crypto Firms as Authorised Options Run Short Explore More

    News

    NYDFS States Signature Bank’s Closure Was Not Linked to Crypto

    According to the head of NYDFS, the decision to close Signature Bank last month had nothing to do...

    NYDFS States Signature Bank’s Closure Was Not Linked to Crypto Explore More

    News

    The number of Bitcoin ATMs has increased to 8,000

    The total number of Bitcoin ATMs across the world have crossed 8,000. The United States has more...

    The number of Bitcoin ATMs has increased to 8,000 Explore More

    News

    US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

    The US Court jails the Fintech Executives of Nigeria over a Money Laundering Case comprising $167...

    US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million Explore More

    News

    FINRA Issues Notice to Remind Firms of Nation-wide AML/CFT Priorities

    FINRA has issued a notice reminding all member firms to comply with AML/CFT priorities as mandate...

    FINRA Issues Notice to Remind Firms of Nation-wide AML/CFT Priorities Explore More

    News

    UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms

    The UK government is looking to mandate the declaration of crypto holding in Self Assessment tax ...

    UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms Explore More

    News

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion

    Swedbank Estonia labeled one of its clients a “high-risk” company due to suspicious transactions ...

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion Explore More

    News

    China Announces New Office To Combat Money Laundering

    An office devoted to combating money laundering and ensuring financial institutes comply with Ant...

    China Announces New Office To Combat Money Laundering Explore More

    News

    US Authorities Government Announce Limitations to Crypto Industry to Combat Money Laundering

    The US officials stated they will limit cryptocurrency firms’ operation in the country if t...

    US Authorities Government Announce Limitations to Crypto Industry to Combat Money Laundering Explore More

    News

    Online fraudsters steal £17m over COVID-19 lockdown

    About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

    Online fraudsters steal £17m over COVID-19 lockdown Explore More

    News

    Italian Regulators Block Consumers from Investing in Binance

    Italy has joined the list of warnings against Binance, directing citizens to avoid investing in t...

    Italian Regulators Block Consumers from Investing in Binance Explore More

    News

    Victor Fredung Warns Businesses about the Rising Cybercrimes During Halloween

    Halloween is one of the most awaited festivals throughout the year. While people plan different t...

    Victor Fredung Warns Businesses about the Rising Cybercrimes During Halloween 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