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

    Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols

    n-img-Central

    The Central Bank of Nigeria (CBN) has intensified pressure on financial institutions (FIs) to implement know your customer (KYC) protocols in two policy documents released at the weekend.

    The Central Bank of Nigeria (CBN) issued two policy documents to increase the bar on Know your customer (KYC) and Anti-money laundering protocols this weekend. As a result of repeated accusations of aiding financial crimes by financial institutions, the guidelines issued to them contain call-to-actions banks should take to combat financial crimes, including the ‘Guidance Note on Politically Exposed Persons (PEPs) and ‘CBN Customer Due Diligence (CDD) Regulations 2023.’

    It has been proposed that the regulation may raise questions regarding the line between the right to privacy and KYC following the Socio-Economic Rights and Accountability Project (SERAP). Customers’ social media handles were requested for identification under the customer due diligence regulation, which had a three-day deadline to “immediately delete patently unlawful provisions.”

    SERAP argued in a letter to the apex bank, “The CBN Regulations and directive to banks to obtain details of customers’ social media addresses violate Nigerians’ rights to freedom of expression and privacy. It is inconsistent and incompatible with the rule of law. The CBN ought to contribute to advancing respect for the rule of law and human rights in discharging its statutory functions, and not undermine or violate these fundamental legal requirements and standards. The purported mandatory requirement would inhibit Nigerians from freely exercising their human rights online. If obtained, such information may also be misused for political and other unlawful purposes.”

    In addition to comprehensive customer information, money deposit banks (MDBs) must include social media addresses as part of measures “Designed to improve the ability of financial institutions to identify and monitor potential risks linked to customer activities. By including social media handles as part of the customer identification process, banks seek to gain further insights into customers’ online presence and activities, helping to assess potential risks and monitor for suspicious behaviour.”

    The CDD guidelines stated, “For individuals, the CDD process now encompasses gathering information such as legal name, addresses (permanent and residential), contact details (telephone, email, and social media handles), date and place of birth, Bank Verification Number (BVN), Tax Identification Number (TIN), nationality, occupation, public position held, name of employer, official personal identification number and a unique identifier contained in a valid government-issued document bearing the customer’s name, photograph and signature.”

    The document also outlines several steps banks must take contractually and statutorily to identify and monitor PEPs and their relationships to prevent money laundering, terrorist financing, and proliferation financing (ML/FT/PF). “It is possible for them to misuse their power and influence for personal gain or advantage to themselves, close family members and/or associates”.

    During last year’s Basel Institute on Governance, Nigeria has rated a high-risk country for terrorist financing and money laundering. Based on an assessment of 128 countries, the country scored 6.77 out of 10. Among the reasons for applauding the CBN decided that it reduced the country’s vulnerability. However, the bank’s efforts to reduce financial inclusion will be negatively impacted by overregulation, according to experts. 

    Suggested Reads:

    THE CAYMAN ISLANDS PLEADS TO BE REMOVED FROM THE FATF’S ‘GREY LIST’ OF JURISDICTIONS SUSPECTED OF MONEY LAUNDERING

    AMLC DOWNGRADES TERROR FINANCING RISKS IN THE PHILIPPINES FROM HIGH TO MEDIUM-HIGH

    NIGERIAN-OWNED TECH FIRM, FLUTTERWAVE, CLOSES 45 BANK ACCOUNTS DUE TO MONEY LAUNDERING

    Related Posts

    News

    British Government Prepares Task Force to Halt Financial Crimes

    After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...

    British Government Prepares Task Force to Halt Financial Crimes Explore More

    News

    FinTech in Malaysia is Improving Due to Friendly Regulations

    Malaysia has taken a user-friendly approach to adapt to financial regulations as it is working to...

    FinTech in Malaysia is Improving Due to Friendly Regulations Explore More

    News

    Netflix ‘Update your payment” phishing scam is bypassing email spam filters

    Phishing scams are taking a new turn as more and more people are using streaming services during ...

