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

    216.73.216.135

    FATF Issues Guidance for AML/CFT Digitization of FIUs

    news2-23

    FATF published a report in collaboration with the Egmont group discussing why and how FIUs should adopt digital tools for effective AML/CFT processes. 

    In order to assist Financial Intelligence Units (FIUs), Financial Action Task Force (FATF) in association with the Egmont group issued a report on October 27, 2021, on “Digital Transformation on AML/CFT For Operational Agencies”. 

    In addition to why FIUs must digitize AML/CFT purposes for higher effectiveness, the report addresses how they can benefit from digital transformation.  

    The FATF analysis includes practical and operational challenges “throughout different stages of and processes in daily operations of operational agencies”. 

    The global financial watchdog has also provided insights on the key drivers, strategic considerations, opportunities, and benefits of adopting digital initiatives. 

    The key drivers include “the need to streamline the repetitive manual process, prioritize STRs of higher investigative value, maximize the value of analysts’ tasks, and lay down the essential precondition for the implementation of a dynamic risk-based approach in FIU workflows”

    The report also highlights the opportunities for FIUs associated with digital transformation such as 

    • Increased data utility and data handling
    • Extended analytical capacity 
    • More conventional management of AML/CFT risks 
    • Secured and improved STR management    

    Lastly, FATF adds, “Digitalisation and digital transformation have the potential to bring immense opportunities to FIU workflows and there are practical needs for FIUs to harness technology to solve some of their day-to-day challenges”

    Suggested Read: What 5 Businesses Have to Say About Shufti’s Digital AML/KYC Services

    Related Posts

    News

    FATF Discloses Outcomes of October Plenary Meeting

    The international regulatory authority, Financial Action Task Force (FATF), concluded its fourth ...

    FATF Discloses Outcomes of October Plenary Meeting Explore More

    News

    Binance Resorts to Shady Crypto Firms as Authorised Options Run Short

    Binance, the global crypto exchange leader, retract to shady asset companies as authorised option...

    Binance Resorts to Shady Crypto Firms as Authorised Options Run Short Explore More

    News

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs

    The PBOC has issued guidance on Oct 14, 2021, for SMEs to adopt a Risk-Based Approach (RBA) when ...

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs Explore More

    News

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction

    Authorities in the UK rolls our new regulatory measures to perform enhanced due diligence for hig...

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction Explore More

    News

    Iran’s President Has Called for Legal Framework For Crypto Trading

    Hassan Rouhani, the Iranian President, wants to legalize crypto trading and safeguard national in...

    Iran’s President Has Called for Legal Framework For Crypto Trading Explore More

    News

    New US Legislation Implemented to Enhance Supervision of Cryptocurrency Transactions

    US lawmakers introduced a new bill, the “Off-Chain Digital Commodity Transaction Reporting Act,” ...

    New US Legislation Implemented to Enhance Supervision of Cryptocurrency Transactions Explore More

    News

    Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act

    Court of Appeal dismisses an appeal on 1st July against New Zealand’s first criminal prosecution ...

    Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act Explore More

    News

    US Launches National Cryptocurrency Enforcement Team

    The National Cryptocurrency Enforcement Team will aid the US Department of Justice (DOJ) in disma...

    US Launches National Cryptocurrency Enforcement Team 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

    The Chinese central bank confirms digital Yuan mobile app trials

    According to a statement, the People’s Bank of China (PBoC) conducts internal tests for the natio...

    The Chinese central bank confirms digital Yuan mobile app trials Explore More

    News

    Real Estate Money Laundering Rises, KCB Dragged to Court for AML Breach

    Real Estate development and construction company Tirupati Development Limited has dragged KCB Ban...

    Real Estate Money Laundering Rises, KCB Dragged to Court for AML Breach Explore More

    News

    UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes

    The UK regulatory authorities asserted that new data revealed prosecutors inadequately comply wit...

    UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes 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

    Jamaica Nears Full Compliance by Meeting 37 of 40 FATF Recommendations

    Jamaica now complies with 37 out of 40 FATF recommendations for better prevention of financial cr...

