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

    216.73.216.22

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

    n-img-eba

    The European Banking Authority (EBA) published findings on money laundering and terrorism financing risks in EU payment institutions, highlighting non-compliance with the regulations as a primary culprit behind the increased risks. 

    The European Banking Authority (EBA) conducted an assessment in 2022 on risks associated with money laundering (ML) and terrorism financing (TF) in the EU payment institutions (PIs) sector. On 16th June 2023, EBA published its findings on the issues highlighting ML/TF risks in said institutions. Among various discoveries, the report sheds light on the poor assessment and management of ML/TF risks by the payment institutions and their supervisors. 

    The EBA solidifies its stance on the assessment by stressing that this report underlines the dual benefits of addressing points discussed in the report. Compliance with the report will not only safeguard the EU single market from money laundering but will also improve payment accounts access by PIs. 

    Under Article 9a(5) of Regulation (EU) 1095/2010, the European Banking Authority is mandated to conduct risk assessments on money laundering and terrorism financing risks that pose a significant threat to the EU’s economy and its financial sector. On the same note, Directive (EU) 2015/849 (‘AMLD’) subjects payment institutions to undergo risk assessments for the aforementioned risks.  

    The EBA’s comprehensive risk assessment relied on inputs from several sources, including:

    • Peer Review on PI Authorisation under Revised PSD2.
    • Questionnaire Responses and Bilateral Interviews from EU supervisors.
    • Data Extracted from EuReCA Database

    Most importantly, the purpose of the 2022 assessment was to shed light on the following issues. Firstly, the authority wanted to get a clear picture of the ML/TF risks that plague PIs. Determining the scale and nature of the said risks was conducted under the same objective. The second goal was to understand the extent of the efficacy of countermeasures in place. 

    Following the assessment, the report highlighted that payment institutions allow cross-border transactions paired with anonymity, increasing the risk of inherent ML/TF issues. Such risks are amplified by the emergence of virtual IBANs and third-party merchant acquiring practices. The report notes that these risks result from inconsistent authorisation practices prevalent across the EU, paired with incompetent AML/CFT staff in the payment institutes. It also puts into perspective the inefficiency and weaknesses of PIs in maintaining system controls for ML/TF risk identification and mitigation. 

    The report concluded that competent supervisors and authorities are not fulfilling their legal obligations with respect to the monitoring of ML/TF risks across the payment institutes.

    Suggested Reads: 

    EBA ISSUES GUIDANCE ON THE ROLES OF AML/CFT COMPLIANCE OFFICERS

    EU PLANS FOR NEW ANTI-MONEY LAUNDERING AGENCY

    EBA ISSUES DRAFT TO SET UP CENTRAL DATABASE FOR AML AND CFT

    Related Posts

    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

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor

    The European Union should contemplate creating an independent agency to supervise anti-money laun...

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor Explore More

    News

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

    HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations Explore More

    News

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

    The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

    News

    Financial Regulators in China Ban Bitcoin Trading for Financial Security

    China imposed a fresh ban on the cryptocurrency sector making the price of bitcoin fall below $34...

    Financial Regulators in China Ban Bitcoin Trading for Financial Security Explore More

    News

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report

    The Canadian gambling sector is on its toes after Commissioner Austin Cullen’s report revealed in...

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report Explore More

    News

    Fintech funding dwindles amidst Coronavirus pandemic

    Fintech funding reduced at the beginning of 2020 because the COVID-19 outbreak began to hit late ...

    Fintech funding dwindles amidst Coronavirus pandemic Explore More

    News

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes

    President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes Explore More

    News

    US State joins international task force targeting COVID-19 investment scams

    The Oregon Division of Financial Regulation has recently joined an international enforcement task...

    US State joins international task force targeting COVID-19 investment scams Explore More

    News

    Global AML Watchdog FATF Puts UAE on the Grey List

    The Paris-based Financial Action Task Force placed the UAE on the grey list for “strategic defici...

    Global AML Watchdog FATF Puts UAE on the Grey List Explore More

    News

    FATF applauds Korea’s AML and CFT efforts

    According to the FATF, Korea features a sound legal framework to tackle money concealment and ter...

    FATF applauds Korea’s AML and CFT efforts Explore More

    News

    UAE Levies Charges Over DH115 Million to Combat Money Laundering

    A total of Dh115 million ($31.3 million) has been fined by the UAE in its efforts to impede money...

