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

    3.15.1.201

    China’s Top Leaders Indicate the Further Tightening of Financial Regulations

    China

    Chinese leaders have indicated that the country will move to further strengthening of financial regulations to avoid the disorderly expansion of capital, especially in the internet sector. Officials have pressed on the need to capture illegal activities that act as a grave threat to China’s economy.

    A recent meeting occurred with China’s top officials including President Xi Jinping that reflects that the top officials are concerned about the risks and they are determined to eliminate those risks. 

    The Central Committee for Financial and Economic Affairs held a meeting to call for the enhancement of the financial framework and recommended that all financial activities will be regulated. The meeting particularly pressed on the need to develop and enhance the regulatory framework for online platforms with clear guidelines and limitations to halt the issues such as monopolistic activities that play a part in the uneven expansion of capital.

    This recent sign is followed by an action taken by the financial watchdogs against some internet companies for some monopolistic actions. This includes the giant cooperation of China such as Tencent Holdings, Baiu Inc, and DiDi Chuxing. 

    The State Administration for Market Regulation (SAMR) stated that it has enforced fines on a few companies for breaching anti-monopoly laws. The regulators have also fined some online shopping companies for this.  

    The regulators have also introduced an antitrust investigation into the e-commerce giant group Alibaba Group. The financial watchdogs have also investigated the Fintech arm of the Alibaba Ant Group and highlighted major issues with AliPay operators like the violation of companies and regulatory responsibilities. 

    The meeting also encouraged the online platforms to take necessary steps to protect consumer rights which include privacy of personal data and data security. The conducted meeting called for all sorts of reforms to remove threats to the country’s economy. 

    Related Posts

    News

    Russian police arrest former post office chief for mining crypto

    A former Russian regional post office chief was involved in mining cryptocurrencies via the offic...

    Russian police arrest former post office chief for mining crypto Explore More

    News

    UAE Central Bank Imposes Dh352k Fine on Currency Exchange

    The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

    UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

    News

    UAE Issues Deadline for Businesses to Register for AML System

    The Ministry of Economy has highlighted the businesses that must register for the AML system. All...

    UAE Issues Deadline for Businesses to Register for AML System Explore More

    News

    Beware of Puppy Scams This Holiday Season – BBB

    The Better Business Bureau (BBB) has warned people to be cautious of online puppy scams, especial...

    Beware of Puppy Scams This Holiday Season – BBB 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

    EU and British Financial Watchdogs to Investigate Digital Stock Tokens

    The German and British regulators are reportedly investigating the stock token trading, recently ...

    EU and British Financial Watchdogs to Investigate Digital Stock Tokens Explore More

    News

    AML/KYC Non-compliance Penalties Drop by 40% in the Second Half of 2021

    KYC/AML non-compliance penalties have dropped by 40% in the second half of 2021. However, this do...

    AML/KYC Non-compliance Penalties Drop by 40% in the Second Half of 2021 Explore More

    News

    NGO Coalition Files a Complaint Against French Banks for Money Laundering Linked to Amazon Deforestation

    The Non-Governmental Organisations (NGOs) have filed complaints against French banks BNP Paribas,...

    NGO Coalition Files a Complaint Against French Banks for Money Laundering Linked to Amazon Deforestation 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

    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

    FTX Customers File Class Action Against Bankrupt Crypto Exchange

    FTX customers had filed a class action against the bankrupt crypto exchange and its ex-CEO Sam Ba...

    FTX Customers File Class Action Against Bankrupt Crypto Exchange Explore More

    News

    Taiwan FSC to Ease Authentication Rules through Biometric Verification

    According to new rules, banks will be using biometric authentication methods to fulfil ID authent...

    Taiwan FSC to Ease Authentication Rules through Biometric Verification Explore More

    News

    FATF issues new guidance on Digital Identity systems

    A guidance paper has been issued by the Financial Action Task Force (FATF) to assist governments,...

    FATF issues new guidance on Digital Identity systems 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

    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

    Facebook affirms Libra commitment with new job openings

    According to the Irish Times. Facebook is planning to hire 50 people for its payment app Calibra ...

    Facebook affirms Libra commitment with new job openings Explore More

    News

    Libra taps another former FinCEN official as general counsel

    Robert Werner, former director of FinCEN and OFAC regulatory authorities, has recently joined the...

    Libra taps another former FinCEN official as general counsel Explore More

    News

    Australia introduces new rules to tackle mobile identity theft

    Acma (Australian Communications and Media Authority) has introduced a new regulation to fight ide...

    Australia introduces new rules to tackle mobile identity theft Explore More

    News

    UK Regulatory Authorities Warns Crypto Firms to Comply with Latest AML Obligations

    The UK regulatory department, Financial Conduct Authority (FCA), has warned cryptocurrency platfo...

