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

    216.73.216.50

    China Announces New Office To Combat Money Laundering

    n-img-china-announce

    An office devoted to combating money laundering and ensuring financial institutes comply with Anti-Money Laundering (AML) regulations is to be set up at the People Bank of China (PBOC). 

    China’s central bank is creating a new office to protect national security and the financial ecosystem according to the latest guidelines. The operational officer of the PBOC disclosed the creation of the new office, revealing that the Beijing People’s Procuratorate is also a part of this endeavour to design an effectively communicated investigation framework. This system will bolster money laundering investigations and safeguard China from relevant financial crimes. The new office will assist the PBOC and the Beijing People’s Procuratorate in conducting effective investigations against financial crimes. Deputy head of the procuratorate’s fourth procuratorial division Ye Ping said, “It will also help prosecutors apply big data and financial information in their investigations, assisting them as they try to figure out clues.”

    The collaboration of these two bodies enhances China’s national security and accelerates the investigation process. Under the guidelines, if they find the funds related to money laundering crime, the procuratorate can prompt the PBOC’s operation team for detailed scrutiny of the funds. For example, this guideline can come into action when the procuratorate is dealing with drug smuggling, bribery, and robbery cases, they must examine the funds involved in the crimes.

    The said offices have previously worked together to fight financial crimes. In 2020, the memo was signed by four regulatory departments, including the Beijing High People’s Court and the Beijing Public Security Bureau, to enhance inter-departmental collaboration. These two bodies, along with nine other agencies, presented a three-year plan last year to prevent money laundering. 

    On Tuesday, the prosecutor revealed that 74 individuals connected to 66 cases had faced laundering of funds accusations since 2020. Ye Ping added, “Some people were found to have concealed or disguised the sources of their bribes by gaining control of others’ bank accounts, while some were discovered to have used shell companies to transfer money to hide money made from fraud.” 

    Suggested Reads:

    CHINA’S FIGHT AGAINST RAMPANT TELECOM SCAMS – CRACKED 5,94000 CASES IN JUST 15 MONTHS

    CHINA’S LAW ENFORCEMENT AUTHORITIES ISSUE WARNING AGAINST NFTS TO CURB FINANCIAL CRIMES

    CHINA WARNS OF MONEY LAUNDERING RISKS ARISING FROM NFTS

    Related Posts

    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

    Govt assists Struggling Swiss Crypto Valley

    Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

    Govt assists Struggling Swiss Crypto Valley Explore More

    News

    FATF puts Morocco on the Gray List for Pervasive Money laundering

    Financial Action Task Force, the global regulatory watchdog for money laundering, has placed Moro...

    FATF puts Morocco on the Gray List for Pervasive Money laundering Explore More

    News

    EU to add Panama, Bahamas, and others to money-laundering blacklist

    The European Commission has included Mauritius, Panama, and ten other states to its list of count...

    EU to add Panama, Bahamas, and others to money-laundering blacklist Explore More

    News

    The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct

    Dirham Exchange, an exchange house based in the UAE, has had its licence revoked by The UAE Centr...

    The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct Explore More

    News

    China Enhances AML Obligations to Combat Money Laundering

    Chinese authorities have released the latest guidelines to enhance security in the financial sect...

    China Enhances AML Obligations to Combat Money Laundering Explore More

    News

    Singapore’s Public Warned Against the Highly Volatile Crypto World

    Singapore’s financial regulators once again warn their public about the risks of the cryptocurren...

    Singapore’s Public Warned Against the Highly Volatile Crypto World Explore More

    News

    ‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline

    Today is the deadline for the digital currency firms to be registered with the UK’s financial reg...

    ‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline Explore More

    News

    Melbourne Casino Crown Faces New Money Laundering Scandal

    Crown’s licence for its Sydney casino has been suspended after an investigation revealed it facil...

    Melbourne Casino Crown Faces New Money Laundering Scandal Explore More

    News

    Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US

    The Blockchain Association has raised concerns about the recently proposed Digital Asset Anti-Mon...

    Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US Explore More

    News

    FATF Upgrades Guidelines on Risk-Based Approach for VA/VASPs

    FATF (Financial Action Task Force) is upgrading the regulations regarding the risk-based approach...

    FATF Upgrades Guidelines on Risk-Based Approach for VA/VASPs Explore More

    News

    US Shows Conflicts with China at First Financial Meeting

    In a recent financial working group meeting, the US Treasury raised disagreements with China, whe...

    US Shows Conflicts with China at First Financial Meeting 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

    Korea FSC Confirms Plans for Crypto-focused Bureau at KoFIU

    According to the FSC, the crypto-focused bureau will improve the transparency in virtual asset tr...

    Korea FSC Confirms Plans for Crypto-focused Bureau at KoFIU 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

    FATF Issues Guidance Paper For Incorporating Digital ID

    The Financial Action Task Force (FATF) has issued a guidance paper, last week, that outlines a ri...

