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

    216.73.216.68

    FATF to Blacklist Myanmar Over Money Laundering Concerns

    n-img-fatf

    Myanmar faces a blacklisting threat by a FATF because of AML compliance failure and weak regulations of the country’s financial system. 

    A global finance watchdog will place Myanmar on a watchlist amid AML compliance concerns regarding its weak financial system to control monetary scams and terrorist financing.

    As per the briefing of four Western and Asian government officials, members of FATF, the Financial Action Task Force, will be expected to approve the decision in Paris. 

    The Paris-based FATF was founded in 1989 by a group of seven advanced economies to fight against crimes, including terrorist financing, money laundering and similar threats to the global financial system’s integrity. 

    “The FATF’s international cooperation review group, which oversees the process, will likely recommend blacklisting in the October meeting because of the unsatisfactory progress,” said an Asian diplomat with access to the FATF. “The lack of progress shown by the junta means the plenary would find it difficult to justify not moving Myanmar to blacklist.”

    Putting the country on the blacklist will strike a heavy blow to the regime’s credibility. Furthermore, after the military takeover in February 2021, attracting investments amid foreign capital’s exodus will also be questioned by being blacklisted. 

    This year, the kyat, Myanmar’s currency, has lost 60% of its credibility against the dollar, showing an extreme low that can fall further. Since its opening in 2011, foreign direct investment inflows have reached the lowest level. 

    The head of the Financial Intelligence Unit of Myanmar, Kyaw Win Thein, told Reuters that the country is not on the grey list yet. According to him, its fate will be decided at a plenary meeting on Thursday. Usually, FATF announces its decision on Friday by the end of its Paris meetings. 

    According to Kyaw, Myanmar’s government has established a strategic plan to combat money laundering. Although the head declined to explain, Myanmar country has recently introduced new requirements for companies to show beneficial ownership, as well as banks are on the same list to undertake better customer due diligence. After the exploitation of unregulated gaming establishments by crime groups, the country also passed laws legalizing casinos. 

    According to two sources with FATF proceeding’s information and investigation in Myanmar, the watchdog examined that Myanmar’s anti-money laundering action plan is far away from completion, and it will probably be on the grey list at meetings this week.  

    A senior banker in Myanmar states, “The corporates who are not conducting in a responsible way would already not be part of the international financing system, so this issue is targeting all the corporates who are acting in responsible ways, which is likely to cause additional stress to the business community.”

    Myanmar lies at the epicentre of illegal drug production, the Golden Triangle region, that’s also the center for trafficking in the Asia-Pacific. Moreover, it has some serious issues with illicit jade mining and arms trafficking & logging, among other felonies, as found by a FATF report in 2018. 

    Suggested Read: Vietnam’s Deputy PM Approves National Action Plan for the Prevention of Financial Crime

    Related Posts

    News

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

    Over 100 companies were either turned down or had to withdraw their applications for a license to...

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols Explore More

    News

    Ukraine to Scale-up Fight Against Financial Crimes

    Ukraine’s Cabinet of Ministers has approved a plan that will strengthen the measures to prevent f...

    Ukraine to Scale-up Fight Against Financial Crimes Explore More

    News

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March

    South Korea’s official financial regulatory body, the Financial Services Commission (FSC), announ...

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March Explore More

    News

    Research and Data are Key to Developing Fair Crypto Regulations, Say Blockchain Experts

    As global regulators are looking to have control over crypto, blockchain analysts say that lawmak...

    Research and Data are Key to Developing Fair Crypto Regulations, Say Blockchain Experts Explore More

    News

    Adobe, Twitter and NYT Team Up Against Deepfakes

    Deepfakes, whether synthetic or manipulated, are rising at an alarming rate. They can cause immen...

    Adobe, Twitter and NYT Team Up Against Deepfakes Explore More

    News

    CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

    The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

    CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

    News

    Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities

    Europol and EU member states along with Eurojust and Frontex have launched Operation Oscar to ass...

    Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities Explore More

    News

    Cybercriminals demanded $3 million ransom from Travelex

    The hackers behind a cyber attack on a foreign exchange firm Travelex ordered to pay $3 million r...

    Cybercriminals demanded $3 million ransom from Travelex Explore More

    News

    AMLC Proposing Strict Monitoring Measures for FX Trading To Tackle Money Laundering

    The AMLChas increased the monitoring process on FX declarations. All the inbound and outbound cha...

    AMLC Proposing Strict Monitoring Measures for FX Trading To Tackle Money Laundering Explore More

    News

    Digital euro successfully tested at the Bank of France

    On May 20, Banque de France announced that France has become the first country to successfully te...

    Digital euro successfully tested at the Bank of France 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

    US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation

    The US crypto firms visited Capitol Hill to push their industry-friendly regulations however, thi...

    US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation Explore More

    News

    Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues

    Atomic Wallet users have reported losing millions of dollars worth of cryptocurrency. It was anno...

    Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues Explore More

    News

    FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes

    The acting director of FinCEN has highlighted the fact that the existing AML/CFT regulatory frame...

    FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes Explore More

    News

    Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering

    AFP rolled out a dedicated crypto unit to combat monetary scams by fraudsters. According to AFP, ...

    Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering Explore More

    News

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens

    The Department of Homeland Security (DHS) is taking back its decision to implement a policy that ...

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens Explore More

    News

    MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures

    The Monetary Authority of Singapore (MAS) imposed a fine of S$375,000 on UOB Kay Hian, a brokerag...

    MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures Explore More

    News

    Lawrence man indicted of identity theft found guilty

    BOSTON (AP) — A man charged with using another person’s Social Security number to illegally obtai...

    Lawrence man indicted of identity theft found guilty Explore More

    News

    California to Reopen its Economy with COVID Vaccine and Testing Requirements

    After more than a year of COVID-19 restrictions, the State of California to finally reopen its ec...

    California to Reopen its Economy with COVID Vaccine and Testing Requirements Explore More

    News

    Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering

    The Council of Europe stays dedicated to showing support to authorities for fighting money-launde...

    Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering Explore More

    News

    e-KYC services introduced in Malaysia by InstaREM

    Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

    e-KYC services introduced in Malaysia by InstaREM Explore More

    News

    The Age Verification Software Market to Experience Tremendous Growth by 2025

    The increasing number of scams in today’s virtual world needs a better verification system. Prote...

    The Age Verification Software Market to Experience Tremendous Growth by 2025 Explore More

    News

    The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024

    The Anti-Money Laundering (AML) Whistleblower Program is projected to be a leading U.S. anti-corr...

    The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024 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

    Chinese Firms to Test Crypto Opportunities in Hong Kong

    Chinese Security companies and banks are attracted by Hong Kong’s retail trading in Bitcoin and E...

    Chinese Firms to Test Crypto Opportunities in Hong Kong Explore More

    News

    UK’s financial system claims to survive Coronavirus hit

    Britain’s banks inform investors that they are optimistic that their balance sheets are strong en...

    UK’s financial system claims to survive Coronavirus hit Explore More

    News

    Online fraud attempts increase during COVID-19 catastrophe

    According to ACI Worldwide, the rate of fraud attempts have increased to 4.3% in April, slightly ...

    Online fraud attempts increase during COVID-19 catastrophe Explore More

    News

    FCA Takes NatWest to Court over Money Laundering Charges

    The National Westminster Bank has been accused of neglecting the anti-money laundering regulation...

    FCA Takes NatWest to Court over Money Laundering Charges Explore More

    News

    European Central Bank’s President Calls for Strict Bitcoin Regulations

    The president of the European Central Bank, Christine Lagarde, says that bitcoin is a “funny busi...

