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

    20.97.189.101

    Nigeria Remains on FATF Gray List Due to Compliance Failures

    n-img-Nigeria-Remains-on

    Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authority Financial Action Task Force (FATF). 

    Global watchdog, the Financial Action Task Force, examined Nigeria’s AML compliance system and observed loopholes in their Money Laundering and Terrorism Financing controls. The FATF claimed that the Nigerian government is not implementing rigid regulations on financial institutions. Nigeria was among the 21 countries on the grey list whose AML system was reviewed in the FATF annual plenary meeting in the previous week. However, the Nigerian Financial Intelligence Unit (NFIU) claimed in the meeting that are enhancing their approach to combat money laundering and terrorist financing. NFIU stated they are scaling up the country’s AML derivatives to comply with all FATF recommendations. Nigeria only has to meet 15 latest obligations, and after that, they will exit from the increased monitoring regime. 

    To combat money laundering, and funding of terrorism whilst the spread of weapons of mass destruction, governments need to implement a comprehensive and consistent framework of actions outlined in the FATF guidelines. The regulatory authority placed Nigeria, alongside 23 other countries, on the grey list due to deficiencies in their money laundering prevention system. The FATF issues a list of countries three times a year that are under increased monitoring because of noncompliance with more than three significant recommendations. FATF explained, “when the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the grey list.”

    FATF issued a statement on the outcomes of its annual plenary meeting. The group added that countries under greater surveillance were actively collaborating with the FATF to resolve key shortcomings in their regimes to combat money laundering, terrorist funding, and proliferation finance. The delegation said in the plenary meeting, “ FATF identifies additional jurisdictions, on an ongoing basis, that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. A number of jurisdictions have not yet been reviewed by the FATF or their FSRBs, but will be in due course. The FATF provides some flexibility to jurisdictions not facing immediate deadlines to report progress on a voluntary basis.”

    Suggested Reads: 

    NIGERIA EMPLOYS NEW BOR INITIATIVE TO BE REMOVED FROM FATF’S GREY LIST
    NIGERIAN-OWNED TECH FIRM, FLUTTERWAVE, CLOSES 45 BANK ACCOUNTS DUE TO MONEY LAUNDERING
    NIGERIA’S SENATE PASSES BILL TO TIGHTEN MONEY LAUNDERING RULES

    Related Posts

    News

    Cryptocurrency brought under AML rules in Singapore

    Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

    Cryptocurrency brought under AML rules in Singapore 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

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela

    A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela Explore More

    News

    Singapore Introduces Face Verification for National ID Service

    Not just authentication, but facial verification is mandatory for anyone who is using the nationa...

    Singapore Introduces Face Verification for National ID Service Explore More

    News

    CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

    Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

    CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure 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

    15 Billion Stolen Logins From 100,000 Breaches – Reveals New Dark Web Audit

    15 billion – a figure published demonstrates the stolen logins came about through the 18 mo...

    15 Billion Stolen Logins From 100,000 Breaches – Reveals New Dark Web Audit Explore More

    News

    Philippine Banks Struggle to Comply with AML Regulations

    Philippian banks and financial institutions are struggling with compliances regarding the anti-mo...

    Philippine Banks Struggle to Comply with AML Regulations Explore More

    News

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia

    In an attempt to streamline customer verification and correspondent banking, AUSTRAC has issued r...

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia Explore More

    News

    UAE and Egypt Collaborate to Fight Money Laundering and Terrorist Financing

    UAE has signed MoU with Egyptian Money Laundering and Terrorist Financing Combating Unit to stren...

    UAE and Egypt Collaborate to Fight Money Laundering and Terrorist Financing Explore More

    News

    Two foreign nationals charged with Cryptocurrency laundering

    The United States Department of Justice has charged two Chinese nationals with laundering $100 mi...

    Two foreign nationals charged with Cryptocurrency laundering Explore More

    News

    Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion

    Chinese Authorities in the Hunan province have busted a criminal ring of 92 individuals for alleg...

    Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion Explore More

    News

    Morgan Stanley, Interactive Brokers Under Money Laundering Probe

    The FBI, SEC, and other state agencies are now investigating why Morgan Stanley took on Rodriguez...

    Morgan Stanley, Interactive Brokers Under Money Laundering Probe Explore More

    News

    Kenya Flags Betting Jackpots as Possible Avenues for Money Laundering

    Kenya has flagged the mega jackpots paid to the punters in the country as the possible avenues fo...

    Kenya Flags Betting Jackpots as Possible Avenues for Money Laundering Explore More

    News

    Foxconn Becomes the Victim of Ransomware Attack

    A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...

    Foxconn Becomes the Victim of Ransomware Attack Explore More

    News

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules

    The European Banking Authority (EBA) announced the new consultation process to implement the cryp...