    Netflix ‘Update your payment” phishing scam is bypassing email spam filters Explore More

    News

    “Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police

    According to police investigations, the number of money mule activities in Cork city has doubled ...

    “Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police Explore More

    News

    WHO Warns about Online Job Scams during COVID-19 Pandemic

    A message shared on WhatsApp and Facebook claims that the World Health Organization (WHO) is adve...

    WHO Warns about Online Job Scams during COVID-19 Pandemic Explore More

    News

    The UK Law Firms Approve the Use of AI in AML Armoury

    The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...

    The UK Law Firms Approve the Use of AI in AML Armoury Explore More

    News

    China Introduces 5-Point Strategy to Enforce Crypto AML Measures

    China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...

    China Introduces 5-Point Strategy to Enforce Crypto AML Measures Explore More

    News

    Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries

    Thousands of fake vaccination certificates are being sold on the dark web, and through the messag...

    Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries Explore More

    News

    Skyrocketing NFT Sales Raise Concerns for Tax, Law Enforcement

    Last month, the sales for a digital art piece was surprisingly high and raised many questions for...

    Skyrocketing NFT Sales Raise Concerns for Tax, Law Enforcement Explore More

    News

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months

    Hong Kong police have rounded up 11 men in a crackdown on a cross-border syndicate with a suspect...

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months Explore More

    News

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

    UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

    News

    Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

    Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...

    Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures Explore More

    News

    Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices

    Ireland’s Central bank has found that certain financial firms are lacking in regards to anti-mone...

    Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices Explore More

    News

    UK to End “Golden Visa” Regime to Tackle Money Laundering

    The UK is looking to scrap its so-called “Golden Visa” regime in a short period as Russian action...

    UK to End “Golden Visa” Regime to Tackle Money Laundering Explore More

    News

    Taiwanese Crypto Exchange Platform Under Investigation for Money Laundering

    Taiwanese crypto exchange platform and a member of the Virtual Asset Service Provider (VASP), Bit...

    Taiwanese Crypto Exchange Platform Under Investigation for Money Laundering Explore More

    News

    UN Warns of Increased Money Laundering Risk from Mekong Casinos

    The UN officials claimed transnational criminal gangs are exploiting Southeast Asia’s gaming and ...

    UN Warns of Increased Money Laundering Risk from Mekong Casinos 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

    UAE’s AML Body Adopts Regulatory Framework for Virtual Assets

    The new rule for virtual assets has been devised in accordance with the crypto travel rule issued...

    UAE’s AML Body Adopts Regulatory Framework for Virtual Assets Explore More

    News

    Panama’s Supreme Court to Declare Cryptocurrency Legislation

    Panama’s Supreme court to decide whether to modify the “crypto bill” or approve it without amendm...

    Panama’s Supreme Court to Declare Cryptocurrency Legislation Explore More

    News

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

    The Central Bank has imposed Dhs 19.5 million fine on UAE’s banks for shortcomings in the AML fra...

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings Explore More

    News

    FBI Reveals North Korea’s Lazarus Group Involvement in $41 Million Stake Hack

    US Federal Bureau Investigation (FBI) has revealed that the North Korean hacking group, Lazarus, ...

    FBI Reveals North Korea’s Lazarus Group Involvement in $41 Million Stake Hack Explore More

    News

    eCommerce Lost £16 Million in Frauds During Lockdown

    The UK’s national reporting centre for fraud and cybercrime has revealed new figures which show £...

    eCommerce Lost £16 Million in Frauds During Lockdown Explore More

    News

    FATF puts South Africa and Nigeria on Anti Money Laundering Gray list

    The global financial watchdog puts Africa’s two biggest economies on Anti-money laundering grey l...

    FATF puts South Africa and Nigeria on Anti Money Laundering Gray list Explore More

    News

    UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks

    The Treasury Committee of the UK’s House of Commons has urged the public to submit their take and...

    UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks Explore More

    News

    Digital Currency ‘Sand Dollar’ Launched by the Bahamas

    The Central Bank of the Bahamas (CBOB) has introduced a digital version of the Bahamian dollar, s...

