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

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms

    n-img-fatf

    FATF has published a report to call on the countries to the implementation of travel rules to understand the money laundering and terrorist financing risks more clearly within the crypto industry

    Most countries have not defined the complete laws to cope with the prevailing crypto crimes as defined by the global anti-money laundering watchdog. ​​Businesses would be required to submit information on cryptocurrency transactions under the rules. Only a small number of the nations examined by the Financial Action Task Force claimed to have passed the international standards, and only approximately a third of those countries said they had done so.

    The Financial Action Taskforce (FATF), based in Paris, which released the study, urged additional nations to enact travel restrictions in order to better understand the risks of money-laundering and terrorism funding in the cryptocurrency industry.

    Although there are technical ways to make it easier to follow travel regulations, FATF stated that the private sector still needs to improve international information exchange capabilities. 

    FATF added that it would keep an eye on new threats in the industry, such as the usage of cryptocurrencies to get around regulations and launder illegal ransomware attack proceeds.

    Commenting on the report the Senior Financial Crime Consultant at Fenergo, Ned Kulakowski stated: “Trying to push for greater information sharing around crypto is great in principle, but much harder to achieve in practice. The trading of crypto, by definition, means that personal data is recorded and stored on multiple computers across numerous locations around the world, as opposed to one central location. This in turn means that no one government or regulator controls the recording or storage of information.”

    He further added: “Different countries, jurisdictions and regulators have different views on how crypto should be regulated and what action should be taken if bad actors break the rules. Governments, law enforcement, businesses and financial institutions must continue to share timely information to intercept crime at the source. Only a collaborative approach, leveraging technology and data that inform and can be acted upon, will create a solid foundation for detecting and, crucially, preventing crypto crimes,”

    Suggested Read: FATF Urges Member Countries To Lead by Example in Implementing Travel Rule

    Related Posts

    News

    South African Government Passes Key AML and CFT Laws to Fight Financial Crimes

    South African government passes two significant laws to implement Anti Money Laundering and Count...

    South African Government Passes Key AML and CFT Laws to Fight Financial Crimes Explore More

    News

    UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms

    The UK government is looking to mandate the declaration of crypto holding in Self Assessment tax ...

    UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms 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

    Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam

    The American public is being alerted to the proliferation of fraudulent investment schemes. Crypt...

    Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam Explore More

    News

    UK MPs Call for Improved Crypto Regulations to Prevent Losses

    Ministers of the UK Parliament are calling for more rigid cryptocurrency regulations from the ASA...

    UK MPs Call for Improved Crypto Regulations to Prevent Losses Explore More

    News

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

    A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert. Explore More

    News

    Facebook’s New AI Can Help You Circumvent Facial Recognition

    Facial recognition technology is primarily used to detect and identify people but in a turn of ev...

    Facebook’s New AI Can Help You Circumvent Facial Recognition Explore More

    News

    UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai

    The UAE has frozen the assets of Ireland’s Kinahan Crime Syndicate, mounting the pressure on an o...

    UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai Explore More

    News

    Wells Fargo Hit With $37M Fine Over Forex Fraud

    Improper financial handling, defrauding others, and taking advantage of customers has become a no...

    Wells Fargo Hit With $37M Fine Over Forex Fraud Explore More

    News

    FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures

    Olimp Limited has dropped its gaming license since FIAU imposed €130,000 fine on the company for ...

    FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures Explore More

    News

    MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

    The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...

    MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports Explore More

    News

    Shufti beats 26 global competitors in the Video KYC challenge at MEFTECH KSA

    Yesterday, February 26, Shufti was announced the winner of the Lulu money’s Video KYC for Cus...

    Shufti beats 26 global competitors in the Video KYC challenge at MEFTECH KSA Explore More

    News

    Data Security at Risk Due to the Fake Lending Apps

    Gained network access, pictures, and contact information are at threat due to the fake lending ap...

    Data Security at Risk Due to the Fake Lending Apps 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

    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

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering

    The US Treasury Department is ready to introduce rigid regulations to close security loopholes in...

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering 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

    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

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams

    Amazon has cautioned UK customers about the rising threat of impersonation scams via phone calls,...

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams Explore More

    News

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs)

    The FCA highlighted the significant risk associated with the Non-Fungible Tokens (NFTS) which may...

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs) 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

    American Gaming Association Updates Best Practices for AML

    The American Gaming Association (AGA) has released updated “Best Practices for Anti-Money Launder...

    American Gaming Association Updates Best Practices for AML Explore More

    News

    Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture”

    Australian corporate watchdog imposed $113 million fine on Westpac bank for charging dead people ...

    Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture” Explore More

    News

    Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report

    The Swiss Federal Audit Office investigated Switzerland’s meager protocols against white-co...

    Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report Explore More

    News

    France Ranked Among Countries with Effective Measures to Tackle Financial Fraud

    The latest FATF report ranks France among countries that have effective measures in combating fin...

    France Ranked Among Countries with Effective Measures to Tackle Financial Fraud Explore More

    News

    AI-based voice cloning induces new scams

    Vijay Balasubramaniyan, the CEO, CTO, and Co-founder of Pindrop Security, warns the world about a...

    AI-based voice cloning induces new scams Explore More

    News

    Homeland Security expects to have biometric data on nearly 260 million people

    The US Department of Homeland Security (DHS) will soon have face, fingerprint and iris scans of a...

    Homeland Security expects to have biometric data on nearly 260 million people Explore More

    News

    The UK Law Firms Approve the Use of AI in AML Armoury

    The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...

    The UK Law Firms Approve the Use of AI in AML Armoury Explore More

    News

    Nigeria Remains on FATF Gray List Due to Compliance Failures

    Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...

    Nigeria Remains on FATF Gray List Due to Compliance Failures Explore More

    News

    Hungary Becomes “Largely Compliant” with FATF Standards After Improving AML/CFT Measures

    The Anti-Money Laundering Body of the Council of Europe has stated that Hungary has improved its ...

    Hungary Becomes “Largely Compliant” with FATF Standards After Improving AML/CFT Measures Explore More

    News

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    News

    UK Government Issues New Guidance On Data Collection Related To Self Custody Crypto Wallets

    The government of the United Kingdom is issuing new rules on the collection of data for the crypt...

    UK Government Issues New Guidance On Data Collection Related To Self Custody Crypto Wallets Explore More

    News

    “We Reaffirm Our Full Support for FATF’s Efforts Against Financial Crime” – G20 Leaders

    According to the Rome Declaration, G-20 leaders ensure full support to back FATF recommendations ...

    “We Reaffirm Our Full Support for FATF’s Efforts Against Financial Crime” – G20 Leaders 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

    Major US Twitter accounts hacked in Bitcoin scam

    Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

    Major US Twitter accounts hacked in Bitcoin scam Explore More

    News

    SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

    COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

    SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

    News

    New Zealand Encounters Spike in Online Identity Theft

    Recent research of New Zealand’s financial market has shown a spike of 86 percent in identity fra...

    New Zealand Encounters Spike in Online Identity Theft Explore More

    News

    RBI to Strengthen KYC Guidelines for the Crypto Industry

    IndiaTech has suggested enhancing the KYC guidelines and obligating the cryptocurrency industry t...

    RBI to Strengthen KYC Guidelines for the Crypto Industry Explore More

    News

    AML investigation results in NZ police freezing $140 million

    Police have collected $140 million from the Canton Business Corporation and its owner Alexander V...

    AML investigation results in NZ police freezing $140 million Explore More

    News

    European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation

    Members of the EU Parliament, the European Commission, and state representatives are all set to n...

    European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation 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

    Danish Gambling Operator Reports Tipwin to the Police for AML Failings

    Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...

    Danish Gambling Operator Reports Tipwin to the Police for AML Failings Explore More

    News

    Norway to Revive Travel by Introducing Vaccine Passports

    By the Summer of 2021, Norway plans to revive travel to and from the country as it joins the list...

    Norway to Revive Travel by Introducing Vaccine Passports Explore More

    News

    Indonesia Becomes Member of International Watchdog, FATF

    The international money laundering watchdog, FATF, includes Indonesia as its member state, in a g...

    Indonesia Becomes Member of International Watchdog, FATF Explore More

    News

    Saudi Arabia Takes New Measures to Tackle Financial Crime

    Saudi Authorities have approved a new legislative measure designed to enhance their efforts in fi...

    Saudi Arabia Takes New Measures to Tackle Financial Crime Explore More

    News

    Singapore Now Requires Developers to Comply with New AML/TF Regulations

    The Singaporean government will implement a new anti-money laundering and anti-terrorism financin...

    Singapore Now Requires Developers to Comply with New AML/TF Regulations Explore More

    News

    Reserve Bank of Zimbabwe Reveals Most Banks Lose Correspondent Deals Due to AML Non-compliance

    The Reserve Bank of Zimbabwe (RBZ) Deputy Governor disclosed that most banks are losing clients d...

