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

    ca

    51.222.253.2

    “Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses

    news2

    The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report on Sunday.

    The report states that during the COVID-19 crisis, money laundering activities through unlicensed service providers and e-commerce businesses substantially increased in the previous year. 

    “Widespread lockdowns have resulted in a significant surge in e-commerce. Due to limited ability to move funds and goods during the pandemic, illicit actors are turning to e-commerce as a money laundering tool,” it said.

    Money mule accounts, through which illicit funds are wired across borders, grew in number, the bank stated, with accounts in the majority of cases belonging to low-income individuals from Africa and Asia.

    The UAE central bank identified various fraud risks linked to the pandemic, such as the submission of false claims by business entities or individuals to qualify for government stimulus support measures.

    “As we continue to monitor and learn more about the spread of COVID-19 in our communities, we have recently observed a heightened external fraud threat, especially with cybercriminals exploiting both traditional and digital channels, to remotely perpetrate cyber-enabled fraud attacks at scale in a rapidly evolving environment,” the bank further asserted.

    The report by the UAE central bank has emerged as the region steps up efforts to combat money laundering and terrorism financing activities. 

    Last year, the global regulatory body Financial Action Task Force (FATF) claimed that “fundamental and major improvements” were required from the UAE to avoid it from being placed on the “grey list” of countries under increased monitoring. 

    Last week, the central bank issued new anti-money laundering guidelines to curb ML/TF threats in the Gulf region. The new guidelines have been imposed on financial institutions to instruct them over AML compliance practices. 

    Suggested Read: UAE Issues Deadline for Businesses to Register for AML System

    Related Posts

    News

    EU Watchdog Takes Deep Dive Into Banks’ Use of Technology

    EU’s banking watchdog has recognized the need for RegTech solutions and proper regulatory standar...

    EU Watchdog Takes Deep Dive Into Banks’ Use of Technology Explore More

    News

    US State joins international task force targeting COVID-19 investment scams

    The Oregon Division of Financial Regulation has recently joined an international enforcement task...

    US State joins international task force targeting COVID-19 investment scams Explore More

    News

    ECB Releases Paper Revealing Financial Crime Risks in Cross-border Payments

    ECB has released a paper that reveals the financial risks associated with cross-border payments, ...

    ECB Releases Paper Revealing Financial Crime Risks in Cross-border Payments Explore More

    News

    Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals

    Liberia, one of the poorest countries in the world, is said to spend an enormous and highly suspi...

    Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals Explore More

    News

    US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures

    The Federal Reserve announced on July 20th that it had fined Deutsche Bank (DBKGn.DE) and some of...

    US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures Explore More

    News

    Authorities Warn that the Current Crypto Landscape is Plagued with Scam

    According to the Connecticut State Police, the emerging virtual cryptocurrency market is prone to...

    Authorities Warn that the Current Crypto Landscape is Plagued with Scam Explore More

    News

    Philippine Senator Files an Anti-Online Gambling Bill Aiming to Curb Financial Crimes

    Philippine Senator Joel Villanueva filed a bill imposing a ban on online gambling to prevent fina...

    Philippine Senator Files an Anti-Online Gambling Bill Aiming to Curb Financial Crimes Explore More

    News

    UK Cryptos Have Eight Months to Get their AML Measures In Order – FCA

    UK – The Financial Conduct Authority (FCA) has pushed back the end date of crypto company’s...

    UK Cryptos Have Eight Months to Get their AML Measures In Order – FCA 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

    SEC Cautions Citizens Regarding Digital Investment Scams in the Philippines

    The Securities and Exchange Commission (SEC)  has warned the public to pay caution while making d...

    SEC Cautions Citizens Regarding Digital Investment Scams in the Philippines Explore More

    News

    UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021

    London incurred the highest amount of losses to cybercrime and fraud in the first half of 2021, a...

    UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021 Explore More

    News

    ‘EU Has Fragmented Approach to Combat FinCrime’, Says ECA

    The European Court of Auditors (ECA) has identified weaknesses in the Anti-Money Laundering polic...

    ‘EU Has Fragmented Approach to Combat FinCrime’, Says ECA 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

    Russian govt introduces Fintech Sandboxes, including Blockchain

    The Russian government plans on the creation of regulatory sandboxes for companies working on con...

    Russian govt introduces Fintech Sandboxes, including Blockchain Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    AUSTRAC Made to Take Back Seat as Australia Defies Global AML Regulations

    Australian Transaction Reports and Analysis Centre has taken Australia’s largest business to cons...

