The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model

news2

According to the AFI model, digital IDs and biometric KYC verification must be deployed by businesses to streamline onboarding, minimize costs, and promote inclusive services. 

The Alliance for Global Financial Inclusion (AFI-Global) has issued a framework for digital IDs which promotes remote KYC processes and biometric verification. 

The ‘Policy Model for Digital Identity and Electronic Know Your Customer (E-KYC)’ model lays down a series of factors to be considered, including frameworks, and infrastructure details, to enable countries for building robust and sustainable systems that contribute to the country’s financial integrity.

According to the AFI model, governments need to identify which biometric technologies best serve the purpose of identification. Furthermore, the collection of biometric data should essentially be kept at a minimum while biometric information must be periodically updated, given that it is subject to change due to age, occupation, physical or medical conditions (including amendments and deletion of such data).

Numerous countries have been advocating digital IDs, as they reduce the risk of error in data collection and safeguard customers against various frauds. Digital IDs also promote better access to financial services, healthcare, education, aid migration, and streamline identity verification among other benefits. The AFI policy model highlights the importance of developing user-centric systems that enhance the overall fintech policies. KYC verification, a process mandatory for all financial institutions, can be streamlined through biometric authentication and digital IDs. 

The U.S. National Institute of Standards and Technology also recently introduced a proposed set of guidelines that define key concepts of digital identity, best practices to enable remote onboarding and authentication, and suggestions to mandate Digital IDs at a federal level. 

With Digital IDs in place, banks, FinTechs, insurance companies, and other financial institutions can substitute passwords with biometric methods of verification, leaving less room for error, financial and identity fraud, as well as streamlining customer onboarding

Suggested Read: Why Digital Identity Verification is Booming – A Detailed Insight

Related Posts

News

UAE’s SCA Works on Virtual Asset Investment Regulations

The United Arab Emirates’ Securities and Commodities Authority (SCA) has said that it is ab...

UAE’s SCA Works on Virtual Asset Investment Regulations Explore More

News

Members of Spalding Club Charged for Money Laundering Through Investment Scheme

Lincolnshire police reported suspected fraud cases in connection with a trading-based investment ...

Members of Spalding Club Charged for Money Laundering Through Investment Scheme Explore More

News

FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations

FINRA has issued its first-ever guidance to its member broker-dealers about the penalties that wi...

FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations Explore More

News

The Next Big Step- Blockchain-Based E-voting

A Japanese firm, Layer X labs, has decided to work on the development of voting electronically by...

The Next Big Step- Blockchain-Based E-voting Explore More

News

455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

News

Face Detection Tool to Fight Bots Under Trial by Facebook

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

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

News

ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos

New policies have been introduced by ACMA to prevent SIM-Swapping attack for Telcos to protect us...

ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos 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

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List

The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List Explore More

News

Central Bank Of China Tightens Financial Regulations to Curb Money Laundering

The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...

Central Bank Of China Tightens Financial Regulations to Curb Money Laundering Explore More

News

Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

News

Scottish Firm Blacklisted by the World Bank for Fraudulent Practices

An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...

Scottish Firm Blacklisted by the World Bank for Fraudulent Practices Explore More

News

Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

News

US Government Announces Reward for Identifying Sanctioned Russian Assets

The US government has announced financial rewards of up to $5 million for information leading to ...

US Government Announces Reward for Identifying Sanctioned Russian Assets 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

Crypto exchange owner admits laundering $1.8M in online auctions fraud

Vlad-Calin Nistor and 14 other accused, including the owner of a car wash, have all entered guilt...

Crypto exchange owner admits laundering $1.8M in online auctions fraud Explore More

News

Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million

Ransomware attacks are on the rise, and Garmin is the latest big name to take a hit. A hacker gro...

Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million Explore More

News

Buy Now Pay Later Service Openpay Warned for AML Violations

Te Tari Taiwhenua, the Department of Internal Affairs, has issued a warning to an Australian Buy ...

Buy Now Pay Later Service Openpay Warned for AML Violations Explore More

News

Colombia Releases New Regulations For Crypto Firms Operating in the Country

The Colombian government passed new drafts for the local crypto organisations to continue operati...