    UAE Levies Charges Over DH115 Million to Combat Money Laundering Explore More

    News

    Australian Payment Network Reports 9.2% Increase in Payment Card Fraud

    AusPayNet reports that the e-commerce industry experienced a 9.2% rise in payment card fraud due ...

    Australian Payment Network Reports  9.2% Increase in Payment Card Fraud Explore More

    News

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns

    The liquidation of Satabank has affected prominent names with a massive due amount. The infirm se...

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns 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

    $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

    Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

    Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

    Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

    News

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US

    A small bureau of the U.S Treasury Department will take a lead, over the next year, in filling ou...

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US Explore More

    News

    Shufti is nominated for ‘Oustanding Product/ Service’

    Global business excellence awards nominated Shufti for the category of outstanding product/ s...

    Shufti is nominated for ‘Oustanding Product/ Service’ Explore More

    News

    Google to Improve its Compliance Program After BTC-e Data Loss

    Google has committed to strengthening its legal compliance program after losing data linked with ...

    Google to Improve its Compliance Program After BTC-e Data Loss Explore More

    News

    Canadian financial watchdog geared up for FATF compliance

    The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) plans on closely regul...

    Canadian financial watchdog geared up for FATF compliance 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

    House Bill Passed in Philippine to Enforce AML LAW

    House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

    House Bill Passed in Philippine to Enforce AML LAW Explore More

    News

    UAE to Include Crypto Framework in their 2021 Business Agenda

    The financial watchdogs in the UAE are looking towards developing a detailed crypto framework in ...

    UAE to Include Crypto Framework in their 2021 Business Agenda Explore More

    News

    Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection

    It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...

    Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection Explore More

    News

    Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors

    Digital currency exchanges in Hong Kong will be obliged to apply for a license prior to offering ...

    Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors Explore More

    News

    FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering

    Qatari authorities have taken naive action against crypto companies that violated a ban announced...

    FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering Explore More

    News

    US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF

    Pat Toomey, the US Senator, has requested Treasury Secretary Janet Yellen to “make significant re...

    US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF Explore More

    News

    UAE Delegation to Visit the US to Discuss AML Initiatives

    The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...

    UAE Delegation to Visit the US to Discuss AML Initiatives 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

    Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft

    Amazon said on Thursday, that it is going to challenge a $10 billion contract awarded to Microsof...

    Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft Explore More

    News

    Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges

    Hong Kong’s legislative council has amended its Anti Money Laundering and  Countering Terrorist F...

    Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges Explore More

    News

    Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF

    According to the annual report of Basel Index 2020, among the 141 countries, Kazakhstan is at 73r...

    Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF Explore More

    News

    UAE Establishes Anti-Money Laundering Bodies to Enhance Global Monitoring

    The United Arab Emirates is enhancing its money monitoring system to combat illicit cash flows, m...

    UAE Establishes Anti-Money Laundering Bodies to Enhance Global Monitoring Explore More

    News

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures

    Reports have revealed that Japan’s FSA and BOJ are seeking to better understand whether the curre...

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures Explore More

    News

    US government favours a hands-off approach to AI’s regulation

    The white house listed 10 principles that federal agencies should consider when drafting laws and...

    US government favours a hands-off approach to AI’s regulation Explore More

    News

    MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers

    The Malta Financial Services Authority (MFSA), Securities and Exchange Commission (SEC), and Fina...

    MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers Explore More

    News

    Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering

    According to Auditor General Bonnie Lysyk, Ontario’s casinos need to strengthen efforts in order ...

    Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering Explore More

    News

    US Regulators Worried about the Rise in Synthetic Identity Fraud

    Synthetic identity fraud, a financial crime in the USA, is on the rise. This has concerned the Un...

    US Regulators Worried about the Rise in Synthetic Identity Fraud Explore More

    News

    Updated AML Regulation for Australian Digital Currency Exchange

    The attorney-General proposed changes to AML/CTF frameworks in April 2023. The Australian Governm...

    Updated AML Regulation for Australian Digital Currency Exchange 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

    Transnational Organised Crime at Peak in Latin America through Cryptocurrencies

    Transnational criminal organisations that have moved billions of dollars across Latin America are...

