The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Dubai KYC consortium to enhance UAE bank profits

Dubai KYC consortium to enhance UAE bank profits

According to Moody’s Investors Service, the recently formed Know Your Customer (KYC) consortium is a significant development for the United Arab Emirates (UAE) banks. They believe Blockchain-powered technologies will facilitate a swift and secure transfer of authentic customer data and documents which will establish enhanced compliance with global KYC regulations and minimize the risk of identity theft.

The National also referred to this in their tweet:

Additional qualified financial institutions and licensing authorities will be able to join the KYC platform once it opens up this quarter. Dubai Economy, Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank and Commercial Bank of Dubai will be among the key members of the consortium. 

According to the Assistant Vice President of Moody’s, Mik Kabeya, the creation of this consortium is credit positive for UAE banks and it supports asset quality and profitability. Moody’s believes that non-compliance with KYC regulations, especially for anti-money laundering and terrorist financing, can have legal implications and result in huge sanctions for banks. The reputation of financial institutions can also be damaged significantly.

In addition, miscalculation of banks’ collection and mismanagement of KYC data will also be prevented through the platform. The future vision for the consortium-run ecosystem is to serve the greater good by refining the ease of conducting business as well as overall regulatory compliance in the United Arab Emirates. The consortium’s operations will be monitored by Smart Dubai and the UAE Central Bank. 

Kabeya expects that the platform will assist in credit risk management due to the availability of improved data for client underwriting and debt collection. He stated, 

“The consortium will support the franchises and profitability of UAE banks by improving customer service through shorter turnaround times for customer onboarding, including opening a bank account.” 

Furthermore, it is believed that the financial cost of paper-based KYC data acquisition will also be reduced.

Related Posts

News

Latvia Struggles with Flow of Illicit Money Despite Regulatory Crackdown

Latvia continues to face illicit financial flow despite the regulatory crackdown that shut down t...

Latvia Struggles with Flow of Illicit Money Despite Regulatory Crackdown Explore More

News

Federal Prosecutors to End Criminal Investigations on Gambling Site ‘5Dimes’

5Dimes is a Costa Rica-based online gambling site that took bets from the US clients illegally. P...

Federal Prosecutors to End Criminal Investigations on Gambling Site ‘5Dimes’ Explore More

News

Officials Concerned about the Russian Money Laundering Done Through the UK

The top officials in the UK have shown their concerns about the disturbing regularity of the Russ...

Officials Concerned about the Russian Money Laundering Done Through the UK Explore More

News

Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash

Assets worth over $10 million have been seized after an international investigation into money la...

Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash Explore More

News

Australian Government to Extend AML and CTF Regime

The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...

Australian Government to Extend AML and CTF Regime 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

FATF Highlights the Increasing Risk of Trade-Based Money Laundering

FATF- Financial Action Task Force is warning businesses of the risk they face regarding trade-bas...

FATF Highlights the Increasing Risk of Trade-Based Money Laundering Explore More

News

$196M Lost in BitMart Hack, Crypto Analysts Warn More Will Come

BitMart, one of the world’s largest cryptocurrency exchanges, lost $196 million in a recent...

$196M Lost in BitMart Hack, Crypto Analysts Warn More Will Come Explore More

News

UK Government to Crackdown Corruption Under New AML laws

Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...

UK Government to Crackdown Corruption Under New AML laws Explore More

News

FATF to Blacklist Myanmar Over Money Laundering Concerns

Myanmar faces a blacklisting threat by a FATF because of AML compliance failure and weak regulati...

FATF to Blacklist Myanmar Over Money Laundering Concerns Explore More

News

US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions

The infrastructure bill proposed in the US Congress aims at revamping how crypto exchanges perfor...

US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions 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

El Salvador Must Address Bitcoin’s Risks, Demands IMF

The IMF has urged El Salvador to address the risk associated with the adoption of bitcoin as a le...

El Salvador Must Address Bitcoin’s Risks, Demands IMF Explore More

News

UK Government to Introduce Age Verification Laws For Adult Websites

To restrict minors’ access to adult-oriented content, the UK government is working on impos...

UK Government to Introduce Age Verification Laws For Adult Websites Explore More

News

Belgian financial sector launches campaign to help consumers avoid online fraud

The financial sector’s federation, Fibelfin, is initiating a campaign to respond to the sense of ...