    AUSTRAC Made to Take Back Seat as Australia Defies Global AML Regulations Explore More

    News

    US State joins international task force targeting COVID-19 investment scams

    The Oregon Division of Financial Regulation has recently joined an international enforcement task...

    US State joins international task force targeting COVID-19 investment scams Explore More

    News

    Ireland embraces the EU’s Anti-Money Laundering (AML) directive

    EU’s anti-money laundering directive has been actively embraced by countries all across the globe...

    Ireland embraces the EU’s Anti-Money Laundering (AML) directive Explore More

    News

    FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021

    FinCEN proposed a new rule that will allow banks to share suspicious activity reports with foreig...

    FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021 Explore More

    News

    Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower

    The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...

    Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower Explore More

    News

    Michigan Man Convicted for COVID-19 Relief Fraud

    The criminal has been sentenced to 32 months in prison for fraudulently acquiring PPP loans.  On ...

    Michigan Man Convicted for COVID-19 Relief Fraud Explore More

    News

    Croatian Finance Ministry Proposes New Bill to Combat Money Laundering

    The Croatian Finance Ministry has introduced a new bill for state institutions to monitor the ban...

    Croatian Finance Ministry Proposes New Bill to Combat Money Laundering Explore More

    News

    US Imposes Sanctions on Russian-backed Iranian Oil Smuggling & Money Laundering Network

    The US has imposed sanctions on a Russian-backed oil smuggling and money laundering network for I...

    US Imposes Sanctions on Russian-backed Iranian Oil Smuggling & Money Laundering Network Explore More

    News

    Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering

    Taiwan’s top financial regulator is set to become the primary oversight body to monitor the...

    Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering Explore More

    News

    FirstBank of Nigeria Continues Commitment to Combating Money Laundering

    Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted ...

    FirstBank of Nigeria Continues Commitment to Combating Money Laundering Explore More

    News

    Danish Gaming Regulator Sanctions Unibet Over AML Violations

    Spillemyndigheden, the Danish Gaming Regulatory Authority has sanctioned Unibet for failing to co...

    Danish Gaming Regulator Sanctions Unibet Over AML Violations Explore More

    News

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

    The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

    News

    New Crypto Regulations to be Followed by Korean Banks

    South Korea is increasing cryptocurrency regulations by making KYC verification necessary along w...

    New Crypto Regulations to be Followed by Korean Banks Explore More

    News

    Swiss Courts to Return Millions to Sanctioned Russians

    The Swiss courts have decided to pay the stolen millions of dollars back to the sanctioned Russia...

    Swiss Courts to Return Millions to Sanctioned Russians Explore More

    News

    NSW Government Introduces New Money Laundering Laws To Combat Organised Crimes

    The New South Wales government  add new laws to increase the security against the criminal gangs ...

    NSW Government Introduces New Money Laundering Laws To Combat Organised Crimes Explore More

    News

    US Attorney General Warns about the Identity Theft this Holiday Season

    The Federal Trade Commission states that more than 650,000 citizens’ identities have been comprom...

    US Attorney General Warns about the Identity Theft this Holiday Season Explore More

    News

    Taiwan Bans Four Foreign Banks for Breaching FX Regulations

    The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies...

    Taiwan Bans Four Foreign Banks for Breaching FX Regulations Explore More

    News

    LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years

    LocalBitcoins, the crypto firm named by the US treasury in the Bizlato exchange case, has announc...

    LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years Explore More

    News

    CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime

    UAE and China have signed an MoU on August 03, 2021 to combat money laundering and terror financi...

    CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime 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

    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

    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

    Internet fraud complaints went up by 30% last year

    As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...

    Internet fraud complaints went up by 30% last year Explore More

    News

    FinTech Market Gaining Traction in Asia, Slowing Down in US

    The Financial Technology (FinTech) market is booming in Asia, especially in China according to a ...

    FinTech Market Gaining Traction in Asia, Slowing Down in US Explore More

    News

    SFC Finalizes Consultation Conclusions on AML Guidelines

    Updated AML/CFT guidelines are expected to come into effect from 30 September 2021, except for th...

    SFC Finalizes Consultation Conclusions on AML Guidelines Explore More

    News

    Ransomware attacks rise as criminals target remote working

    Ransomware attacks are getting bigger and bolder at a time where many organisations are implement...

    Ransomware attacks rise as criminals target remote working Explore More

    News

    One-third of Finance Firms Have Accelerated Use of AI to Detect Money Laundering

    Financial institutions are heavily investing in Artificial Intelligence (AI) and Machine Learning...

