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

    54.163.136.244

    IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira

    News Image Feb 24, 2022-01

    The IMF has warned the Central Bank of Nigeria (CBN) about the risks of money laundering and terrorist financing with the use of the central bank digital currency (CBDC) eNaira.

    The IMF has cautioned the Central Bank of Nigeria and suggests the implementation of close monitoring systems for their central bank digital currency (CBDC). 

    In its Article IV on Nigeria, the IMF stated that even though there are several potential benefits of the eNaira, it brings risks of financial crime in case of wide adoption. The IMF pointed out the need to find solutions for the existing deficiencies in the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) framework that could elevate these risks.

    “While preventive measures and the planned AML/CFT regulations for eNaira intermediaries are welcome, a money laundering/terrorist financing risk assessment of domestic and cross-border uses of eNaira and the adoption and implementation of the regulation along with putting in place risk-sensitive mitigation measures should be a priority.”

    Earlier on, the Fund had stated that the “recent introduction of the eNaira promises several potential benefits, including higher financial inclusion, but poses some risks. Staff welcomed the gradual rollout of the CBDC and highlighted the need for vigilance to various risks, including monetary policy implementation, bank funding, cyber security, operational resilience, and financial integrity and stability, through regular risk assessment and contingency planning.”

    “The launching of eNaira could bring significant benefits, including higher financial inclusion over time and efficient delivery of social assistance, and close monitoring of risks is recommended. The eNaira offers low-cost and phone-enabled financial transactions outside established channels. This could potentially increase financial inclusion over time in rural areas and help meet the authorities’ ambitious target to increase the share of financially included adults to 95 percent.”

    The IMF also added that the CBDC is vulnerable to cyber security risks, unforeseen legal issues, and financial integrity risks.“There are cyber security risks associated with the eNaira. Unforeseen legal issues, including for private law aspects of its operations (e.g., the exact nature of the legal relationship between the wallet providers and CBDC holders), may subject eNaira to litigation and operational risks”

    Suggested read: Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry

    Related Posts

    News

    Global Plight: Australia Paves the Way for Money Laundering in the Property

    Australia facilitates money laundering through the property, causing a global plight and perpetua...

    Global Plight: Australia Paves the Way for Money Laundering in the Property Explore More

    News

    Philippines AML Council Adds POGO to its Non-Compliance List

    In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...

    Philippines AML Council Adds POGO to its Non-Compliance List Explore More

    News

    SEC & NYDFS Oppose Binance $1 Billion Voyager Deal

    The Securities and Exchange Commission and the New York Department of Financial Services have spo...

    SEC & NYDFS Oppose Binance $1 Billion Voyager Deal Explore More

    News

    Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox

    The Saudi Arabian Monetary Authority (SAMA) announced that it has allowed nine more FinTech firms...

    Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox Explore More

    News

    Turkey Remains on the FATF Gray List for AML Regulations Failures

    Turkey’s government has failed to comply with Anti-Money Laundering (AML) and Counter-Financing T...

    Turkey Remains on the FATF Gray List for AML Regulations Failures Explore More

    News

    EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto

    The MiCA deal has been approved by the economic committee of the EU Parliament. The committee has...

    EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto Explore More

    News

    MGA Issues 10 Warnings and Revokes 6 Licenses of Gaming Operators

    MGA issued ten warnings and revoked six gambling licences in 2022. According to the report, the M...

    MGA Issues 10 Warnings and Revokes 6 Licenses of Gaming Operators Explore More

    News

    £2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police

    Following information from a Spanish law enforcement agency, the Royal Gibraltar Police have init...

    £2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police Explore More

    News

    Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures

    The Economic and Financial Crime Commission (EFCC) has instructed estate agents in Port Harcourt ...

    Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures Explore More

    News

    Canada Faces 400% Increase in the Cryptocurrency Fraud

    The Canadian police department is warning people to protect their personal information and perfor...

    Canada Faces 400% Increase in the Cryptocurrency Fraud Explore More

    News

    EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto

    The MiCA deal has been approved by the economic committee of the EU Parliament. The committee has...

    EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto Explore More

    News

    Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering

    Turkey’s Minister of Social and Labour Security Department stated they are conducting an in-depth...

    Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering Explore More

    News

    Massive Cyberattack on Australia Uses Cryptojacking Exploits

    According to the Australian Cyber Security Centre, a group of “state actors” hacked Australian ne...

    Massive Cyberattack on Australia Uses Cryptojacking Exploits 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

    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

    Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

    Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...

    Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations Explore More

    News

    Rabobank Fined EUR 500K for Ineffective KYC Compliance

    The Dutch Central Bank (DNB) instructed Rabobank to enhance their CDD, transaction monitoring, an...

    Rabobank Fined EUR 500K for Ineffective KYC Compliance Explore More

    News

    Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden

    The Swedish financial supervisory authority (FSA) allowed Binance to operate in the country, whic...

    Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden Explore More

    News

    Denmark’s Gambling Authority Issues Reminder for AML Duties

    All licensed businesses are reminded to report suspicious transactions that may be indicative of ...

    Denmark’s Gambling Authority Issues Reminder for AML Duties Explore More

    News

    UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures

    Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...

    UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures Explore More

    News

    UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants

    The UAE government is ready to launch a new federal authority to regulate online lottery business...

    UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants Explore More

    News

    UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector

    The UK is facing financial turbulence because of changing its way from participating in European ...

    UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector Explore More

    News

    Ransomware Attack Exposes 5.8 Million Pharmaceutical Records of PharMerica Corporation

    A breach notification was filed with the Maine Attorney General’s Office for the first time, reve...

    Ransomware Attack Exposes 5.8 Million Pharmaceutical Records of PharMerica Corporation Explore More

    News

    Money Laundering Proceedings Against Pilatus Set Back Indefinitely

    Money laundering proceedings against Pilatus Bank and its former top officials will likely be set...

    Money Laundering Proceedings Against Pilatus Set Back Indefinitely Explore More

    News

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos

    Macau is moving towards introducing digital currency to fight money laundering and tax evasion in...

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos Explore More

    News

    Economic uncertainty ‘a breeding ground for fraud and financial crime

    The FATF has warned that the Coronavirus outbreak has caused unparalleled challenges in the econo...

    Economic uncertainty ‘a breeding ground for fraud and financial crime Explore More

    News

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns

    Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to ...

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns Explore More

    News

    Uganda Remains Greylisted by FATF for Money Laundering

    There will be no change to Uganda’s status on the “grey list” due to the countr...

    Uganda Remains Greylisted by FATF for Money Laundering 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

    MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework

    MONEYVAL has called upon Polish authorities to improve their regulatory framework and work on str...

    MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework Explore More

    News

    FCA Spends $650K to Beef up its AML Control for the Crypto Industry

    FCA spends $670,000 on training cryptocurrency exchange staff along with strengthening AML requir...

    FCA Spends $650K to Beef up its AML Control for the Crypto Industry Explore More

    News

    Despite KYC, Dutch Central Bank Struggles over Crypto Ownership Records

    Despite the strict measures for KYC requirements, the Central Bank of the Netherlands is still mu...

    Despite KYC, Dutch Central Bank Struggles over Crypto Ownership Records Explore More

    News

    Ukraine Issues 14 Million Biometric Passports

    According to Ukrinform, more than 14 million biometric passports have been issued in Ukraine so f...

    Ukraine Issues 14 Million Biometric Passports Explore More

    News

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos

    Macau is moving towards introducing digital currency to fight money laundering and tax evasion in...

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos Explore More

    News

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art

    South Florida federal court received a complaint accusing art dealer Daniel Elie Bouaziz of wire ...

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art Explore More

    News

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

    European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

    News

    FATF Urges Japan to Implement Stronger AML Measures

    The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...

    FATF Urges Japan to Implement Stronger AML Measures Explore More

    News

    14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized

    Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...

    14 Arrested in  Money-Laundering Crackdown, Over HK$300 Million Seized Explore More

    News

    Facial Recognition Market to Grow 12.5% Annually Through 2024

    According to a new report by Mordor Intelligence, the facial recognition market is expected to gr...

    Facial Recognition Market to Grow 12.5% Annually Through 2024 Explore More

    News

    Scammers Set to Defraud this Holiday Season, FBI Warns!

    This holiday season, New Mexican shoppers are at risk of facing scammers. Criminals are all set t...