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules Explore More

    News

    COVID-19 Vaccines at the Risk of being Illegally Obtained by Fraudsters

    There is nothing more awaited than the coronavirus vaccine this year. The international agencies ...

    COVID-19 Vaccines at the Risk of being Illegally Obtained by Fraudsters Explore More

    News

    The Biggest Theft in Crypto History: $600 Million Stolen

    Binance and Tether have also joined the recovery plan to help minimize the consequences of the at...

    The Biggest Theft in Crypto History: $600 Million Stolen Explore More

    News

    Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal

    The US Federal Reserve rule cemented the Central bank’s caution about crypto asset activities, pr...

    Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal 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

    ML/TF Legislation for Art Industry Labeled ‘Damaging and Unjust’

    Cinoa, the international art & antiques dealers’ association has issued an open letter signed...

    ML/TF Legislation for Art Industry Labeled ‘Damaging and Unjust’ Explore More

    News

    FIAU Fines iGaming Company Approximately €236,789 for Money Laundering

    The Financial Intelligence Analysis Unit has ordered a Malta-based remote gaming operator to pay ...

    FIAU Fines iGaming Company Approximately €236,789 for Money Laundering Explore More

    News

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets

    Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will...

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets Explore More

    News

    SFMS Reports Blocking Russian Crypto Exchanges

    Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...

    SFMS Reports Blocking Russian Crypto Exchanges Explore More

    News

    ‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline

    Today is the deadline for the digital currency firms to be registered with the UK’s financial reg...

    ‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline Explore More

    News

    US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow

    US Senator Joe Manchin, along with Senators Roger Marshall, Lindsy Graham, and Elizabeth Warren, ...

    US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow Explore More

    News

    Homeland Security expects to have biometric data on nearly 260 million people

    The US Department of Homeland Security (DHS) will soon have face, fingerprint and iris scans of a...

    Homeland Security expects to have biometric data on nearly 260 million people Explore More

    News

    UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks

    The Treasury Committee of the UK’s House of Commons has urged the public to submit their take and...

    UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks Explore More

    News

    Hong Kong Provides Guidance to Fight Financial Crimes Emerging from COVID-19

    The Monetary Authority in Hong Kong (HKMA) has issued new guidelines for the banks on merging ext...

    Hong Kong Provides Guidance to Fight Financial Crimes Emerging from COVID-19 Explore More

    News

    Ransomware attacks increase as more people work from home

    According to a study published by the cybersecurity firm, Proofpoint, there has been an increase ...

    Ransomware attacks increase as more people work from home Explore More

    News

    UK watchdogs launch ad-scam alert system to control online fraud

    The United Kingdom Advertising Standards Authority (ASA) and the Internet Advertising Office (IAB...

    UK watchdogs launch ad-scam alert system to control online fraud Explore More

    News

    Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report

    According to the Police, 725 cases of investment scams occurred within the first seven months of ...

    Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report Explore More

    News

    Combating COVID-19: Dubai warns of $10 million loan scheme fraud

    A recent scam has emerged in Dubai which involves a $10 million loan for young entrepreneurs and ...

    Combating COVID-19: Dubai warns of $10 million loan scheme fraud Explore More

    News

    France to Consider Amendment Obliging Crypto Firms to Obtain Licenses

    In January 2023, the French Parliament will consider the amendment to cancel the favorable treatm...

    France to Consider Amendment Obliging Crypto Firms to Obtain Licenses 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

    EU Removes Iraq From List of High-Risk Money Laundering Countries

    Iraq has been de-listed from the EU’s list of high-risk countries for money laundering and terror...

    EU Removes Iraq From List of High-Risk Money Laundering Countries Explore More

    News

    FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding

    The FINMA now enables the scanning of microchips inserted in biometric ID documents as an element...

    FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding Explore More

    News

    FATF Claims Golden Visa Programs Raise Financial Crimes Activities

    The international regulatory body, Financial Action Task Force (FATF), reported that Citizenship ...

    FATF Claims Golden Visa Programs Raise Financial Crimes Activities Explore More

    News

    New ultrasonic hack can manipulate your digital assistant

    Researchers are advising consumers about a new type of hack that has recently emerged. It involve...

    New ultrasonic hack can manipulate your digital assistant Explore More

    News

    UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations

    The UAE has fined six companies Dh3.2 million for failing to comply with Anti-Money Laundering an...

    UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations Explore More

    News

    US Shows Conflicts with China at First Financial Meeting

    In a recent financial working group meeting, the US Treasury raised disagreements with China, whe...

    US Shows Conflicts with China at First Financial Meeting Explore More

    News

    Shufti Nominated for Yalla Fintech 2020 Award

    Shufti, an identity verification service provider offering KYC verification and AML screening...

    Shufti Nominated for Yalla Fintech 2020 Award Explore More

    News

    UK’s Financial Watchdog Goes Real-time to Catch Online Criminals

    The FCA is sweeping the internet on a day-to-day basis to pull out cybercriminals, as the number ...

