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

    18.222.24.23

    Russian govt introduces Fintech Sandboxes, including Blockchain

    Russian

    The Russian government plans on the creation of regulatory sandboxes for companies working on contemporary technologies like artificial intelligence and distributed ledgers. Prime Minister Mikhail Mishustin introduced the bill on March 17. The plan does not directly talk about blockchain or cryptocurrencies, but an explanatory note describes distributed ledger as one of the technologies that could be explored in the recent “experimental regulatory regimes.”

    Such rules are initiated to test the technologies in many different sectors including medicine, transportation, distant learning, financial markets, online commerce. The document states that the bill provides Russia’s regulators with the ability to deal with unconventional technology in a better way. Furthermore, some of the country’s regions would be able to set up their own local sandboxes as well.

    The Fintech related sandboxes will be supervised by the Bank of Russia and the Central Bank. Fintech projects functioning within sandboxes would be subject to lighter regulations regarding cash reserves, financial reporting, and foreign currency controls, as reported by the Representatives of the Economic Development Ministry.

    The bill should already have been passed as part of the government’s program on developing the digital economy in Russia but there were concerns that such a law would distort the power balance in favor of the executive branch to a large extent, according to Olga Shepeleva, a senior expert at the Center for Strategic Research.

    She stated, “The main idea is that the government can choose to make temporary exceptions from laws and regulations for the sandboxes.” The Bank of Russia has already been operating a regulatory sandbox for fintech projects and has even tested a blockchain-based tokenization pilot with the assistance of the mining and smelting company, Nornickel.

    However, the central bank’s sandbox only assists in framing the possible uses of the new technologies, but does not permit businesses with the ability to test their use cases on real clients; neither does it provide the means for expert and public control over such experiments. Shepeleva further explained that the new bill will allow the creation of sandboxes in which real businesses will be working with real customers.

    Russia’s central bank has persistently sustained a skeptical attitude towards cryptocurrencies and has recently announced that it is involved in drafting an act that will obstruct the crypto markets from functioning in the country, though ownership would likely be tolerated. Mikhail Komin, research director at the Center for Advanced Governance in Moscow stated, “For sure, the [coronavirus] pandemic and the financial crisis makes the government look for unorthodox solutions, but crypto is not a part of that.”

    “The Bank of Russia is interested in lowering uncertainty in the financial and foreign currency markets caused by the volatility of the Russian ruble, and it believes cryptocurrencies would add even more uncertainty,” Komin said. “The Bank of Russia’s position remains winning one in this argument.”

    Related Posts

    News

    Shufti Introduces AI-Based OCR for Better Customer Verification

    Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

    Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

    News

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code

    The members of parliament of Simcoe North, including the deputy minister of finance, have introdu...

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code Explore More

    News

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

    Over 100 companies were either turned down or had to withdraw their applications for a license to...

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols Explore More

    News

    Mirabaud Bank Fined $3M for AML Failings by Dubai Authorities

    The Dubai Financial Service Authority (DFSA) levied a fine of $3M on the Middle Eastern bank, Mir...

    Mirabaud Bank Fined $3M for AML Failings by Dubai Authorities Explore More

    News

    Japan to Form Specialized AML/CFT Team in Response to FATF Review

    Japan has been advised by the FATF to enhance cross-agency coordination and overcome barriers of ...

    Japan to Form Specialized AML/CFT Team in Response to FATF Review 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

    Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia

    BNPL (Buy-Now-Pay-Later) policy in Australia has given a rise to identity theft and has doubled t...

    Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia Explore More

    News

    UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators

    The report covers crucial aspects of crypto regulation, aiming to foster growth in the sector wit...

    UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators Explore More

    News

    Council of Europe Urges Montenegro to Step Up AML Measures

    The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...

    Council of Europe Urges Montenegro to Step Up AML Measures 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

    Qatar’s new AML laws leave no room for Cryptocurrencies

    A number of countries across the globe are coming with up stringent policies to inhibit the illeg...

    Qatar’s new AML laws leave no room for Cryptocurrencies Explore More

    News

    ICAEW and B20 Task Force to Introduce Recommendations For Combating Financial Crimes

    Policies for anti-money laundering and terrorist financing compliance will be introduced to comba...