Belgian financial sector launches campaign to help consumers avoid online fraud Explore More

News

Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe

Brazilian authorities have seized R$172 million from an investigation carried out into money laun...

Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe Explore More

News

UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance

The UAE’s Ministry of Economy now starts the inspections of Designated Non-Financial Businesses a...

UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance Explore More

News

Over 6000 BVNs Under Scrutiny for Fraudulent Transactions, Reveals CBN

The Central Bank of Nigeria (CBN) has revealed that more than 6000 Bank Verification Numbers (BVN...

Over 6000 BVNs Under Scrutiny for Fraudulent Transactions, Reveals CBN Explore More

News

China Announces New Office To Combat Money Laundering

An office devoted to combating money laundering and ensuring financial institutes comply with Ant...

China Announces New Office To Combat Money Laundering 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

FATF Report Highlights Weaknesses in South Africa’s AML Systems

South Africa has a solid legal framework to combat money laundering and terrorist financing but h...

FATF Report Highlights Weaknesses in South Africa’s AML Systems Explore More

News

UBS to Restrict Credit Suisse Bankers After Takeover

The bankers of Credit Suisse (CSGN.S) will be subjected to tighter regulations introduced by UBS ...

UBS to Restrict Credit Suisse Bankers After Takeover Explore More

News

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines Explore More

News

South Africa Earmarked R265 Million to Get Off FATF’s Greylist

Finance Minister Enoch Godongwana announced on Tuesday that allocating R265 Million is one of sev...

South Africa Earmarked R265 Million to Get Off FATF’s Greylist Explore More

News

One Million Student Records Compromised by E-Learning Sites

About one million online student records that contain personal information of students have been ...

One Million Student Records Compromised by E-Learning Sites Explore More

News

Officials Concerned about the Russian Money Laundering Done Through the UK

The top officials in the UK have shown their concerns about the disturbing regularity of the Russ...

Officials Concerned about the Russian Money Laundering Done Through the UK Explore More

News

U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities

The U.K plans to crack down on money laundering activities, legislate new laws to register foreig...

U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities Explore More

News

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

News

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June

Philippine’s SEC has ordered all financing and lending companies to submit their plans for the im...

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June Explore More

News

European Union Drafts Crypto Transfer Legislation to Curb Money Laundering

The European Union has introduced legislation to identify crypto transfers as part of wider anti-...

European Union Drafts Crypto Transfer Legislation to Curb Money Laundering 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

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

$4.4 Billion Worth Cryptocurrency Stolen in 2019

The crypto analytics firm, CipherTrace released its Q3 2019 Cryptocurrency Anti-Money Laundering ...

$4.4 Billion Worth Cryptocurrency Stolen in 2019 Explore More

News

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures

The Philippine financial system did not comply with international Financial Action Task Force (FA...

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures Explore More

News

UAE startup relies on Blockchain to flatten COVID-19 curve

In5, UAE based start-up incubator, is assisting to design blockchain-based techniques to suppress...

UAE startup relies on Blockchain to flatten COVID-19 curve Explore More

News

BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit

BC has released a money laundering report that carries multiple recommendations and includes the ...

BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit Explore More

News

NFT Market Skyrockets to $44 Billion as Money Laundering Increases

The non-fungible token (NFT) market value has increased from $106 million in 2020 to $44 billion ...

NFT Market Skyrockets to $44 Billion as Money Laundering Increases Explore More

News

Taiwan FSC Fines Taishin Int’l Bank For Inadequate Internal Controls

Taishin Commercial Bank of Taiwan penalised for defrauding NT $347 million from customers and fai...

Taiwan FSC Fines Taishin Int’l Bank For Inadequate Internal Controls Explore More

News

UK Publishes First National Risk Assessment of Proliferation Financing

The UK is at a high risk of proliferation financing for Korea and Iran, while UK financial instit...

UK Publishes First National Risk Assessment of Proliferation Financing Explore More

News

FinCEN Extends the Comment Period of Virtual Currency Regulations

FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

News

Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List

Implementing an enhanced AML/CFT framework brings terrific news for Mauritius as they are off FAT...

Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List Explore More

News

Seattle Airport Resists Federal Push for Facial Recognition

Facial recognition technology won’t be installed at the boarding gates of the Seattle-Tacoma Inte...