    Digital Currency ‘Sand Dollar’ Launched by the Bahamas Explore More

    News

    UK’s National Crime Agency Builds a Specialised Crypto Investigation Team

    The United Kingdom’s National Crime Agency (NCA) is planning to establish a professional team to ...

    UK’s National Crime Agency Builds a Specialised Crypto Investigation Team Explore More

    News

    Hacker steals $250K by exploiting Bitcoin exchange Bisq

    A hacker identified a significant software flaw on the decentralized Bitcoin exchange, Bisq, to s...

    Hacker steals $250K by exploiting Bitcoin exchange Bisq Explore More

    News

    Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms

    The Canadian government’s federal budget announced that new regulations will be implemented to up...

    Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms Explore More

    News

    Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry

    Financial Police of Sweden has revealed a report that highlights more than 700 cases of money lau...

    Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry Explore More

    News

    Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

    The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

    Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

    News

    India to Introduce Physical Cryptocurrency Bank Branches

    India has been rapidly adopting the changes in the digital world and introducing physical banks f...

    India to Introduce Physical Cryptocurrency Bank Branches Explore More

    News

    SRA Fines Oxfordshire Law Firm over Weak AML Controls

    The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

    SRA Fines Oxfordshire Law Firm over Weak AML Controls Explore More

    News

    NY’s Attorney General Warns the Crypto Industry Against Illicit Activities

    Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...

    NY’s Attorney General Warns the Crypto Industry Against Illicit Activities Explore More

    News

    New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures

    New York’s top financial regulator has fined Robinhood $30 million for failures and shortcomings ...

    New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures Explore More

    News

    Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts

    The Australian Federal Police (AFP) has warned of fake delivery texts. Scammers use legitimate-lo...

    Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts Explore More

    News

    FCA Imposed a $1.05M fine on Barclays Bank for “Oversight Failings”

    The U.K. Financial Conduct Authority (FCA) on Monday revealed that it imposed a fine of 783,800 p...

    FCA Imposed a $1.05M fine on Barclays Bank for “Oversight Failings” Explore More

    News

    Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities

    Europol and EU member states along with Eurojust and Frontex have launched Operation Oscar to ass...

    Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities Explore More

    News

    UK’s Financial Watchdog Goes Real-time to Catch Online Criminals

    The FCA is sweeping the internet on a day-to-day basis to pull out cybercriminals, as the number ...

    UK’s Financial Watchdog Goes Real-time to Catch Online Criminals 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

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code

    The members of parliament of Simcoe North, including the deputy minister of finance, have introdu...

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code Explore More

    News

    China Extends the Regulatory Crackdown to the Fintech Giants

    The financial watchdogs in China are rolling out new legislative measures to restrict the finance...

    China Extends the Regulatory Crackdown to the Fintech Giants Explore More

    News

    Despite the Concerns, Arizona Bans Vaccine Passports for Government

    Governor of Arizona, Doug Ducey has restricted the local and state government agencies from askin...

    Despite the Concerns, Arizona Bans Vaccine Passports for Government Explore More

    News

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

    The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

    News

    KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions

    The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...

    KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions Explore More

    News

    Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms

    Since May 2023, Estonia’s updated crypto AML/CFT regulations have resulted in an 80% reduction in...

    Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms Explore More

    News

    The Bahamas to Launch a Payment Card for Central Bank Digital Currency

    Bahamas’ Central Bank has joined hands with Mastercard and digital payment startup Island Pay to ...

    The Bahamas to Launch a Payment Card for Central Bank Digital Currency Explore More

    News

    Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million

    Deutsche Bank AG settled a money laundering case of $7.1 million over the probe by Frankfurt pros...

    Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million Explore More

    News

    Uber joins lawsuits to exempt itself from California law

    California law effective from today, i.e. Jan 1 is all set to give equal protection to independen...

    Uber joins lawsuits to exempt itself from California law Explore More

    News

    US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud

    An official request from the Brazilian government was made to the US government for helping to se...

