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

    216.73.216.68

    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

    Europe Bolsters Fight Against Financial Crime with AMLA Formation

    The European Parliament (EP) and European Union (EU) council teams have agreed to create the Euro...

    Europe Bolsters Fight Against Financial Crime with AMLA Formation Explore More

    News

    SA Government Passes New Legislation to Avoid FATF Gray list

    South African government has passed two crucial legislations to prevent potential greylisting by ...

    SA Government Passes New Legislation to Avoid FATF Gray list Explore More

    News

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns

    Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to ...

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns Explore More

    News

    Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties

    In a recent operation, Thai authorities uncovered a $27m crypto scam targeting local investors an...

    Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties Explore More

    News

    China Warns of Money Laundering Risks Arising from NFTs

    China has warned of the financial risks associated with non-fungible tokens (NFTs) as three indus...

    China Warns of Money Laundering Risks Arising from NFTs Explore More

    News

    AGA Issues Updated AML Compliance Guidelines for the Gaming Industry

    American Gaming Association (AGA) launches the third edition of the Best Practices of AML Complia...

    AGA Issues Updated AML Compliance Guidelines for the Gaming Industry Explore More

    News

    Facebook Launches a New Payment System Following Libra

    Facebook Pay is a new payment system launched by Facebook for all the apps under the Facebook umb...

    Facebook Launches a New Payment System Following Libra Explore More

    News

    Italy Launches Money Laundering Investigations into Qatargate Associates

    Italian prosecutors have launched a probe related to the EU parliament Qatargate affair as a new ...

    Italy Launches Money Laundering Investigations into Qatargate Associates Explore More

    News

    11 Jailed in Saudi Arabia for Laundering $2.7 Billion

    Saudi Arabia has jailed and fined 11 individuals SR62.5 million for money laundering. The group l...

    11 Jailed in Saudi Arabia for Laundering $2.7 Billion Explore More

    News

    European Central Bank’s President Calls for Strict Bitcoin Regulations

    The president of the European Central Bank, Christine Lagarde, says that bitcoin is a “funny busi...

    European Central Bank’s President Calls for Strict Bitcoin Regulations Explore More

    News

    UK Gambling Commission Fines 888 with £9.4m for AML Failings

    Great Britain’s Gambling Commission has issued 888 with a fine of £9.4 million over a series of s...

    UK Gambling Commission Fines 888 with £9.4m for AML Failings Explore More

    News

    HSBC Bank SMS Phishing Scam Targets UK Victims

    A new phishing scam, designed to lure victims into handing over their HSBC bank account details, ...

    HSBC Bank SMS Phishing Scam Targets UK Victims Explore More

    News

    EU to Introduce Uniform Legal Framework for Crypto Assets

    The EU is negotiating on new rules for introducing a uniform legal framework for crypto assets wi...

    EU to Introduce Uniform Legal Framework for Crypto Assets Explore More

    News

    FCA Warns Against Unregistered Crypto ATM Use

    The Financial Conduct Authority (FCA) has begun taking action against unauthorised crypto ATMs in...

    FCA Warns Against Unregistered Crypto ATM Use Explore More

    News

    FinCEN Says Russia Cannot Evade Sanctions with Crypto

    Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

    FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

    News

    A European Money-Laundering Network Captured by French National Gendarmerie

    A money-laundering network in France was under investigation for 18 months by French National Gra...

    A European Money-Laundering Network Captured by French National Gendarmerie Explore More

    News

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance

    Bithumb, Coinone and Korbit have founded a joint venture to facilitate all efforts for maintainin...

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance Explore More

    News

    Dutch Authorities Seize $29 Million in Cryptocurrencies After Money Laundering Investigation

    $29 million in crypto were seized over the last few months in money laundering investigations car...

    Dutch Authorities Seize $29 Million in Cryptocurrencies After Money Laundering Investigation Explore More

    News

    NSW Make Reforms to Counter Money Laundering and Gambling

    The New South Wales government embraces new reforms to counter the issue of money laundering and ...