    Transnational Organised Crime at Peak in Latin America through Cryptocurrencies Explore More

    News

    New White House Standards Strategy May Affect Crypto Industry KYC Regulations

    President Biden’s administration unveiled a national standards strategy on May 4, outlining eight...

    New White House Standards Strategy May Affect Crypto Industry KYC Regulations Explore More

    News

    Fake NFT Sold for £244k from Artist “Banksy’s” Website

    A fake link directed bidders to an online auction for Banksy’s NFT, which was posted on the now-d...

    Fake NFT Sold for £244k from Artist “Banksy’s” Website Explore More

    News

    South Africa Anticipates Removal from FATF Gray List in 2025

    The South African government is anticipating that they will address all the FATF international st...

    South Africa Anticipates Removal from FATF Gray List in 2025 Explore More

    News

    Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes

    Saudi authorities seized $1.06 million from a criminal gang accused of money laundering. The culp...

    Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes 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

    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

    Investment Scams Rising Through Fake Celebrity Endorsements

    Financial fraud through celebrity endorsement is becoming a primary concern as one in six firms o...

    Investment Scams Rising Through Fake Celebrity Endorsements Explore More

    News

    CBN Introduces Guidelines to Curb Money Laundering in the Financial Sector

    The Central Bank of Nigeria (CBN) has issued guidelines on anti-money laundering and combating th...

    CBN Introduces Guidelines to Curb Money Laundering in the Financial Sector Explore More

    News

    PayPal Announces Suspension of UK Crypto Purchases from October

    PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...

    PayPal Announces Suspension of UK Crypto Purchases from October Explore More

    News

    SRA Fines Oxfordshire Law Firm over Weak AML Controls

    The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

    SRA Fines Oxfordshire Law Firm over Weak AML Controls 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

    IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC

    New Delhi: On Tuesday, June 1st, the Internet and Mobile Association of India (IAMAI), announced ...

    IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC Explore More

    News

    Amazon patents block chain-based product authenticator

    The U.S. Patent and Trademark Office approved Amazon’s three-year-old “Distributed ledger certifi...

    Amazon patents block chain-based product authenticator Explore More

    News

    Central banks urged to introduce digital alternatives to cash

    According to a recent report from Positive Money, Central banks across the globe should issue a d...

    Central banks urged to introduce digital alternatives to cash Explore More

    News

    Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

    Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

    Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance 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

    Singapore Proposes Additional AML/CFT Requirements for FIs

    Monetary Authority Singapore has issued a consultation paper proposing the scope of AML/CFT to be...

    Singapore Proposes Additional AML/CFT Requirements for FIs Explore More

    News

    Shufti introduces react native app for customer convenience

    Recently, Shufti launched its react native app for enhanced customer convenience. Shufti ...

    Shufti introduces react native app for customer convenience Explore More

    News

    Australian Banks Ban High-Risk Digital Currency Transactions

    Australian banks, Bendigo and Adelaide, have banned high-risk digital transactions to protect the...

    Australian Banks Ban High-Risk Digital Currency Transactions Explore More

    News

    AUSTRAC Partners With UK Counterpart to Fight Fraud

    The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...

    AUSTRAC Partners With UK Counterpart to Fight Fraud 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

    New York Financial Department Releases Guidelines On Dollar-Backed Stable Coins

    The New York Financial Department has released “Guidance on the Issuance of U.S. Dollar-Backed St...

    New York Financial Department Releases Guidelines On Dollar-Backed Stable Coins Explore More

    News

    Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules

    After Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, 14th February, the Dep...

    Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules Explore More

    News

    ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards

    The Ohio Department of Jobs and Family Services (ODJFS) has estimated that approximately $506 mil...

    ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards Explore More

    News

    EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022

    EFCC has called on designated non-financial businesses and professions to conduct their dealings ...

    EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022 Explore More

    News

    Twitter Reveals Plans of Addressing Deepfakes

    Last month, Twitter announced that it was working on plans to better handle the rising issues of ...

    Twitter Reveals Plans of Addressing Deepfakes 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

    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

    FATF Issues New BO Requirements to Address Pandora Papers

    While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

    FATF Issues New BO Requirements to Address Pandora Papers Explore More

    News

    Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case

    Federal prosecutors in Switzerland are seeking compensation of $45 million in the Credit Suisse m...

    Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case 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