    European Central Bank’s President Calls for Strict Bitcoin Regulations Explore More

    News

    FINMA Penalizes Swiss Bank over Money Laundering of $78 Million

    The Swiss regulatory authority, FINMA, initiated a lawsuit against the senior management at Juliu...

    FINMA Penalizes Swiss Bank over Money Laundering of $78 Million Explore More

    News

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions

    Australia is facing embarrassment on the possibility of being placed on the FATF’s “grey list” fo...

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions Explore More

    News

    Swiss Prosecutors Scrutinize Lebanon’s Central Bank for Money Laundering

    Prosecutors in Switzerland are carrying out investigations from the British Virgin Islands to Gen...

    Swiss Prosecutors Scrutinize Lebanon’s Central Bank for Money Laundering Explore More

    News

    The Corporate Transparency Act is Set to be Implemented in January 2024 Across the Country

    The Corporate Transparency Act passed in 2021 is going into enforcement in a few days and will im...

    The Corporate Transparency Act is Set to be Implemented in January 2024 Across the Country Explore More

    News

    US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering

    The US Treasury officials stated Iraq’s central bank should design new measures to combat the mis...

    US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering Explore More

    News

    DC is the Latest State to Sue Juul over Targeting Minors

    The District of Columbia is now the latest state to sue c-cigarette maker, Juul Labs, saying the ...

    DC is the Latest State to Sue Juul over Targeting Minors Explore More

    News

    UAE Central Bank to Take Action Against Unregistered Hawala Operators

    From 2nd December 2020, the Central Bank in UAE will begin taking action against the unregistered...

    UAE Central Bank to Take Action Against Unregistered Hawala Operators Explore More

    News

    “Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS

    Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (BAS) have publis...

    “Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS 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

    The Cayman Islands Pleads to be Removed from the FATF’s ‘Gray List’ of Jurisdictions Suspected of Money Laundering

    An initiative by the Cayman Islands in France, on June 19th, asked the Financial Authority Task F...

    The Cayman Islands Pleads to be Removed from the FATF’s ‘Gray List’ of Jurisdictions Suspected of Money Laundering Explore More

    News

    UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF

    In the latest Economic Integration Committee meeting, the UAE’s financial regulatory authorities ...

    UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF Explore More

    News

    Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures

    The Financial and Capital Market Commission has fined Bank Rietumu EUR 5.85 million over failures...

    Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures Explore More

    News

    FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance

    FCA is reviewing UK’s small trade finance lenders to assess their due diligence, risk assessment,...

    FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance Explore More

    News

    Malta Faces 200% Spike in Money Laundering Cases

    Financial Intelligence Analysis Unit (FIAU), Malta’s financial regulator, received a 200% increas...

    Malta Faces 200% Spike in Money Laundering Cases Explore More

    News

    Malta Claps Back To Allegations Of “Lax Crypto Oversight”

    A business unit within Malta’s Chamber of Commerce has shut down all accusations that state that ...

    Malta Claps Back To Allegations Of “Lax Crypto Oversight” Explore More

    News

    EU to add Panama, Bahamas, and others to money-laundering blacklist

    The European Commission has included Mauritius, Panama, and ten other states to its list of count...

    EU to add Panama, Bahamas, and others to money-laundering blacklist Explore More

    News

    8.3 million users affected in ‘Freepik data breach’

    Freepik, a free photo and graphics site, has disclosed a major data breach that affected nearly 8...

    8.3 million users affected in ‘Freepik data breach’ Explore More

    News

    Australia, Singapore, Malaysia, and RSA Team Up for CBDC Trials

    Central banking entities of Singapore, Australia, Malaysia, and South Africa agree on a mutual ag...

    Australia, Singapore, Malaysia, and RSA Team Up for CBDC Trials Explore More

    News

    TD Banking Group Expects US Penalties for Money Laundering

    TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

    TD Banking Group Expects US Penalties for Money Laundering Explore More

    News

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers

    The financial services minister, Andrew Griffith, commented on July 4th that banks should be requ...

