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

    216.73.216.162

    G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies

    G-20

    Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of measures that pressurize cryptocurrency exchanges to disclose user information. 

    Jason Sibley mentioned this in a tweet:

    Following a summit in Riyadh last week, countries that are uncompliant of the Financial Action Task Force’s crypto guidelines were urged to strictly adhere to the regulations. “We urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers,” reads a joint-communique published after the summit. 

    FATF’s travel rule, which was finalized in the summer, requires virtual asset service providers (VASPs), including exchanges and wallet providers, to exchange user information with one another every time funds are transferred. This is to avert fraudsters and money launderers that use the virtual currency to by-pass existing controls and penalties. Last year G-20 reclaimed that it would comply with the new regulations. 

    FATF’s guidelines are un-irrevocable and give the administration some room to incorporate the new standards into the local law. But countries that deliberately fail to adopt guidelines are blacklisted, potentially inhibiting them from global trade and foreign investment. 

    Many of FATF’s 36 member-states, which include G-20 economies, have already embraced the new travel rule. The EU’s fifth anti-money laundering directive (5AMLD), which requires exchanges to register with local regulators and show compliance, came into force at the beginning of the year.  

    Realizing the need for an efficient global remittance system, G-20 ministers at the weekend restated from October calling on countries to conduct more research and risk-assessment into global stable coins or GSCs before they enter mainstream circulation.

    The communique also appealed to the local authorities to help the Financial Stability Board (FSB), which monitors the vulnerability of the global financial system, in drawing up new suggestions for the global regulation of virtual currencies. 

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    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