    NSW Make Reforms to Counter Money Laundering and Gambling Explore More

    News

    MAS Finalises New Data-sharing Platforms for the Banking Sector

    MAS has developed a new platform that will allow banks to securely share information and warn eac...

    MAS Finalises New Data-sharing Platforms for the Banking Sector Explore More

    News

    UK and UAE Take Steps in Joint Efforts to Combat Money Laundering

    In the UAE-UK Partnership to Tackle Illicit Financial Flows, the two countries are in talks about...

    UK and UAE Take Steps in Joint Efforts to Combat Money Laundering Explore More

    News

    Bill to Combat Money Laundering Makes Its Way Through The Senate

    The US House of Representatives passed the Corporate Transparency Act of 2019 (HR 2513) on Octobe...

    Bill to Combat Money Laundering Makes Its Way Through The Senate Explore More

    News

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

    The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

    News

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

    The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

    News

    “Cryptocurrency Could Become Worthless in Future”, Warns Bank of England

    Due to anonymity and the potential risks associated with cryptocurrency, the Bank of England warn...

    “Cryptocurrency Could Become Worthless in Future”, Warns Bank of England 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

    £2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police

    Following information from a Spanish law enforcement agency, the Royal Gibraltar Police have init...

    £2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police 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

    Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports

    Japan is planning on introducing a vaccine passport to make travelling easy for people. Internati...

    Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports Explore More

    News

    N26 Fined $5M by German Watchdog for Delayed SAR

    German regulator BaFin imposes a hefty $5 million penalty on digital banking company, N26, for un...

    N26 Fined $5M by German Watchdog for Delayed SAR Explore More

    News

    Nevada Takes Measures to Combat Unemployment Insurance Fraud

    District of Nevada’s Office of U.S Attorney has shown concerns about the rise in unemployment ins...

    Nevada Takes Measures to Combat Unemployment Insurance Fraud Explore More

    News

    Digital IDs Becoming Useful for Fighting Financial Crimes

    The use of digital IDs has proved to be advantageous for fighting financial crimes. Research has ...

    Digital IDs Becoming Useful for Fighting Financial Crimes Explore More

    News

    Man arrested for money laundering offenses related to COVID-19

    A 39-year-old Singaporean man has been apprehended for his suspected involvement in money launder...

    Man arrested for money laundering offenses related to COVID-19 Explore More

    News

    Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines

    The Monetary Authority of Singapore (MAS) has imposed $7.8m fines on financial sector businesses,...

    Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines Explore More

    News

    Biden Going After Crypto Tax Evaders with Data Sharing Initiative

    President Biden’s administration is proposing global cooperation to curb the threat of crypto-rel...

    Biden Going After Crypto Tax Evaders with Data Sharing Initiative Explore More

    News

    Deutsche Bank to Revise its Compliance and Risk Management Functions

    Deutsche Bank is working on reforming its compliance function and risk management measures. The b...

    Deutsche Bank to Revise its Compliance and Risk Management Functions 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

    Canada Seeks to Digitize ID-Documents for Enhanced Security Measures

    Canada, Ontario’s government is working towards digitizing the identity documents and seeks publi...

    Canada Seeks to Digitize ID-Documents for Enhanced Security Measures Explore More

    News

    AML Council to Impose Sanctions on Property Dealers for Non-compliance

    The Philippines’s Anti-Money Laundering Council (AMLC) is all set to impose sanctions and fines o...

    AML Council to Impose Sanctions on Property Dealers for Non-compliance Explore More

    News

    U.S. SEC chair nominated to regulate crypto oversight

    William Barr, United States Attorney General announced that President Trump is likely to task Jay...

    U.S. SEC chair nominated to regulate crypto oversight Explore More

    News

    Hong Kong opens up its first online-only bank

    According to reports, ZA Bank, the first online bank in Hong Kong, opened up on Tuesday (March 24...