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers Explore More

    News

    Shufti’s Age Verification Solution Approved by KJM

    Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

    Shufti’s Age Verification Solution Approved by KJM Explore More

    News

    A Ponzi Scheme of $2.7 Million Unleashed

    According to the U.S Department of Justice, a former attorney from Allentown was sentenced to six...

    A Ponzi Scheme of $2.7 Million Unleashed Explore More

    News

    US Seizes 18 Crypto ATMs Bought With Fraudulent Loans

    US law enforcement has seized 18 cryptocurrency automated teller machines previously purchased vi...

    US Seizes 18 Crypto ATMs Bought With Fraudulent Loans Explore More

    News

    Anti-Money Laundering Rules Hit Backpacker Bank Accounts

    Working holiday visa holders have been reported to have difficulty obtaining bank accounts due to...

    Anti-Money Laundering Rules Hit Backpacker Bank Accounts Explore More

    News

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report

    According to the new report generated by the country’s financial intelligence unit (FIU), the ban...

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report 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

    Russian police arrest former post office chief for mining crypto

    A former Russian regional post office chief was involved in mining cryptocurrencies via the offic...

    Russian police arrest former post office chief for mining crypto Explore More

    News

    Money Laundering Crackdown on UK Law Firms

    The regulators at Solicitor Regulators Authority (SRA) asked 400 law firms earlier this year to p...

    Money Laundering Crackdown on UK Law Firms Explore More

    News

    France to Implement Stringent Regulations on Cryptocurrency

    France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

    France to Implement Stringent Regulations on Cryptocurrency 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

    Americans ‘work from home’ strategy present new targets for hackers

    Coronavirus outbreak has forced organizations to let their employees work from home during the ou...

    Americans ‘work from home’ strategy present new targets for hackers 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

    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

    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

    SRA, India’s FIU, and the ACMA Issue Non-Compliance Fines Exceeding $2 Million

    The Solicitors Regulation Authority [SRA], India’s Financial Intelligence Unit [FIU], and t...

    SRA, India’s FIU, and the ACMA Issue Non-Compliance Fines Exceeding $2 Million Explore More

    News

    Online Gaming Used by Criminals to Groom Minors into Drug Mules

    Criminal networks are now applying the use of online video game, Fortnite, to groom minors around...

    Online Gaming Used by Criminals to Groom Minors into Drug Mules Explore More

    News

    Cyprus to Test UBO Registration System for AML Compliance

    The government of Cyprus has indicated it will test a system for registering ultimate beneficial ...

    Cyprus to Test UBO Registration System for AML Compliance Explore More

    News

    Singapore Police Warn Citizens of Prevailing SMS Phishing Scams

    The Singapore Police Force has warned citizens about SMS fraud targeting people with similar send...

    Singapore Police Warn Citizens of Prevailing SMS Phishing Scams Explore More

    News

    E-krona – Rising Cashless Sweden Sights Virtual Currency

    Less than 10% of all transactions are done with cash in Sweden, according to an analysis by its c...

    E-krona – Rising Cashless Sweden Sights Virtual Currency Explore More

    News

    FinCEN Says Russia Cannot Evade Sanctions with Crypto

    Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

    FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

    News

    Ripple CEO urges US Regulators to embrace Crypto

    Brad Garlinghouse, CEO Ripple has encouraged the US regulator “to step up and lean into digital c...

    Ripple CEO urges US Regulators to embrace Crypto Explore More

    News

    Russian Government to Take Regulatory Steps to Harmonize Crypto Market.

    Prime Minister of Russian has suggested that crypto should be recognized through the nation’s tax...

    Russian Government to Take Regulatory Steps to Harmonize Crypto Market. Explore More

    News

    Court Convicts Defendant of Defalcation of Public Funds in Abu Dhabi

    A defendant was convicted of money laundering and tax evasion by Abu Dhabi Criminal Court and sen...

    Court Convicts Defendant of Defalcation of Public Funds in Abu Dhabi 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