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

    3.148.211.202

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

    dhs fine

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

    The UAE Central Bank has penalized banks for violating anti-money laundering regulations. The decision was made in accordance with Article 14 of Decree No.20 of 2018 on Anti-Money Laundering (AML), Counter-Financing Terrorism (CFT), Financing Illegal Organizations (FIO), and in accordance with compliance legislated by the Central Bank Board of Directors.

    Dhs19.5 million was imposed against the bank for AML failure. It was mandated by the Central Bank to designate a counselor to address and eliminate loopholes in the AML framework to counter money laundering activities and to take immediate action against the suspects.

    Central Bank of UAE to collaborate with the local banks and money exchanges to meet regulatory requirements and aid to resolve AML shortcomings that have been brought to attention.

    Additionally, on November 4, 2021, the Central Bank also imposed a fine of Dhs19.5 million on the bank for failing to implement adequate follow-up procedures against money laundering.

    It’s important to note that the UAE’s Anti-Money Laundering law requires all banks to maintain sufficient levels of follow-up. The Central Bank gave suspected financial institutions considerable time to eliminate the AML shortcomings.

    However, the Central Bank representative said, “All banks operating in the UAE are required to attain the appropriate levels of AML/CFT compliance standards, having been allowed ample time by the Central to remedy any shortcomings. Where those shortcomings remain, the Central Bank will impose financial sanctions. The Central Bank will continue to work closely with all licensed financial institutions in the country to achieve and maintain high levels of AML/CFT compliance, and will continue to impose further administrative and/or financial sanctions, as per the law, in cases of non-compliance.” 

    Suggested Read: UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

    Related Posts

    News

    AUSTRAC Denounces De-banking Practices To Prevent Financial Crimes

    AUSTRAC stated that de-banking is a complex global problem as it multiplies the risks faced by fi...

    AUSTRAC Denounces De-banking Practices To Prevent Financial Crimes Explore More

    News

    Scammers Set to Defraud this Holiday Season, FBI Warns!

    This holiday season, New Mexican shoppers are at risk of facing scammers. Criminals are all set t...

    Scammers Set to Defraud this Holiday Season, FBI Warns! Explore More

    News

    New Zealand to Introduce New Bill for Public Beneficial Ownership Register

    New Zealand has initiated a crackdown against corporate secrecy after the Pandora papers and look...

    New Zealand to Introduce New Bill for Public Beneficial Ownership Register Explore More

    News

    Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

    Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

    Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

    News

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches

    The Financial Services Analysis Unit (FIAU) FIAU has fined Triton Capital Markets Limited  €227,0...

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches Explore More

    News

    AUSTRAC to Update Guidance for Threshold Transaction Reporting

    AUSTRAC has made it mandatory for reporting entities to include a threshold transaction report (T...

    AUSTRAC to Update Guidance for Threshold Transaction Reporting Explore More

    News

    Mishcon de Reya fined £232,500 for AML Failures

    London’s leading firm, Mishcon De Reya has been fined EUR 232,500 over failing Anti-Money Launder...

    Mishcon de Reya fined £232,500  for AML Failures Explore More

    News

    U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

    U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...

    U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism Explore More

    News

    LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People

    Canadian laboratory testing company, LifeLabs, disclosed on Tuesday that it had been a victim of ...

    LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People Explore More

    News

    2021 to Set New Record for Most Data Breaches in a Year

    Studies have shown a staggering 1,291 data breaches till the end of September this year, exceedin...

    2021 to Set New Record for Most Data Breaches in a Year Explore More

    News

    Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

    The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

    Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog Explore More

    News

    Ireland Mandates Registration of Crypto Firms Under AML Laws

    Ireland has taken new measures to regulate crypto businesses under the AML law for the first time...

    Ireland Mandates Registration of Crypto Firms Under AML Laws Explore More

    News

    New Zealand Forces Banks To Strengthen Their Security Measures

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

    New Zealand Forces Banks To Strengthen Their Security Measures Explore More

    News

    Kenya Flags Betting Jackpots as Possible Avenues for Money Laundering

    Kenya has flagged the mega jackpots paid to the punters in the country as the possible avenues fo...

    Kenya Flags Betting Jackpots as Possible Avenues for Money Laundering Explore More

    News

    China Strengthens Anti-Money Laundering Rules for Financial Institutions

    China has taken steps to improve financial institutions’ measures to combat money laundering by p...

    China Strengthens Anti-Money Laundering Rules for Financial Institutions Explore More

    News

    Surge in Identity Theft Frauds During Covid-19

    According to new data from the Federal Trade Commission (FTC), identity theft has risen to the nu...