    FATF Issues Guidance Paper For Incorporating Digital ID Explore More

    News

    Germany to Establish New Regulatory Body to Combat Money Laundering

    It has been reported that the German government will create a new regulatory body to combat money...

    Germany to Establish New Regulatory Body to Combat Money Laundering 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

    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

    FIAU Fines Crypto Firm €460,000 for Anti-Money Laundering Violations

    FIAU (Financial Intelligence Analysis Unit) charged a crypto exchange and broker with a €463,235 ...

    FIAU Fines Crypto Firm €460,000 for Anti-Money Laundering Violations 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

    SPP Observes Rapid Increase in Money Laundering Cases Prosecuted Nationwide

    The Supreme People’s Procuratorate (SPP) has observed a rapid increase in money laundering ...

    SPP Observes Rapid Increase in Money Laundering Cases Prosecuted Nationwide Explore More

    News

    One-third of Finance Firms Have Accelerated Use of AI to Detect Money Laundering

    Financial institutions are heavily investing in Artificial Intelligence (AI) and Machine Learning...

    One-third of Finance Firms Have Accelerated Use of AI to Detect Money Laundering Explore More

    News

    Turkey at Risk of Becoming a Haven for Russian Sanctions

    Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

    Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

    News

    Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud

    Two bank workers, involved in issuing fake documents, have been banned by the Central Bank. The a...

    Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud Explore More

    News

    Financial regulators assure further assistance to the industry during COVID-19

    Global financial regulators guarantee to provide ease in the regulations to deal with the COVID-1...

    Financial regulators assure further assistance to the industry during COVID-19 Explore More

    News

    Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams

    Bank of Ireland has warned clients of a surge in phone calls and text message scams. As per the f...

    Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams Explore More

    News

    Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report

    According to the Police, 725 cases of investment scams occurred within the first seven months of ...

    Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report Explore More

    News

    2 Men & 5 Companies to Face Trial for €20 Million Money Laundering Case

    A magistrate has found substantial evidence of two Libyan men and five companies involved in laun...

    2 Men & 5 Companies to Face Trial for €20 Million Money Laundering Case Explore More

    News

    Interpol Launches New Center to Combat Financial Crime

    Interpol has launched a Financial Crime and Anti-Corruption Center (IFCACC) as part of efforts to...

    Interpol Launches New Center to Combat Financial Crime Explore More

    News

    FIU in Sri Lanka Penalises Financial Firms over AML/CFT Non-Compliance

    Sri Lanka’s Financial Intelligence Unit (FIU) has recently penalised two financial institutions i...

    FIU in Sri Lanka Penalises Financial Firms over AML/CFT Non-Compliance Explore More

    News

    Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts

    The government in Thailand plans to eliminate anonymity in the new crypto account creation by enf...

    Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts Explore More

    News

    Swedbank Fined And Remains Under Investigation by US Authorities

    As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...

    Swedbank Fined And Remains Under Investigation by US Authorities 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

    Deepfakes on TikTok raise new security concerns

    Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...

    Deepfakes on TikTok raise new security concerns Explore More

    News

    ID Theft to Drive Majority of the Online Payment Frauds in 2021

    Online payment fraud losses will exceed $206 billion over the next few years and the majority of ...

    ID Theft to Drive Majority of the Online Payment Frauds in 2021 Explore More

    News

    Crypto Under Threat – UK Banks are Blocking Payments

    Due to rising financial crimes related to cryptos, banks in the UK are blocking payments to crypt...

    Crypto Under Threat – UK Banks are Blocking Payments Explore More

    News

    Crypto exchange owner admits laundering $1.8M in online auctions fraud

    Vlad-Calin Nistor and 14 other accused, including the owner of a car wash, have all entered guilt...

    Crypto exchange owner admits laundering $1.8M in online auctions fraud Explore More

    News

    Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance

    An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...

    Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance Explore More

    News

    Lawrence man indicted of identity theft found guilty

    BOSTON (AP) — A man charged with using another person’s Social Security number to illegally obtai...

    Lawrence man indicted of identity theft found guilty Explore More

    News

    BNM Issues New Policy For Remote Corporate Customer Onboarding

    BNM has issued a new policy document that permits MSBs to onboard customers remotely in the corpo...

    BNM Issues New Policy For Remote Corporate Customer Onboarding Explore More

    News

    Betting and Gambling Council Host AML Training for Gambling Industry

    During the Gambling Anti-Money Laundering Group (GAMLG) training day on September 6th, the Bettin...

    Betting and Gambling Council Host AML Training for Gambling Industry Explore More

    News

    Medical Testing Postpones Money Launderer’s Sentencing

    The conviction of Mark Scott, a licensed advocate involved in laundering $400 million for the unp...