    Scammers Set to Defraud this Holiday Season, FBI Warns! Explore More

    News

    UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance

    The UAE’s Ministry of Economy now starts the inspections of Designated Non-Financial Businesses a...

    UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance 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

    Clearview AI will be facing the legal claims after critical NYT report

    Clearview AI is an artificial intelligence firm providing facial recognition technology to US law...

    Clearview AI will be facing the legal claims after critical NYT report Explore More

    News

    The IRS Issues Last Minute-Warning To Avoid Tax Penalties

    A new warning has been issued by the IRS with the introduction of an identity protection pin that...

    The IRS Issues Last Minute-Warning To Avoid Tax Penalties Explore More

    News

    Four Biggest Irish Banks Join Forces for Enhanced Security Measures

    Four biggest banks in Ireland, AIB, Bank of Ireland, PTSB, and KBC, have collaborated on the meas...

    Four Biggest Irish Banks Join Forces for Enhanced Security Measures Explore More

    News

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor

    The European Union should contemplate creating an independent agency to supervise anti-money laun...

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor 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

    South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents

    SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing ...

    South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents Explore More

    News

    Real Estate is Becoming a Primary Target for Money Launderers in the UK

    According to a government report, Luxury London homes are a new method to launder illicit funds. ...

    Real Estate is Becoming a Primary Target for Money Launderers in the UK Explore More

    News

    Philippine Plans to Introduce New Regulations on Beneficial Ownership

    The Securities and Exchange Commission in Philippine has laid out new regulations that require tr...

    Philippine Plans to Introduce New Regulations on Beneficial Ownership Explore More

    News

    President of Argentina Open to CBDC Adoption but Central Bank Says No

    Alberto Fernandez, President of Argentina showed openness to adoption of Bitcoin and Central Bank...

    President of Argentina Open to CBDC Adoption but Central Bank Says No 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

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    EU Parliament Proposes Change in AML Bill to Increase Focus on NFTs

    Lawmakers in the EU Parliament have proposed new changes for the upcoming AML bill to increase fo...

    EU Parliament Proposes Change in AML Bill to Increase Focus on NFTs Explore More

    News

    Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries

    Thousands of fake vaccination certificates are being sold on the dark web, and through the messag...

    Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries Explore More

    News

    Dubai Court Sentences Gang of 18 for Charges of Money Laundering

    The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...

    Dubai Court Sentences Gang of 18 for Charges of Money Laundering 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

    Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal

    Westpac’s board will withhold bonuses of all of its senior executives as an ‘interim’ step follow...

    Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal Explore More

    News

    The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

    The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...

    The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague Explore More

    News

    ASIC Expands its Team to Enhance Cryptocurrency Regulations

    Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

    ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

    News

    NAB and CBA Exposed Over PNG Money Laundering Case

    NAB and CBA have been given a “formal warning” instead of criminal charges, as the PNG regulator ...

    NAB and CBA Exposed Over PNG Money Laundering Case 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

    BNM Issues New Policy For Remote Corporate Customer Onboarding

    BNM has issued a new policy document that permits MSBs to onboard customers remotely in the corpo...

    BNM Issues New Policy For Remote Corporate Customer Onboarding Explore More

    News

    FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC

    The FEMA has confirmed the seizure of 288 crores worth of funds of a “Chinese-owned” ...

    FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC Explore More

    News

    Ring doorbell gives user data to Facebook and Google

    Recent investigation suggests that Ring doorbells are exposing the customers’ data to companies s...

    Ring doorbell gives user data to Facebook and Google Explore More

    News

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023

    The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023 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

    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

    PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach

    On May 28, 2021, FINTRAC announced changes in Canada’s anti-money laundering regime under t...

    PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach Explore More

    News

    COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards

    The Companies Office of Jamaica (COJ) has established an AML and CFT unit to comply with FATF req...

    COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards Explore More

    News

    Google CEO voices his concerns regarding AI and its potential harmful damages in the future

    Sundar Pichai, Google CEO gave a statement on Monday regarding Artificial Intelligence and its in...

    Google CEO voices his concerns regarding AI and its potential harmful damages in the future Explore More

    News

    Australia introduces new rules to tackle mobile identity theft

    Acma (Australian Communications and Media Authority) has introduced a new regulation to fight ide...

    Australia introduces new rules to tackle mobile identity theft 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