    Reserve Bank of Zimbabwe Reveals Most Banks Lose Correspondent Deals Due to AML Non-compliance Explore More

    News

    US Task Force Seizes Another Superyacht in the Battle Against Russian Oligarchs’ Corruption

    A new US task force has partnered with the IRS and global entities to take down Russian oligarchs...

    US Task Force Seizes Another Superyacht in the Battle Against Russian Oligarchs’ Corruption Explore More

    News

    Hacker steals $250K by exploiting Bitcoin exchange Bisq

    A hacker identified a significant software flaw on the decentralized Bitcoin exchange, Bisq, to s...

    Hacker steals $250K by exploiting Bitcoin exchange Bisq 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

    Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector

    The National Payment Systems Services Association has collaborated with Uganda Bankers Associatio...

    Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector 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

    SFC Imposed a HK$9 Fine on RIFA Future for KYC Failings

    RIFA Limited was charged by the domestic regulatory authority of Hong Kong, the Securities and Fu...

    SFC Imposed a HK$9  Fine on RIFA Future for KYC Failings Explore More

    News

    Another Step Taken by the EU to Harmonize AML Rules

    The European Banking Authority has proposed new guidance for compliance officers. The attempt is ...

    Another Step Taken by the EU to Harmonize AML Rules Explore More

    News

    Dubai Police Monitors Cryptocurrencies for Prevention of Money Laundering

    The cybercrime unit of Dubai Police has started monitoring cryptocurrencies to ensure that digita...

    Dubai Police Monitors Cryptocurrencies for Prevention of Money Laundering Explore More

    News

    Czech Republic Ramps Up Efforts to Combat Financial Crimes

    According to a Moneyval report, the Czech Republic is showing progress in improving its complianc...

    Czech Republic Ramps Up Efforts to Combat Financial Crimes Explore More

    News

    UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021

    The ‘Banking Protocol’ introduced in 2016 has now helped prevent financial fraud worth £174...

    UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021 Explore More

    News

    Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering

    On October 15, Europol announced its successful operation against a renowned criminal group calle...

    Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering Explore More

    News

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive

    Anti Money Laundering (AML) violations in England & Wales reported to the Solicitors Regulati...

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive Explore More

    News

    FinCEN May Release a YouTube Video to Outreach Latest BOI Rules

    The Financial Crimes Enforcement Network (FinCEN) director stated they are creating awareness cam...

    FinCEN May Release a YouTube Video to Outreach Latest BOI Rules Explore More

    News

    United Nations Calls for a Pact to Fight Financial Crimes

    United Nations’ panel of experts has called on the governments around the world to take part in e...

    United Nations Calls for a Pact to Fight Financial Crimes Explore More

    News

    Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry

    Nigerian real estate regulatory authority to mandate businesses to comply with AML/CTF compliance...

    Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry 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

    MAS Imposes Capital Requirements on OCBC for Inadequate Scam Response

    Additional capital requirements have been imposed on the OCBC bank by the Monetary Authority of S...

    MAS Imposes Capital Requirements on OCBC for Inadequate Scam Response Explore More

    News

    Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion

    Chinese Authorities in the Hunan province have busted a criminal ring of 92 individuals for alleg...

    Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion Explore More

    News

    Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft

    Three of the most prominent brokers in the country have come under scrutiny from numerous regulat...

    Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft Explore More

    News

    CBN Introduces New Anti-Money Laundering Rules for Microfinance Banks

    The Central Bank of Nigeria has issued a guidance note that is aimed to prevent money laundering ...

    CBN Introduces New Anti-Money Laundering Rules for Microfinance Banks Explore More

    News

    FinCEN Proposes Beneficial Ownership Reporting Requirements

    The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...

    FinCEN Proposes Beneficial Ownership Reporting Requirements Explore More

    News

    Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures

    The Economic and Financial Crime Commission (EFCC) has instructed estate agents in Port Harcourt ...

    Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures Explore More

    News

    Danske Bank Fined €1.82m Over AML and CTF Breaches

    Danske Bank was accused of AML compliance failings and fined €1.82m by the Central Bank, revealin...

    Danske Bank Fined €1.82m Over AML and CTF Breaches Explore More

    News

    Google CEO voices his concerns regarding AI and its potential harmful damages in the future

    Sundar Pichai, Google CEO gave a statement on Monday regarding Artificial Intelligence and its in...

    Google CEO voices his concerns regarding AI and its potential harmful damages in the future Explore More

    News

    Mimecast reports a 26.3% increase in spams and opportunist cybercrimes during the first 100 days of COVID-19

    With the current pandemic going on, cybercriminals are taking advantage of the situation escalati...

    Mimecast reports a 26.3% increase in spams and opportunist cybercrimes during the first 100 days of COVID-19 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