Colombia Releases New Regulations For Crypto Firms Operating in the Country Explore More

News

Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021

In the digital era, companies are shifting toward digital means of communication. Banks have plan...

Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021 Explore More

News

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws

The  De Nederlandsche Bank (DNB) fined Binance with $3.4 million for failing to get regulatory ap...

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws Explore More

News

UK Customers Losse £580m to Identity Scammers in First Half of 2023

UK Finance disclosed that identity theft is a proliferating scam, and they recorded 1.4m fraud ca...

UK Customers Losse £580m to Identity Scammers in First Half of 2023 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

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal 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

UK to Propose Regulatory Protocols for Stablecoins

The government of the UK has declared incoming regulations for stable coins currency. It has also...

UK to Propose Regulatory Protocols for Stablecoins Explore More

News

Turkey Set to Toughen AML Laws on Crypto Asset Platforms

Turkey is designing new and stricter obligations to prevent crypto-asset platforms from money lau...

Turkey Set to Toughen AML Laws on Crypto Asset Platforms Explore More

News

Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring

 Hong Kong police detained 458 people and seized $65 million in connection with an extensive crim...

Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring Explore More

News

New Jersey Hospital System Hit By a Ransomware Attack

One of the largest hospital systems of New Jersey has reported that it was hit by a ransomware at...

New Jersey Hospital System Hit By a Ransomware Attack Explore More

News

The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms

The Securities and Exchange Commission (SEC) has reported that compliance reviews of US brokerage...

The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms Explore More

News

Mishcon de Reya fined £232,500 for AML Failures

London’s leading firm, Mishcon De Reya has been fined EUR 232,500 over failing Anti-Money Launder...

Mishcon de Reya fined £232,500  for AML Failures Explore More

News

US Firm Fined with Half a Million Dollars for Violating US Sanctions

A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

News

Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies

According to new research, the use of cloud mining methods to conceal crypto funds has intensifie...

Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies Explore More

News

NAB Chief Urges Government to Reconsider Fines for Large Data Breaches

The Chief of NAB Ross McEwan has urged the government that penalties for data breaches charged as...

NAB Chief Urges Government to Reconsider Fines for Large Data Breaches 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

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

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

News

FinTech and InsureTech Booms in Israel as $120M Raised for Investments

FinTLV, a fund based in Tel Aviv, has announced that it has collected $120 million worth of funds...

FinTech and InsureTech Booms in Israel as $120M Raised for Investments Explore More

News

Archipelago Trading Fined $1.5 Million for SAR and AML Failings

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

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

News

KYC Alliance between Dubai Economy and six banks

As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...

KYC Alliance between Dubai Economy and six banks Explore More

News

Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites

The Saudi Ministry of Commerce is reiterating warnings about fake news websites looting people by...

Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites Explore More

News

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases

Bermuda Island was rated high in the 2020 Money Laundering and Terrorist Financing Risk Assessmen...

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases Explore More

News

UAE Judges Discuss Steps Taken by Authorities to Strengthen AML Controls

UAE’s senior judges outline the legal actions taken by authorities to strengthen anti-money laund...

UAE Judges Discuss Steps Taken by Authorities to Strengthen AML Controls 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

Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy

According to a report by Kaspersky Lab about cybersecurity and antivirus, in the post-COVID-19 wo...

Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy Explore More

News

$140 Million Stolen as Crypto Gaming Company Gets Hit by Hackers

VulcanForge is the third cryptocurrency company to be targeted by hackers in just this month, wit...

$140 Million Stolen as Crypto Gaming Company Gets Hit by Hackers Explore More

News

Beverly Hills Store Pleads Guilty to Conspiring with Drug Money Launderers

 U.S. Private Vaults, Inc. has pleaded guilty to charges on its Beverly Hills store of conspiring...

Beverly Hills Store Pleads Guilty to Conspiring with Drug Money Launderers Explore More

News

South Korean merchants open to accepting digital yuan

According to the South Korean media, the local merchants could accept the upcoming digital yuan a...