    US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud Explore More

    News

    Major US Twitter accounts hacked in Bitcoin scam

    Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

    Major US Twitter accounts hacked in Bitcoin scam Explore More

    News

    $2 Shell company laundered hundreds of millions at Crown Casino Perth

    International organizations are believed to be using Crown Perth to launder hundreds through $2 s...

    $2 Shell company laundered hundreds of millions at Crown Casino Perth 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

    2020 Election is coming up! Facebook bans deepfakes

    2020 is up and the United States’ presidential election campaign is underway. Prior to these elec...

    2020 Election is coming up! Facebook bans deepfakes Explore More

    News

    Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images

    The previous month, after NewYork Times’ critical report on the facial recognition tech of Clearv...

    Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images Explore More

    News

    UAE central bank alerts about fraud attempts related to Coronavirus epidemic

    Bank customers are warned of potential fraud by the UAE Central Bank. According to the bank, “Fra...

    UAE central bank alerts about fraud attempts related to Coronavirus epidemic Explore More

    News

    Clubs to Adopt Digital Wallets as NSW Reveals Money Laundering Via Machines

    The clubs in Australia are to adopt the digital wallet for poker machines as the regulators disco...

    Clubs to Adopt Digital Wallets as NSW Reveals Money Laundering Via Machines Explore More

    News

    Georgia Ramps Up AML Measures to Combat Financial Crime

    A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

    Georgia Ramps Up AML Measures to Combat Financial Crime Explore More

    News

    Money Laundering Watchdog Fines HSBC for AML Violations

    HSBC Malta has been fined €82,000 by Financial Intelligence Analysis Unit (FIAU) for AML violatio...

    Money Laundering Watchdog Fines HSBC for AML Violations Explore More

    News

    National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers

    Kenya’s National Treasury Department forced financial and specified non-financial institutes to o...

    National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers Explore More

    News

    Reddit follows Facebook suit and bans impersonation on its platform

    Earlier this week, Facebook announced its new policy to ban manipulated pictures and videos known...

    Reddit follows Facebook suit and bans impersonation on its platform Explore More

    News

    Expanding Fraud in Digital Space—Florida’s Government Raises Awareness

    The Florida Department of Agriculture and Consumer Services issued a newsletter to alert people r...

    Expanding Fraud in Digital Space—Florida’s Government Raises Awareness Explore More

    News

    MAS Ramps Up Efforts Against Financial Crimes With the Help of Data Analytics

    Singapore’s central bank has revealed in a report on Wednesday that financial criminals will be p...

    MAS Ramps Up Efforts Against Financial Crimes With the Help of Data Analytics Explore More

    News

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

    CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

    News

    Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission

    Blue Star Planet which was trading as 10Bet to pay £620,000 ($746,716) after it was found guilty ...

    Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission Explore More

    News

    Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back

    Hong Kong’s new proposed crypto regulation received Huobi Global’s, a Chinese crypto platform, pl...

    Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back Explore More

    News

    Digital euro successfully tested at the Bank of France

    On May 20, Banque de France announced that France has become the first country to successfully te...

    Digital euro successfully tested at the Bank of France Explore More

    News

    Shufti Crosses One More Milestone With Its New Ukraine Office

    May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...

    Shufti Crosses One More Milestone With Its New Ukraine Office Explore More

    News

    Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks

    The Australian Law Council claimed they noticed in the survey that lawyers uphold rigorous regula...

    Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks Explore More

    News

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

    A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert. Explore More

    News

    South Kesteven Council Strengthens AML Controls for Right to Buy Scheme

    South Kesteven council tightened the anti-money laundering controls over questions raised by buye...

    South Kesteven Council Strengthens AML Controls for Right to Buy Scheme Explore More

    News

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia

    In an attempt to streamline customer verification and correspondent banking, AUSTRAC has issued r...

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia Explore More

    News

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance.

    As per the new UK government requirements, anti-money laundering and counter-terrorist financing ...

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance. 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