    UK Regulatory Authorities Warns Crypto Firms to Comply with Latest AML Obligations Explore More

    News

    DIA Warns Auckland Real Estate for Lax Money Laundering Prevention

    The department of Internal Affairs has issued a formal warning to Auckland’s real estate company ...

    DIA Warns Auckland Real Estate for Lax Money Laundering Prevention Explore More

    News

    SkyCity Adelaide Casino Investigation on hold Amid Money Laundering Court Action

    The investigation of SkyCity Adelaide’s capacity to hold a casino licence has been “put on hold”....

    SkyCity Adelaide Casino Investigation on hold Amid Money Laundering Court Action Explore More

    News

    HKMA Fines Four Banks with $5.7 Million for AML Failings

    Hong Kong’s financial regulator has imposed fines on four banks with a combined amount of $5.7 mi...

    HKMA Fines Four Banks with $5.7 Million for AML Failings Explore More

    News

    Namibia Launches Cyber Security Council to Curb e-Fraud

    Namibia has established a cyber security council that would act as a useful forum for discussions...

    Namibia Launches Cyber Security Council to Curb e-Fraud Explore More

    News

    Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime

    The Monetary Authority of Singapore (MAS) is creating a digital platform named Cosmic that will a...

    Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime 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

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

    The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

    News

    The UK Introduces Beneficial Ownership Register for Overseas Entities

    The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

    The UK Introduces Beneficial Ownership Register for Overseas Entities Explore More

    News

    Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches

    Australia’s financial intelligence agency, The Australian Transaction Reports and Analysis Centre...

    Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches Explore More

    News

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022

    Business advisors RSM UK has revealed West Midlands as a hotspot for employee fraud. The region h...

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022 Explore More

    News

    Danske Bank Expecting Huge Profit Rebound as Money Laundering Case Ends

    Danske Bank expects a massive rebound in earnings this year, 2023, after the closure of the money...

    Danske Bank Expecting Huge Profit Rebound as Money Laundering Case Ends Explore More

    News

    Bipartisan Senators Propose Amendment of the National Defense Authorization Act to Prevent Crypto Money Laundering

    Bipartisan lawmakers in the US amended the obligations of anti-money laundering and updated the N...

    Bipartisan Senators Propose Amendment of the National Defense Authorization Act to Prevent Crypto Money Laundering Explore More

    News

    EU to Introduce Sixth ‘Anti-Money Laundering Authority’ for Crypto Oversight

    The European Union is planning to introduce the sixth “Anti Money Laundering Authority” to look u...

    EU to Introduce Sixth ‘Anti-Money Laundering Authority’ for Crypto Oversight Explore More

    News

    FCA Alerts Crypto Firms to prepare for Advertising Rule Change

    The UK Financial Watchdog has alerted all Crypto firms to be prepared for advertising rule change...

    FCA Alerts Crypto Firms to prepare for Advertising Rule Change Explore More

    News

    Financial Watchdogs Flags Crypto Mixer Stoking as a Potential Risk For Money Laundering

    Cryptocurrencies are highly criticized by financial watchdogs and governments for potential risk ...

    Financial Watchdogs Flags Crypto Mixer Stoking as a Potential Risk For 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

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report

    The report has highlighted areas of high priority that need further study and the risks associate...

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report 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

    California to Reopen its Economy with COVID Vaccine and Testing Requirements

    After more than a year of COVID-19 restrictions, the State of California to finally reopen its ec...

    California to Reopen its Economy with COVID Vaccine and Testing Requirements Explore More

    News

    Dubai Court Sentences Gang of 18 for Charges of Money Laundering

    The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...

    Dubai Court Sentences Gang of 18 for Charges of Money Laundering 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

    Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions

    Financial institutions faced trade-based money laundering as a new threat since the digitalisatio...

    Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions Explore More

    News

    MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime

    The Ministry of Economy and Finance (MEF) brought about new tax rules on commercial gambling busi...

    MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime Explore More

    News

    UAE to Step Up AML Measures to Avoid FATF’s Gray List

    After FATF’s warning to grey list the UAE for AML failures, the region is set to step up complian...

    UAE to Step Up AML Measures to Avoid FATF’s Gray List Explore More

    News

    RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

    The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

    RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

    News

    Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering

    Australian Federal Police has set up a new multi-agency task force to fight prevailing financial ...

    Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering Explore More

    News

    Australia DTA Consults on Upcoming “Trusted Digital Identity Bill”

    The consultation will facilitate the Trusted Digital Identity Bill, making digital identity syste...

    Australia DTA Consults on Upcoming “Trusted Digital Identity Bill” Explore More

    News

    HKMA Issues Guide for Regtech Adoption in Customer Monitoring

    The second guide published by the HKMA will allow banks to test their internal measures and infra...