    Jamaica Nears Full Compliance by Meeting 37 of 40 FATF Recommendations Explore More

    News

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings

    €60,000 fine imposed on an audit company, for failing to report money laundering and suspected ta...

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings Explore More

    News

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering

    The High Court of Kenya has frozen more than Sh15 billion over suspected proceeds of Money Launde...

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering Explore More

    News

    Research for Implications of CBDC on the Rise in Australia

    As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

    Research for Implications of CBDC on the Rise in Australia Explore More

    News

    Coronavirus outbreak exploited by internet scammers

    Americans are advised to stay watchful of cybercriminals’ attempts to misuse the life-threatening...

    Coronavirus outbreak exploited by internet scammers 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

    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

    Six Men Arrested in Hong Kong for US$22.4 Million in Fraud

    Hong Kong police crackdown on a crime syndicate and arrest six people involved in money launderin...

    Six Men Arrested in Hong Kong for US$22.4 Million in Fraud Explore More

    News

    IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies

    IRS highlights Non-Fungible Token (NFTs) and crypto as the potential risk of financial crimes, in...

    IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies Explore More

    News

    After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD

    Roseanna Russell, who the police call ‘mega player’, got caught by the Mobile police. The reports...

    After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD Explore More

    News

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs

    The PBOC has issued guidance on Oct 14, 2021, for SMEs to adopt a Risk-Based Approach (RBA) when ...

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs Explore More

    News

    Police warns after an increase in online scams selling face masks

    The Cleveland Police has warned the public regarding the increasing number of Coronavirus related...

    Police warns after an increase in online scams selling face masks 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

    1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

    In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

    1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries Explore More

    News

    UK watchdog allows credit card and loan payment holidays to customers

    The Financial Conduct Authority (FCA) has instructed top banks to offer three-month payment holid...

    UK watchdog allows credit card and loan payment holidays to customers Explore More

    News

    Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings

    The Dutch Central Bank (DeNederlandscheBank) has charged Coinbase for having ineffective anti-mon...

    Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings Explore More

    News

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency

    Australia is looking at the laws that would require cryptocurrency providers to record the inform...

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency 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

    Australian Federal Police Issues Warning on Valentine’s Day Financial Scams

    Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...

    Australian Federal Police Issues Warning on Valentine’s Day Financial Scams 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

    South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations

    The financial regulators in South Korea are seeking crypto exchange data from the banks in order ...

    South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations Explore More

    News

    Canada loses millions in online scams

    According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...

    Canada loses millions in online scams Explore More

    News

    HKMA Issues Mandate to Encourage Innovation in AML/CFT

    Hong Kong’s Monetary Authority is set to launch interactive lab sessions to experiment with innov...

    HKMA Issues Mandate to Encourage Innovation in AML/CFT Explore More

    News

    Anonymous Report Reveals Indian Indiscriminate Targeting Against NGOs

    According to the shadow report, India has been indiscriminately targeting non-governmental organi...

    Anonymous Report Reveals Indian Indiscriminate Targeting Against NGOs 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

    AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

    AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

    AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance Explore More

    News

    FATF Issues Guidance for AML/CFT Digitization of FIUs

    FATF published a report in collaboration with the Egmont group discussing why and how FIUs should...

    FATF Issues Guidance for AML/CFT Digitization of FIUs Explore More

    News

    Shufti Unveils New Product NFC Verification for NFC Based Identity Verification

    Shufti has launched a new product, NFC Verification, that uses Near Field Communication techn...

    Shufti Unveils New Product NFC Verification for NFC Based Identity Verification Explore More

    News

    Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’

    A small business lobbying group has sued the Treasury Department over asking more than 30 million...

    Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’ 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

    Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms

    The Canadian government’s federal budget announced that new regulations will be implemented to up...

    Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms Explore More

    News

    MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants

    Professionals in Malta, lawyers, accountants, and auditors, etc. are resisting the new rules that...

    MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants Explore More

    News

    London’s Bank Sees Rise in Crypto Scams Supposedly Backed By Celebrities

    An alarming surge in reports on crypto scams backed by celebrities is being seen by a major finan...