    ICAEW and B20 Task Force to Introduce Recommendations For Combating Financial Crimes Explore More

    News

    Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam

    The US Secret Service and Spanish police were working together on an operation when they shut dow...

    Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam Explore More

    News

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns

    The liquidation of Satabank has affected prominent names with a massive due amount. The infirm se...

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns Explore More

    News

    Hong Kong opens up its first online-only bank

    According to reports, ZA Bank, the first online bank in Hong Kong, opened up on Tuesday (March 24...

    Hong Kong opens up its first online-only bank Explore More

    News

    Nexo to Sue Bulgarian State over Money Laundering Allegations

    The Bulgarian crypto lending bank, Nexo, revealed that it would file legal action against the Bul...

    Nexo to Sue Bulgarian State over Money Laundering Allegations Explore More

    News

    FATF Upgrades Guidelines on Risk-Based Approach for VA/VASPs

    FATF (Financial Action Task Force) is upgrading the regulations regarding the risk-based approach...

    FATF Upgrades Guidelines on Risk-Based Approach for VA/VASPs Explore More

    News

    France to Implement Stringent Regulations on Cryptocurrency

    France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

    France to Implement Stringent Regulations on Cryptocurrency 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

    Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment

    Guyana has completed its second money laundering and terrorist financing National Risk Assessment...

    Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment 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

    EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon

    France, Germany, and Luxembourg have seized the properties and frozen assets worth $130 million l...

    EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon Explore More

    News

    Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector

    The Swiss Government has signaled to amend the banking act for press freedom in the finance secto...

    Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector 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

    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

    FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings

    FSRA imposed a Dh 1.32 million fine on Wise Nuqud for AML failings. Wise cooperated in the invest...

    FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings 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

    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

    The UK’s largest mobile operator EE has announced its Digital Identity platform

    EE, the UK’s largest mobile operator has announced its new Digital Identity platform to protect c...

    The UK’s largest mobile operator EE has announced its Digital Identity platform Explore More

    News

    Banks warned against profiteering from UK coronavirus crisis

    British institutions, including banks, have been urged to avoid profiteering from the Coronavirus...

    Banks warned against profiteering from UK coronavirus crisis Explore More

    News

    ECB Will Be Launching Digital Euro Project

    An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet...

    ECB Will Be Launching Digital Euro Project Explore More

    News

    Star Entertainment Group Experiences $1.26B Loss after Money Laundering Investigation

    Star Entertainment Group experienced a major loss of $1.26 billion during the first half of 2023,...

    Star Entertainment Group Experiences $1.26B Loss after Money Laundering Investigation Explore More

    News

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings

    €60,000 fine imposed on an audit company, for failing to report money laundering and suspected ta...

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings Explore More

    News

    Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines

    The Monetary Authority of Singapore (MAS) has imposed $7.8m fines on financial sector businesses,...

    Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines 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

    News

    TSB Fined $3.5M on Account of Four AML Breaches

    New Zealand’s High Court has fined Trustee Savings Bank (TSB) Ltd NZD 3.5 million following the b...

    TSB Fined $3.5M on Account of Four AML Breaches Explore More

    News

    Coronavirus outbreak exploited by internet scammers

    Americans are advised to stay watchful of cybercriminals’ attempts to misuse the life-threatening...

    Coronavirus outbreak exploited by internet scammers Explore More

    News

    Libra taps another former FinCEN official as general counsel

    Robert Werner, former director of FinCEN and OFAC regulatory authorities, has recently joined the...

    Libra taps another former FinCEN official as general counsel Explore More

    News

    Customers warned of scams by the UK banking lobby amid COVID-19

    Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

    Customers warned of scams by the UK banking lobby amid COVID-19 Explore More

    News

    Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh

    On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...

    Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh Explore More

    News

    Israel Enforces New Regulations for the Transfer of Digital Currency

    The new digital currency regulations will allow Israeli banks to profit from cryptocurrency tradi...

    Israel Enforces New Regulations for the Transfer of Digital Currency Explore More

    News

    7 UAE Law Firms Penalized in Anti-money Laundering Violations

    Around 100,000 dirhams have been fined to 7 law firms in UAE for disregarding anti-money launderi...