    HKMA Issues Guide for Regtech Adoption in Customer Monitoring Explore More

    News

    UAE Grants Russian Lender a Rare Banking Licence to Operate in the Region

    The CBUAE has approved a banking licence for Russia’s MTS bank, a move that risks deepening...

    UAE Grants Russian Lender a Rare Banking Licence to Operate in the Region Explore More

    News

    HKMA imposed a HK$6 million fine on Commerzbank for AML Failure

    HKMA imposed a HK$6 million fine on Commerzbank for anti-money laundering failure. The bank has b...

    HKMA imposed a HK$6 million fine on Commerzbank for AML Failure Explore More

    News

    U.S States Open up to the Idea of Digital IDs in Post Pandemic World

    The ID cards that were used by millions of people as proof of their identity may soon become a th...

    U.S States Open up to the Idea of Digital IDs in Post Pandemic World Explore More

    News

    RBI Allows Multinational Banks to Retain Limited Data Abroad for AML Screening

    KYC data can be retained in offshore bank branches for the purpose of sanctions and AML screening...

    News

    Customers warned of scams by the UK banking lobby amid COVID-19

    Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

    Customers warned of scams by the UK banking lobby amid COVID-19 Explore More

    News

    BaFin Demands Deutsche Bank to Tighten its AML Controls

    The financial regulatory authority in Germany, BaFin (Federal Financial Supervisory Authority) ha...

    BaFin Demands Deutsche Bank to Tighten its AML Controls Explore More

    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

    Luxembourg Updates AML Laws for Verification of Beneficial Ownership

    Luxembourg has amended its Anti-Money Laundering regulation requiring practitioners to identify b...

    Luxembourg Updates AML Laws for Verification of Beneficial Ownership Explore More

    News

    FCA Under Pressure for Compliance and Authorisation Delays

    The FCA is being approached by regulatory experts due to backlogs in the provision of regulatory ...

    FCA Under Pressure for Compliance and Authorisation Delays Explore More

    News

    FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments

    FinCEN alerted all the Financial Institutions warning about the risk of investment from sanctione...

    FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments Explore More

    News

    Cloudflare Discloses Another huge DDoS Attack

    Amid the COVID-19 outbreak, a surf in internet traffic can be seen and thus, an increase in cyber...

    Cloudflare Discloses Another huge DDoS Attack Explore More

    News

    Tether Executives to Face DOJ Bank Fraud Probe

    Since its inception in 2014, Tether has become the third-largest cryptocurrency platform in the w...

    Tether Executives to Face DOJ Bank Fraud Probe Explore More

    News

    The UK Introduces Beneficial Ownership Register for Overseas Entities

    The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

    The UK Introduces Beneficial Ownership Register for Overseas Entities Explore More

    News

    Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs

    The Australian Senate’s inquiry will be examining the impact of bringing DNFBPs under the AML/CFT...

    Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs Explore More

    News

    UK’s Regulatory Agencies not Coming Slow Against Money Laundering

    HM Revenue & Customs carried out an extensive investigation on the UK’s real-estate agencies ...

    UK’s Regulatory Agencies not Coming Slow Against Money Laundering Explore More

    News

    SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation

    A business organization is being penalized £14,000 by the Solicitors Regulation Authority (SRA) f...

    SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation 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

    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

    Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M

    Investigators suspect that the criminal gang laundered part of the cash through casinos in Macau....

    Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M Explore More

    News

    FBI Springfield Warns of Growing Fraud Targetting the Elderly

    The FBI has warned people of growing elderly fraud.  As per the Internet Crime Complaint Center&#...

    FBI Springfield Warns of Growing Fraud Targetting the Elderly Explore More

    News

    Roll-out of vital banking fraud check postponed again due to Coronavirus

    A crucial banking security check that could avert the loss of millions of pounds to internet frau...

    Roll-out of vital banking fraud check postponed again due to Coronavirus Explore More

    News

    FATF Updates Guidance on Strengthening Beneficial Ownership Information

    The Financial Action Task Force (FATF), in recommendation 24, established the first international...

    FATF Updates Guidance on Strengthening Beneficial Ownership Information Explore More

    News

    EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions

    The European Banking Authority (EBA) published findings on money laundering and terrorism financi...

    EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions Explore More

    News

    US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit

    A US court dismissed the Security Exchange Commission (SEC) lawsuit against the Uniswap protocols...

    US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit Explore More

    News

    Southern District of New York Alleges Danske Bank against Serious AML Scandal

    SDNY sentences Danske Bank with three years of probation on the tale of whistleblowing and mislea...

    Southern District of New York Alleges Danske Bank against Serious AML Scandal 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