    UK’s Financial Watchdog Goes Real-time to Catch Online Criminals Explore More

    News

    Google to Improve its Compliance Program After BTC-e Data Loss

    Google has committed to strengthening its legal compliance program after losing data linked with ...

    Google to Improve its Compliance Program After BTC-e Data Loss Explore More

    News

    SMEs Decry Registration Hurdles Owing to SCUML Certificate

    SMEs have decried hurdles in opening business/corporate accounts due to the Anti Money Laundering...

    SMEs Decry Registration Hurdles Owing to SCUML Certificate Explore More

    News

    Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud

    Two bank workers, involved in issuing fake documents, have been banned by the Central Bank. The a...

    Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud Explore More

    News

    COVID-19 has Made Cybercrime More Structured

    During the COVID-19 pandemic, there has been immense growth in the opportunities for cyber-relate...

    COVID-19 has Made Cybercrime More Structured Explore More

    News

    Financial regulators assure further assistance to the industry during COVID-19

    Global financial regulators guarantee to provide ease in the regulations to deal with the COVID-1...

    Financial regulators assure further assistance to the industry during COVID-19 Explore More

    News

    ProtonMail added an encrypted calendar to its encrypted Gmail competitor

    Previous year Google faced a hefty fine of $170 million by the Federal Trade Commission following...

    ProtonMail added an encrypted calendar to its encrypted Gmail competitor Explore More

    News

    Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings

    The Dutch Central Bank (DeNederlandscheBank) has charged Coinbase for having ineffective anti-mon...

    Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings 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

    Hong Kong Arrests 13 in HK$53 million Money Laundering Case

    13 people in Hong Kong have been arrested for money laundering and operating illegal gambling sit...

    Hong Kong Arrests 13 in HK$53 million Money Laundering Case Explore More

    News

    Nigeria Remains on FATF Gray List Due to Compliance Failures

    Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...

    Nigeria Remains on FATF Gray List Due to Compliance Failures Explore More

    News

    UK Approves New Bill to Enhance Security in the Cryptocurrency Sector

    The UK government has approved a bill to grant power to the authorities to seize cryptocurrency p...

    UK Approves New Bill to Enhance Security in the Cryptocurrency Sector Explore More

    News

    Brace for Home Visits, FCA Warns Remote Traders and Bankers

    UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

    Brace for Home Visits, FCA Warns Remote Traders and Bankers 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

    AFSA Amends AML/CFT Rules for Compliance with FATF Recommendations

    AFSA has introduced amendments to the AIFC Anti-Money Laundering and Counter-Terrorist Financing ...

    AFSA Amends AML/CFT Rules for Compliance with FATF Recommendations Explore More

    News

    South Africa links fintech startups with financial regulators

    South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

    South Africa links fintech startups with financial regulators Explore More

    News

    Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate

    Ireland seized over €1m in cryptocurrency as a part of an investigation against national and inte...

    Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate Explore More

    News

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report

    Reduced rates of false positives and the resulting decline in operational costs have caused an in...

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report Explore More

    News

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

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

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

    News

    Action Fraud alerts shoppers about COVID-19 scams

    Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...

    Action Fraud alerts shoppers about COVID-19 scams 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

    Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations

    Janet Yellen, incoming Secretary of the US Treasury has announced that AML legislation is the mos...

    Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations Explore More

    News

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence

    Criminals in Saudi Arabia sentenced to 25 years imprisonment after getting caught in money launde...

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence Explore More

    News

    Prosecutors Raise Questions About KYC/AML Against Cryptocurrency Mixers

    According to the prosecutors and financial regulators, cryptocurrency mixers are reportedly being...

    Prosecutors Raise Questions About KYC/AML Against Cryptocurrency Mixers Explore More

    News

    Millions of Twitter and Facebook Users May Have Had Their Accounts Compromised

    Facebook and Twitter announced on Monday that the personal data of millions of users may have bee...

    Millions of Twitter and Facebook Users May Have Had Their Accounts Compromised Explore More

    News

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021

    The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021 Explore More

    News

    COVID-19: Banks and mobile companies join to block texting scams

    The banking and mobile phone industries are declaring advancement in the face of a rise in so-cal...

    COVID-19: Banks and mobile companies join to block texting scams Explore More

    News

    Leading Japanese Crypto Exchange Loses $100 Million to Hackers

    Liquid Global, a leading cryptocurrency exchange in Japan was hit by a hacking attack and the exc...

    Leading Japanese Crypto Exchange Loses $100 Million to Hackers Explore More

    News

    Cryptocurrency brought under AML rules in Singapore

    Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

    Cryptocurrency brought under AML rules in Singapore Explore More

    News

    AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention

    Banks and financial institutions should implement a strengthened anti-money laundering system to ...

    AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention 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