    Medical Testing Postpones Money Launderer’s Sentencing Explore More

    News

    FATF Updates on South Africa’s AML Compliance Progress

    A report on South Africa’s progress in implementing AML procedures to prevent money launder...

    FATF Updates on South Africa’s AML Compliance Progress Explore More

    News

    US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout

    Elizabeth Warren, US Senator and a longtime bitcoin skeptic has shared her views about the upside...

    US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout Explore More

    News

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers

    The financial services minister, Andrew Griffith, commented on July 4th that banks should be requ...

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers Explore More

    News

    Govt assists Struggling Swiss Crypto Valley

    Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

    Govt assists Struggling Swiss Crypto Valley Explore More

    News

    New Zealand’s FMA Issues New ID Verification Guideline

    A new explanatory note has been issued by New Zealand identifying the sources of information that...

    New Zealand’s FMA Issues New ID Verification Guideline 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 Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws

    Naivas, one of Kenya’s largest supermarkets, recently suffered a data breach, highlighting ...

    The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws Explore More

    News

    Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK

    The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 ...

    Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK Explore More

    News

    NFIU Increases Efforts to Remove Nigeria from FATF Gray List

    The Nigerian Financial Intelligence Unit (NFIU) has stated that it is working towards removing th...

    NFIU Increases Efforts to Remove Nigeria from FATF Gray List Explore More

    News

    Shufti Bagged “Product Leader” Award with 92% Customer Satisfaction

    Shufti, an AI-powered identity verification services provider has won the Product Leader 2020...

    Shufti Bagged “Product Leader” Award with 92% Customer Satisfaction Explore More

    News

    FATF Member, Saudi Arabia, Winning the World Money Laundering Race

    During a virtual meeting on Monday, the FATF supported Saudi Arabia to combat money laundering an...

    FATF Member, Saudi Arabia, Winning the World Money Laundering Race Explore More

    News

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

    The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering Explore More

    News

    London’s Mayor Assures of the Strong Regulations Despite Brexit

    Bankers in the UK are looking towards the leniency in regulations and tax cuts due to Brexit. How...

    London’s Mayor Assures of the Strong Regulations Despite Brexit Explore More

    News

    Facebook Built a Facial Recognition App To Identify Employees

    Facebook is again under fire for its controversial facial recognition technology. The tool used f...

    Facebook Built a Facial Recognition App To Identify Employees Explore More

    News

    Mega Bank Fined $10 Million in Fake Mortgage Case

    Due to poor internal controls, 28 fraudulent mortgage applications went undetected.  The Financia...

    Mega Bank Fined $10 Million in Fake Mortgage Case Explore More

    News

    The market for Digital Identity Solutions expected to double by 2024

    The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as report...

    The market for Digital Identity Solutions expected to double by 2024 Explore More

    News

    Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency

    The Japanese government is pondering enacting a new law. The “bundling bill” proposed...

    Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency Explore More

    News

    Police warns after an increase in online scams selling face masks

    The Cleveland Police has warned the public regarding the increasing number of Coronavirus related...

    Police warns after an increase in online scams selling face masks Explore More

    News

    FATF to Decide Grey Listing of South Africa

    FATF will announce its decision regarding the greylisting of South Africa on 24th February 2023. ...

    FATF to Decide Grey Listing of South Africa Explore More

    News

    Bitcoin ATMs face stricter regulations over money laundering

    According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

    Bitcoin ATMs face stricter regulations over money laundering Explore More

    News

    Authorities Struggle in Mexico as Cartels Use Crypto for Laundering Funds

    The head of financial intelligence in Mexico has revealed that the law enforcement authorities ar...

    Authorities Struggle in Mexico as Cartels Use Crypto for Laundering Funds Explore More

    News

    FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail

    The FinCEN (Financial Crime Enforcement Network) issues an alert to all the FIs (Financial Instit...

    FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail Explore More

    News

    White House Wants COVID Vaccine Passports to be Secure, Private, and Free

    According to the White House, the Federal Government should not be responsible for verifying that...

    White House Wants COVID Vaccine Passports to be Secure, Private, and Free Explore More

    News

    Bahrain sentences three money-laundering suspects to prison

    Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

    Bahrain sentences three money-laundering suspects to prison Explore More

    News

    Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA

    FCA has labeled crypto as the top sector for financial scam warnings in the UK.  As of now, there...

    Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA Explore More

    News

    South Korea Seizes $47M Worth of Crypto from Tax Evaders

    South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

    South Korea Seizes $47M Worth of Crypto from Tax Evaders 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

    $2 Trillion Moved and Now Banks Resist Money Laundering Orders

    According to the ICIJ journalist, BuzzFeed shared some documents disclosing the attitude of finan...

    $2 Trillion Moved and Now Banks Resist Money Laundering Orders 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

    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