    One-third of Finance Firms Have Accelerated Use of AI to Detect Money Laundering 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

    New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI

    As per the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI),...

    New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI Explore More

    News

    FATF Withdraws Switzerland From AML Enhanced Measures List

    The Financial Action Task Force (FATF) removed Switzerland from the enhanced money-laundering com...

    FATF Withdraws Switzerland From AML Enhanced Measures List Explore More

    News

    Chinese Banks Promise To Step Up Cryptocurrency Ban

    Some of the biggest banks in China have promised to refuse help to customers that trade with Bitc...

    Chinese Banks Promise To Step Up Cryptocurrency Ban Explore More

    News

    Irish Police warns about the latest internet fraud

    The local Irish police (Gardai) is persuading people not to fall prey to the recent online bankin...

    Irish Police warns about the latest internet fraud Explore More

    News

    Georgia Ramps Up AML Measures to Combat Financial Crime

    A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

    Georgia Ramps Up AML Measures to Combat Financial Crime Explore More

    News

    ICO Warns Public Bodies Over Failure to Respond FOI Requests

    ICO warned public bodies regarding Freedom of Information (FOI) requests failure. Different depar...

    ICO Warns Public Bodies Over Failure to Respond FOI Requests 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

    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

    William Hill to Pay £19M for Social Responsibility and AML Failings

    The Gambling Commission has fined William Hill Group Businesses £19 million for failing to uphold...

    William Hill to Pay £19M for Social Responsibility and AML Failings Explore More

    News

    Pakistan Launches Contactless Biometric Verification for Banking

    Pakistan has become one of the first countries in the world to implement biometric verification t...

    Pakistan Launches Contactless Biometric Verification for Banking Explore More

    News

    Shufti is nominated for ‘Oustanding Product/ Service’

    Global business excellence awards nominated Shufti for the category of outstanding product/ s...

    Shufti is nominated for ‘Oustanding Product/ Service’ Explore More

    News

    Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’

    The Kinahan Cartel is under great pressure after the European Union (EU) places the UAE on the ‘b...

    Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’ Explore More

    News

    India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill

    India’s financial watchdog has proposed a new crypto bill to impose a $2.65M fine and jail for vi...

    India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill 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

    Few Hours Left! Was Mail-in-Ballots Successful?

    The US elections 2020 have been exhilarating yet stressful for all the residents. The coronavirus...

    Few Hours Left! Was Mail-in-Ballots Successful? 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

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator

    The Top British regulator FCA reported that the US and UK are strengthening ties on crypto regula...

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator Explore More

    News

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering

    EU regulators have proposed that the licenses of crypto exchanges should be revoked in case of se...

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering Explore More

    News

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022

    Business advisors RSM UK has revealed West Midlands as a hotspot for employee fraud. The region h...

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022 Explore More

    News

    National Westminster Bank Pleads Guilty to AML Breaches

    NatWest has stated that it violated multiple anti-money laundering regulations that required the ...

    National Westminster Bank Pleads Guilty to AML Breaches Explore More

    News

    The Bicycle Hotel & Casino Fined $500K For Violating AML Laws

    The Bicycle Hotel and Casino will be paying $500K in fine as it failed to report Currency Transac...

    The Bicycle Hotel & Casino Fined $500K For Violating AML Laws Explore More

    News

    Southern District of New York Alleges Danske Bank against Serious AML Scandal

    SDNY sentences Danske Bank with three years of probation on the tale of whistleblowing and mislea...

    Southern District of New York Alleges Danske Bank against Serious AML Scandal Explore More

    News

    Police busted a massive £215m money laundering ring in the Northern Ireland

    PSNI police arrested 7 individuals following one of the biggest money-laundering investigations i...

    Police busted a massive £215m money laundering ring in the Northern Ireland Explore More

    News

    Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy

    Denmark promises to crackdown on money laundering activities across the nation with a new AML str...

    Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy Explore More

    News

    Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports

    ‘Grandparent scam’ cost Ontario residents more than $118 million. Scammers call elderly people an...

    Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports Explore More

    News

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US

    A small bureau of the U.S Treasury Department will take a lead, over the next year, in filling ou...

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US Explore More

    News

    “Pension Fraud Hits £1.8 Million so far in 2021”, National Reporting Centre

    National Reporting Centre for fraud and cybercrime has reported £1.8 million has already been los...

    “Pension Fraud Hits £1.8 Million so far in 2021”, National Reporting Centre 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

    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

    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