    Surge in Identity Theft Frauds During Covid-19 Explore More

    News

    Ransomware attack on insurance MSP Xchanging affects customers

    DXC Technology, a global IT solutions provider reported a ransomware attack to the US Exchange Co...

    Ransomware attack on insurance MSP Xchanging affects customers Explore More

    News

    U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities

    The US Department of the Treasury recently issued its National Risk Assessment for Money Launderi...

    U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities Explore More

    News

    Finance Minister Şimşek States Turkey will Devote Itself to the Prevention of Money Laundering

    Deputy Treasury and Finance Minister Mehmet Şimşek stated that Türkiye would counter terrorist fi...

    Finance Minister Şimşek States Turkey will Devote Itself to the Prevention of Money Laundering Explore More

    News

    Singapore Under High Scrutiny Amid Money Laundering Scandal

    Singapore, an immaculate business hub, is under fire for one of the largest money laundering case...

    Singapore Under High Scrutiny Amid Money Laundering Scandal Explore More

    News

    Singaporean Banks Enhance Security to Combat Financial Crime

    The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...

    Singaporean Banks Enhance Security to Combat Financial Crime Explore More

    News

    Shufti Introduces Digital COVID Pass for COVID Test Verification

    Shufti has launched a Digital Covid Pass solution to promptly verify the COVID PCR-test repor...

    Shufti Introduces Digital COVID Pass for COVID Test Verification 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

    FATF to Conduct Checks & ‘Gray List’ Countries to Enforce Crypto AML Regulations

    Global financial watchdog FATF has planned to perform checks and ‘grey list’ countries to ensure ...

    FATF to Conduct Checks & ‘Gray List’ Countries to Enforce Crypto AML Regulations Explore More

    News

    CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

    Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

    CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority Explore More

    News

    Transparency International Declares South Sudan Second Most Corrupt Country

    In the East African region, South Sudan has been ranked as the most corrupt country in the world....

    Transparency International Declares South Sudan Second Most Corrupt Country Explore More

    News

    Visa: CBDC is the most important trend in payments

    According to Visa’s Head of Crypto, Central Bank Digital Currencies, or CBDC, seems to be one of ...

    Visa: CBDC is the most important trend in payments Explore More

    News

    IPEC to Collaborate With FIU to Improve AML Framework

    IPEC to collaborate with FIU to identify terrorist financing and money laundering risks that are ...

    IPEC to Collaborate With FIU to Improve AML Framework Explore More

    News

    Transparency International Declares South Sudan Second Most Corrupt Country

    In the East African region, South Sudan has been ranked as the most corrupt country in the world....

    Transparency International Declares South Sudan Second Most Corrupt Country Explore More

    News

    Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients

    The Cambridge University Hospital admitted they mistakenly leaked over 22,000 pregnant women and ...

    Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients Explore More

    News

    UAE adopts digital identity and blockchain to fight COVID-19

    Taking into account the recent Coronavirus outbreak, UAE’s Ministry of Community Development (MOC...

    UAE adopts digital identity and blockchain to fight COVID-19 Explore More

    News

    MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework

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

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

    News

    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

    Chinese Tech Groups Shaping UN Facial Recognition Standards

    Leaked documents reveal that Chinese tech giants are developing the United Nations’ standards for...

    Chinese Tech Groups Shaping UN Facial Recognition Standards Explore More

    News

    California’s EDD is Falling Behind in Legitimate Unemployment Claims

    According to a report by Calmatters, California’s Employment Development Department is lacking be...

    California’s EDD is Falling Behind in Legitimate Unemployment Claims Explore More

    News

    SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks

    The South Africa Reserve Bank (SARB)’s Prudential Authority has issued a guidance note to banks f...

    SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks Explore More

    News

    FCIU Uncovers Money Laundering Patterns Through Social Media Scams

    South Yorkshire law enforcement authority has seized EUR 70,000 placed in the illicit gambling ac...

    FCIU Uncovers Money Laundering Patterns Through Social Media Scams Explore More

    News

    China’s cyberspace regulators approve 224 blockchain ventures

    China’s Office of the Central Cyberspace Affairs Commission (OCCAC) has recently announced a new ...

    China’s cyberspace regulators approve 224 blockchain ventures Explore More

    News

    European Commission Lists Online Gambling a High-Risk Sector for Money Laundering

    The European Commission has listed online gambling as a high-risk avenue for money laundering aft...

    European Commission Lists Online Gambling a High-Risk Sector for Money Laundering Explore More

    News

    Court Filing Reveals that Hundreds of Roblox users Are Laundering Money Using In-Game Currency

    Roblox, one of the popular video game platforms having over 58 million users, is being used to la...