    Hong Kong opens up its first online-only bank 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

    Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud

    Hong Kong Authorities claimed they received over 23,000 complaints against the Dubai-registered c...

    Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud Explore More

    News

    Russian Sanctions Put Switzerland in a Tough Spot Between Regulators and Oligarchs

    Switzerland’s luxury sector is in a tough spot after Western countries have imposed sanctions aga...

    Russian Sanctions Put Switzerland in a Tough Spot Between Regulators and Oligarchs Explore More

    News

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

    Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other inves...

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt Explore More

    News

    Egypt Government to Establish Central Bank Unit for AML and CFT

    On Wednesday the cabinet approved a draft law amending some regulations within the Anti-Money Lau...

    Egypt Government to Establish Central Bank Unit for AML and CFT Explore More

    News

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

    The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations Explore More

    News

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

    The Central Bank of Nigeria (CBN) has issued guidelines to assist promoters of banks and other fi...

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

    News

    Spanish Regulatory Authorities Take Action Against Illegal Crypto Promotion on Social Media

    The Spanish National Securities Market Commission (CNMV) is preparing rigid measures to prevent i...

    Spanish Regulatory Authorities Take Action Against Illegal Crypto Promotion on Social Media Explore More

    News

    Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh

    On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...

    Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh Explore More

    News

    Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

    Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

    Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

    News

    US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

    Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

    US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

    News

    The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts

    The UAE Financial Intelligence Unit is hosting this year’s Egmont Plenary event, which is e...

    The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts Explore More

    News

    US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations

    The US Treasury Department has imposed a $53 million fine on Bittrex for violating sanctions and ...

    US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations Explore More

    News

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

    The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

    News

    The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases

    The annual conference of the Law Society of Kenya (LSK) was held at the weekend in Diani, the Pre...

    The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases Explore More

    News

    ASIC Expands its Team to Enhance Cryptocurrency Regulations

    Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

    ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

    News

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens

    The Department of Homeland Security (DHS) is taking back its decision to implement a policy that ...

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens 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

    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

    Zoom improves user security by incorporating 2FA for all users

    Zoom confirmed adding 2-factor authentication (2FA) for all the users of the platform. This marks...

    Zoom improves user security by incorporating 2FA for all users Explore More

    News

    Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each

    Black Friday shoppers have been advised to strengthen their cybersecurity as NFIB revealed that v...

    Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each 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

    Ransomware attacks three US universities

    A ransomware group has successfully stricken three universities within the week. They claim that ...

    Ransomware attacks three US universities 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

    Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF

    FATF suggests nations and financial service providers should identify potential risks of cryptocu...

    Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF Explore More

    News

    Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs

    Dutch Cooperative Rabobank revealed that its profit plunged more than a quarter in the first half...

    Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs Explore More

    News

    Colombian Money Laundering Watchdog Delays Crypto Transaction Reporting Regime

    The UIAF has postponed the date for crypto exchanges and individuals to start reporting their tra...

    Colombian Money Laundering Watchdog Delays Crypto Transaction Reporting Regime Explore More

    News

    Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes

    Mauritius, which was previously known for being a tax haven, might be out of the FATF’s grey list...

    Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes Explore More

    News

    Ransomware attack targets Victoria Beckham’s personal data

    Maze, the Ransomware gang strikes again. It seems that the victim this time is a US-based indepen...

    Ransomware attack targets Victoria Beckham’s personal data Explore More

    News

    FinCEN Proposes Beneficial Ownership Reporting Requirements

    The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...

    FinCEN Proposes Beneficial Ownership Reporting Requirements Explore More

    News

    Ledger Owners Scammed worth 1.1 Million XRP

    Earlier this year Legsdger customers faced a leak of email and personal information. Now they are...

    Ledger Owners Scammed worth 1.1 Million XRP 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