    7 UAE Law Firms Penalized in Anti-money Laundering Violations Explore More

    News

    Germany to Implement the 6th AML Directive to Secure Financial Firms

    The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

    Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

    News

    Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering

    According to Auditor General Bonnie Lysyk, Ontario’s casinos need to strengthen efforts in order ...

    Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering Explore More

    News

    7 UAE Law Firms Penalized in Anti-money Laundering Violations

    Around 100,000 dirhams have been fined to 7 law firms in UAE for disregarding anti-money launderi...

    7 UAE Law Firms Penalized in Anti-money Laundering Violations Explore More

    News

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

    The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

    News

    Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head

    The Union of Arab Banks arranged the three-day anti-money laundering and terrorist financing even...

    Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head 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

    US drug agency failed to properly oversee crypto investigations

    It was published in the IG report, which is an audit of “income-generating, undercover operations...

    US drug agency failed to properly oversee crypto investigations 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

    UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings

    The UK Gambling Commission has charged the Kindred Group with a hefty £4.19-million (US$5.15 mill...

    UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings Explore More

    News

    UAE banking sector unites with law enforcement agencies to tackle fraud

    Dubai: UAE’s first national fraud awareness campaign has been initiated with the collaboration of...

    UAE banking sector unites with law enforcement agencies to tackle fraud Explore More

    News

    ICC Qatar is going to have a seminar on money laundering and terrorist financing

    The International Chamber of Commerce (ICC) Qatar is conducting a compliance awareness seminar on...

    ICC Qatar is going to have a seminar on money laundering and terrorist financing Explore More

    News

    Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds

    Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...

    Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds Explore More

    News

    Kansas Reports Highest Number of Identity Theft Cases in 2020

    New research conducted reveals that Kansas State has been ranked at number one for having the mos...

    Kansas Reports Highest Number of Identity Theft Cases in 2020 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

    US Army to Adopt Facial Recognition Technology for Securing Military Base

    United States Army is looking to apply face recognition technology on their military base to imme...

    US Army to Adopt Facial Recognition Technology for Securing Military Base Explore More

    News

    T-Mobile Suffers its Second Security Breach within Six Months

    T-mobile US suffered its second data breach between late February and early March, affecting 836 ...

    T-Mobile Suffers its Second Security Breach within Six Months Explore More

    News

    UKGC Revoked IMME’s Licence for AML Non-compliance

    Licence of IMME was revoked by the UK Gambling Commission for not complying with the Anti-Money L...

    UKGC Revoked IMME’s Licence for AML Non-compliance 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

    More Crypto Regulations on Their Way, Says Head of Turkish Central Bank

    A  few days ago, the Turkish Central Bank imposed a complete ban on cryptocurrency payments. Now,...

    More Crypto Regulations on Their Way, Says Head of Turkish Central Bank 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

    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

    UK Publishes First National Risk Assessment of Proliferation Financing

    The UK is at a high risk of proliferation financing for Korea and Iran, while UK financial instit...

    UK Publishes First National Risk Assessment of Proliferation Financing 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

    Nordic Banks Ignored Money Laundering Red Flags for Years, Leaked Audits Reveal

    The Organized Crime and Corruption Reporting Project (OCCRP) has revealed in an audit that Nordic...

    Nordic Banks Ignored Money Laundering Red Flags for Years, Leaked Audits Reveal Explore More

    News

    Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism

    Kuwait’s Ministry of Social Affairs is currently reviewing a proposal to amend the executive regu...

    Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism Explore More

    News

    US Task Force Seizes Another Superyacht in the Battle Against Russian Oligarchs’ Corruption

    A new US task force has partnered with the IRS and global entities to take down Russian oligarchs...

    US Task Force Seizes Another Superyacht in the Battle Against Russian Oligarchs’ Corruption Explore More

    News

    ECOWAS Partners with Interpol to Tackle Money Laundering

    ECOWAS (Economic Community of West African States) partners with INTERPOL (International Criminal...

    ECOWAS Partners with Interpol to Tackle Money Laundering 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

    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

    Latin America’s Private Investment Funds at Risk of Money Laundering

    Private investment funds are exposed to money laundering as they contain a number of structural r...

    Latin America’s Private Investment Funds at Risk 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