    Court Filing Reveals that Hundreds of Roblox users Are Laundering Money Using In-Game Currency Explore More

    News

    Albanian Financial Supervision Authority Approves Crypto Licensing Regime

    Albanian Financial Supervision Authority has approved a licensing regime for crypto exchanges for...

    Albanian Financial Supervision Authority Approves Crypto Licensing Regime Explore More

    News

    Kenya Accuses Two Leading African FinTech Firms of Operating Without Licenses

    Two of Africa’s top FinTech companies have been accused by the Kenyan central bank of alleg...

    Kenya Accuses Two Leading African FinTech Firms of Operating Without Licenses Explore More

    News

    US Courtrooms Ponder Over the Photo ID Requirement for Voters

    The US courtrooms are again facing the debate over the use of photo identification for voters. A ...

    US Courtrooms Ponder Over the Photo ID Requirement for Voters Explore More

    News

    Turkey Mandates NFC-based Identity Verification for Customer Onboarding

    Turkey’s regulatory body, Banking Regulation and Supervision Agency (BRSA) has issued new regulat...

    Turkey Mandates NFC-based Identity Verification for Customer Onboarding 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

    Investment platforms on target of Criminals to Launder Stolen COVID Relief funds

    Sophisticated fraudsters with expert knowledge in tech are stealing the COVID-19 relief funds fro...

    Investment platforms on target of Criminals to Launder Stolen COVID Relief funds 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

    Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues

    The Judiciary of Guyana organised a two-day conference in collaboration with the US Department of...

    Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues Explore More

    News

    EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals

    Brussels plans to pursue the strengthening of powers of the EU agencies to combat money launderin...

    EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals 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

    California’s EDD is Falling Behind in Legitimate Unemployment Claims

    According to a report by Calmatters, California’s Employment Development Department is lacking be...

    California’s EDD is Falling Behind in Legitimate Unemployment Claims 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

    Authorities Warn that the Current Crypto Landscape is Plagued with Scam

    According to the Connecticut State Police, the emerging virtual cryptocurrency market is prone to...

    Authorities Warn that the Current Crypto Landscape is Plagued with Scam Explore More

    News

    FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

    FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

    FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

    News

    Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws

    Global law firm Clyde & Co. was fined £500,000 ($635,613) on 11 January for multiple breaches...

    Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws Explore More

    News

    Elon Musk proposes regulations on artificial intelligence

    ”Organizations developing artificial intelligence must be regulated”, says Elon Musk. This is not...

    Elon Musk proposes regulations on artificial intelligence 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

    Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards

    A hacker group “Keeper” developed an interconnected network of over 570 eCommerce sites to steal ...

    Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards Explore More

    News

    PHL Ranking Declines in the Corruption Index, Reveals GRP

    According to the Global Risk Profile (GRP), the ranking of the Philippines in the corruption inde...

    PHL Ranking Declines in the Corruption Index, Reveals GRP 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

    Ransomware attacks increase as more people work from home

    According to a study published by the cybersecurity firm, Proofpoint, there has been an increase ...

    Ransomware attacks increase as more people work from home Explore More

    News

    New European Legislative Proposals to Transform the Digital Platforms

    A new act is proposed by the European Commission to enhance digital spaces. A new set of rules ha...

    New European Legislative Proposals to Transform the Digital Platforms 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

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering

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

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

    News

    Video KYC: The New Normal in the Insurance Industry

    Since everything is moving to digital platforms, the Insurance Regulatory and Development Authori...

    Video KYC: The New Normal in the Insurance Industry Explore More

    News

    Local Election Officials’ Emails Could be at risk for phishing attempts

    Cybersecurity firm Area 1 found 666 of 10,000 election workers used personal email accounts Accor...

    Local Election Officials’ Emails Could be at risk for phishing attempts Explore More

    News

    US Regulators to Sharpen AML Expectations For Crypto Sector

    The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...

    US Regulators to Sharpen AML Expectations For Crypto Sector Explore More

    News

    Singaporean Banks Enhance Security to Combat Financial Crime

    The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...

    Singaporean Banks Enhance Security to Combat Financial Crime Explore More

    News

    UK Launches New Crypto Asset Promotion Rules

    The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

    UK Launches New Crypto Asset Promotion Rules Explore More

    News

    EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals

    Brussels plans to pursue the strengthening of powers of the EU agencies to combat money launderin...

    EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals 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

    California’s EDD is Falling Behind in Legitimate Unemployment Claims

    According to a report by Calmatters, California’s Employment Development Department is lacking be...

    California’s EDD is Falling Behind in Legitimate Unemployment Claims 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