South Korean merchants open to accepting digital yuan Explore More

News

CBN, NFIU to Monitor Illicit Crypto Transactions in Centralized Exchanges

The CBN and NFIU have been urged to track illicit transactions in cryptocurrency by engaging with...

CBN, NFIU to Monitor Illicit Crypto Transactions in Centralized Exchanges Explore More

News

Business Email Compromise Scam Taking a Toll on Businesses

BEC, Business Email Compromise scams are on the rise and they continue to impact businesses. Ther...

Business Email Compromise Scam Taking a Toll on Businesses Explore More

News

UK Gambling Commission Fines 888 with £9.4m for AML Failings

Great Britain’s Gambling Commission has issued 888 with a fine of £9.4 million over a series of s...

UK Gambling Commission Fines 888 with £9.4m for AML Failings Explore More

News

China Warns of Money Laundering Risks Arising from NFTs

China has warned of the financial risks associated with non-fungible tokens (NFTs) as three indus...

China Warns of Money Laundering Risks Arising from NFTs Explore More

News

US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

The US Court jails the Fintech Executives of Nigeria over a Money Laundering Case comprising $167...

US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million Explore More

News

Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations

According to the Netherlands’ second largest money lender, Dutch prosecutors are investigating Ra...

Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations Explore More

News

The Bahamas to Launch a Payment Card for Central Bank Digital Currency

Bahamas’ Central Bank has joined hands with Mastercard and digital payment startup Island Pay to ...

The Bahamas to Launch a Payment Card for Central Bank Digital Currency Explore More

News

Panama’s Supreme Court to Declare Cryptocurrency Legislation

Panama’s Supreme court to decide whether to modify the “crypto bill” or approve it without amendm...

Panama’s Supreme Court to Declare Cryptocurrency Legislation Explore More

News

ACRA to Impose Stricter Rules to Combat Money Laundering & Terrorist Financing

ACRA has proposed stricter rules for professionals and firms that assist businesses with corporat...

ACRA to Impose Stricter Rules to Combat Money Laundering & Terrorist Financing Explore More

News

Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM

Due to the enhanced ratio of financial crimes and human trafficking in Cambodia, the deputy prime...

Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM Explore More

News

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

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

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

News

Indiana Witnesses a Spike in Identity Theft and Data Breaches

Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...

Indiana Witnesses a Spike in Identity Theft and Data Breaches Explore More

News

Hong Kong to Implement Background Checks for Accounting Students

Police will carry out a detailed background check of the students that plan on pursuing accountin...

Hong Kong to Implement Background Checks for Accounting Students Explore More

News

Half of Anti-malware Products fail to Recognize Notable Threats

According to a new report by SE labs, Most popular, well-established cybersecurity solutions do n...

Half of Anti-malware Products fail to Recognize Notable Threats 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

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market Explore More

News

UAE Central Bank Issues New Anti-Money Laundering Guidelines

The Central Bank stated that all financial institutions have a month to comply with the new AML g...

UAE Central Bank Issues New Anti-Money Laundering Guidelines Explore More

News

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security

Australia’s AML Agency AUSTRAC has partnered with the Pacific Financial Intelligence Unit t...

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security Explore More

News

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud

Bank employees and tax preparers fraudulently applied for $3M+ in pandemic relief loans through f...

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud Explore More

News

Estonian Government to Strengthen AML Framework to Lift Crypto Ban

The Estonian Finance Ministry drafted AML amendments that will affect virtual asset service provi...

Estonian Government to Strengthen AML Framework to Lift Crypto Ban Explore More

News

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

News

UK’s FCA Warns Challenger Banks Over Inadequate AML Measures

The UK’s main financial regulator has warned challenger banks to improve measures for fighting fi...

UK’s FCA Warns Challenger Banks Over Inadequate AML Measures Explore More

News

Swedish Bank SEB Accused of Money Laundering

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

Swedish Bank SEB Accused of Money Laundering Explore More

News

Danske Bank Facing the Long-term Cost of Money Laundering

Danske Bank is still facing the consequences of its involvement in the €200 billion worth of mone...

Danske Bank Facing the Long-term Cost of 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