Seattle Airport Resists Federal Push for Facial Recognition Explore More

News

Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries

A data breach in May 2023 exposed the personal information of 612,000 Medicare beneficiaries, inc...

Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries Explore More

News

Archipelago Trading Fined $1.5 Million for SAR and AML Failings

The US Security and Exchange Commission (SEC) fined the Archipelago Trading company over the shor...

Archipelago Trading Fined $1.5 Million for SAR and AML Failings Explore More

News

One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abu...

One in Three Western Australians Experience Financial Frauds – Bankwest 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

FATF’s New Regulations Will Help Sanctions Find Russian Targets

The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...

FATF’s New Regulations Will Help Sanctions Find Russian Targets Explore More

News

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings

The UK Gambling Commission has charged the Kindred Group with a hefty £4.19-million (US$5.15 mill...

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings Explore More

News

Sri Lanka Central Bank to Take Criminal Action Against Suspects of $47 Million Crypto Scam

The Central Bank of Sri Lanka is considering criminally prosecuting operators of a Sports Chain c...

Sri Lanka Central Bank to Take Criminal Action Against Suspects of $47 Million Crypto Scam Explore More

News

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes

Bank Negara Malaysia announced additional security measures for financial institutions to strengt...

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes Explore More

News

CBUAE Introduces New Program to Boost Digital Transformation in Financial Services

UAE Central Bank has introduced a program that includes a new digital currency, open finance and ...

CBUAE Introduces New Program to Boost Digital Transformation in Financial Services Explore More

News

California university pays a million-dollar crypto ransom

As per reports, the University of California reportedly paid a huge ransom of $1.14 million in cr...

California university pays a million-dollar crypto ransom Explore More

News

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations

After the two-year investigation, the United Kingdom Gambling Commission (UKGC) imposed EUR 3.8 m...

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations Explore More

News

Swedish Bank SEB Accused of Money Laundering

Investigations done by the news agency TT and broadcaster SVT revealed that 25 SEB clients record...

Swedish Bank SEB Accused of Money Laundering Explore More

News

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme

A Georgian billionaire, Bidzina Ivanishvili, has sued the Swiss bank, Credit Suisse over a Fraud ...

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme Explore More

News

London has been Dubbed as a Money Laundering Base

The UK’s capital has been dubbed as a potential hotbed for organised crime, especially after Brex...

London has been Dubbed as a Money Laundering Base Explore More

News

Face Detection Tool to Fight Bots Under Trial by Facebook

Facebook is currently battling a $35 billion class-action lawsuit for alleged misuse of facial re...

Face Detection Tool to Fight Bots Under Trial by Facebook Explore More

News

UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes

The Minister of Foreign Affairs said that the UAE is making “strong progress” to prevent illicit ...

UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes Explore More

News

Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud

Sophisticated invoice redirect fraud in Ireland has resulted in the loss of €10 Million for busin...

Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud Explore More

News

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering

Taiwan’s top financial regulator is set to become the primary oversight body to monitor the...

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering Explore More

News

Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing

The Nigerian House of Representatives Committee on Financial Crimes stated they would design stri...

Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing Explore More

News

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations

After the two-year investigation, the United Kingdom Gambling Commission (UKGC) imposed EUR 3.8 m...

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations Explore More

News

Germany to Implement the 6th AML Directive to Secure Financial Firms

The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

News

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively

Singapore, Cyprus, and the US are stepping up their efforts to curb financial crimes while aiming...

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively 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

A lawsuit is filed against LifeLabs for a data breach incident

As reported earlier, the Canadian laboratory testing company, LifeLabs was hit with a cyber-attac...

A lawsuit is filed against LifeLabs for a data breach incident Explore More

News

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’

The Russian government has banned the new website Bits.media for allegations of promoting illicit...

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’ Explore More

News

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

News

US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures

The Federal Reserve announced on July 20th that it had fined Deutsche Bank (DBKGn.DE) and some of...

US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures Explore More

News

Kansas Reports Highest Number of Identity Theft Cases in 2020

New research conducted reveals that Kansas State has been ranked at number one for having the mos...

Kansas Reports Highest Number of Identity Theft Cases in 2020 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

UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance

The UAE’s Ministry of Economy now starts the inspections of Designated Non-Financial Businesses a...

UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started