    London’s Bank Sees Rise in Crypto Scams Supposedly Backed By Celebrities Explore More

    News

    Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

    Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

    Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

    News

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme

    A fraud claim worth £1.3 billion has been submitted by 371 investors against HSBC UK Bank for los...

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme Explore More

    News

    Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures

    Cambodia is under the tight monitoring of FATF over weak AML measures. According to Transparency ...

    Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures Explore More

    News

    Uruguay Faces 3 Obstacles in the Fight Against Money Laundering

    Uruguay’s national secretariat unit, SENACLAFT, revealed three obstacles in fighting money launde...

    Uruguay Faces 3 Obstacles in the Fight Against Money Laundering Explore More

    News

    Singapore Government Discloses Modified Regulatory Measures for Stablecoins

    Singapore’s Central Bank has disclosed upgraded regulatory guidelines for stablecoins to keep cry...

    Singapore Government Discloses Modified Regulatory Measures for Stablecoins Explore More

    News

    US Army to Adopt Facial Recognition Technology for Securing Military Base

    United States Army is looking to apply face recognition technology on their military base to imme...

    US Army to Adopt Facial Recognition Technology for Securing Military Base Explore More

    News

    Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud

    Lake County state’s attorney announced a new Financial Crimes Unit to deal with money laundering,...

    Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud Explore More

    News

    US Rated as The Most Secretive Financial Jurisdiction in the World

    The US has been ranked the most secretive financial jurisdiction in the world due to deterioratio...

    US Rated as The Most Secretive Financial Jurisdiction in the World Explore More

    News

    FBI Warns About the Emerging Fraud Related to COVID-19 Vaccine

    The Office of Inspector General, U.S Department of Health and Human Services, FBI, and Centers fo...

    FBI Warns About the Emerging Fraud Related to COVID-19 Vaccine Explore More

    News

    IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime

    IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...

    IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime Explore More

    News

    FCA Issues Warning About 100+ Unregistered Crypto-asset Firms

    111 unregistered crypto-asset firms are operating from the UK. FCA warns consumers, banks, and pa...

    FCA Issues Warning About 100+ Unregistered Crypto-asset Firms Explore More

    News

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency

    Australia is looking at the laws that would require cryptocurrency providers to record the inform...

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency Explore More

    News

    Italian Regulators Block Consumers from Investing in Binance

    Italy has joined the list of warnings against Binance, directing citizens to avoid investing in t...

    Italian Regulators Block Consumers from Investing in Binance Explore More

    News

    CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries

    The international financial authorities have teamed up with the Group of Twenty (G20) to create C...

    CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries Explore More

    News

    Gibraltar financial watchdog issues warnings for four crypto sites

    The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to...

    Gibraltar financial watchdog issues warnings for four crypto sites Explore More

    News

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

    AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures 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

    UAE Receives Observer Status at APG For Money Laundering

    UAE becomes the first Arab country receive an observer status at the Asia/Pacific Group of Money ...

    UAE Receives Observer Status at APG For Money Laundering Explore More

    News

    South Korea Seizes $47M Worth of Crypto from Tax Evaders

    South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

    South Korea Seizes $47M Worth of Crypto from Tax Evaders Explore More

    News

    EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing

    The latest EU Parliament vote approves the formation of a new anti-money laundering authority and...

    EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing Explore More

    News

    Gambling Commission Fines Entain £17m for Social Responsibility & Anti-Money Laundering Failures

    Ladbrokes owner Entain has been fined £17m by the Gambling Commission for social responsibility a...

    Gambling Commission Fines Entain £17m for Social Responsibility & Anti-Money Laundering Failures Explore More

    News

    FMA Sues Tiger Brokers for AML/CTF Breaches

    The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...

    FMA Sues Tiger Brokers for AML/CTF Breaches 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

    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

    Money Service Businesses Tighten AML/CFT Measures Amid Challenges

    Microfinance firms, remittance services, and cambios have reported success in upgrading AML/CFT m...

    Money Service Businesses Tighten AML/CFT Measures Amid Challenges Explore More

    News

    European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering

    The parliament members adopted a comprehensive set of regulations stemming from the previous reco...

    European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering 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