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

    Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes

    saudi arabia has achievde

    Saudi authorities seized $1.06 million from a criminal gang accused of money laundering. The culprits were sentenced to a 25-year jail term. Saudi Arabia is battling financial crimes issues though the country revised its legal reforms a few years ago.  

    Saudi Arabia achieved a victory against financial crimes when the court ordered a 25-year jail term against alleged entities and the seizure of $1.06 billion for a gang of criminals accused of money laundering.

    According to Saudi state-run al-Ekhbariya television, the culprits were referred to the specialized court after the public prosecution. 

    “The investigation procedures revealed that the citizen extracted commercial records for a number of entities, opened bank accounts, and handed over the entities and accounts to the residents, who in turn made huge financial operations, financial deposits and transferred them abroad,” the report said.

    On Monday morning, the public prosecutor’s office made the results public by sharing a message of fighting against money laundering. The local media Al-Arab reported that the criminal group involved one Saudi national and five other people having Arab nationality were also accused of money laundering by The Saudi Arabian General Prosecution. The court announced Ten years of imprisonment and a ban on leaving the country on the Saudi national. Other culprits of unspecified Arab nationalities have been sentenced to 25 years in prison and deportation once they complete the duration of their imprisonment.

    The Saudi judiciary sentenced 11 people to 52 years of imprisonment in February 2022 on similar grounds. However, the confiscated amount was much higher than this September: USD 2.67 million.

    2018 assessment by FATF concluded some important aspects regarding the Saudi Kingdom’s strategies to combat financial crimes. The country has a relatively small financial system and robust control over the economy. However, the overall situation is still at risk due to terrorist groups and regional conflicts. 

    Saudi Arabia reshaped the laws and working patterns for combating financial crimes, starting in 2010 when the country introduced the primary tools into its legal arsenal for tackling money laundering concerns. In 2017, Saudi Arabia revised its legal reforms, and in 2018, FATF regarded all these changes as positive amendments. 

    As per FATF’s report, Saudia Arabia’s best practice is reflected in the battle against terrorist financing. The 2018 report shows that the authorities have responded proactively to the terrorist threat through solid expertise. 

    Suggested Read: Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites

    Related Posts

    News

    Homeland Security Wants Facial Recognition For All Entering or Leaving US

    The federal government is considering changing airport security in a major way. Facial recognitio...

    Homeland Security Wants Facial Recognition For All Entering or Leaving US Explore More

    News

    Aussies Bombarded With Scams in 2022 – ACCC Report

    The Australian Competition and Consumer Commission (ACCC) reported Aussies as the top target of s...

    Aussies Bombarded With Scams in 2022 – ACCC Report Explore More

    News

    UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws

    The UAE’s Central Bank has charged a financial firm Dh1.8 million ($490,000) over breaching the c...

    UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws Explore More

    News

    24 scammers arrested on money laundering charges

    Government officials have arrested over 24 money laundering suspects due to an online fraud opera...

    24 scammers arrested on money laundering charges Explore More

    News

    New Zealand Encounters Spike in Online Identity Theft

    Recent research of New Zealand’s financial market has shown a spike of 86 percent in identity fra...

    New Zealand Encounters Spike in Online Identity Theft Explore More

    News

    HKMA Issues Mandate to Encourage Innovation in AML/CFT

    Hong Kong’s Monetary Authority is set to launch interactive lab sessions to experiment with innov...

    HKMA Issues Mandate to Encourage Innovation in AML/CFT Explore More

    News

    US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud

    US authorities have accused Russian oligarch Viktor Vekselberg of conspiring to launder money and...

    US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud Explore More

    News

    UAE to Issue Federal Licenses to VASPs in Efforts to Embrace Crypto

    The UAE is gearing up to issue federal licenses to virtual asset providers (VASPs) within a matte...

    UAE to Issue Federal Licenses to VASPs in Efforts to Embrace Crypto Explore More

    News

    UAE Central Bank Imposes Dh352k Fine on Currency Exchange

    The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

    UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

    News

    Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering

    Seven people, three GSC officers and four other individuals from Guam Shrine Club, a nonprofit or...

    Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering Explore More

    News

    UK Adopts new Methods to Fight Money Laundering Through Sanction Regime

    The UK declared a new sanction regime against financial crimes like money laundering. According t...

    UK Adopts new Methods to Fight Money Laundering Through Sanction Regime Explore More

    News

    Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids”

    The Better Business Bureau (BBB) is warning parents to be aware of ‘free child safety kits’ as sc...

    Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids” 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

    France to Test Digital Currency in the First Quarter of 2020

    The digital currency race is building up and every country wants to take part in it. Now, Banque ...

    France to Test Digital Currency in the First Quarter of 2020 Explore More

    News

    Germany and Austria to Adopt Digital KYC for Customer Onboarding

    Banks and financial institutions are always searching for ways to impress the customers and the d...

    Germany and Austria to Adopt Digital KYC for Customer Onboarding Explore More

    News

    Two More Crypto Firms to Shut Down Over EU Money Laundering Regulations

    Two more cryptocurrency firms – mining pool Simplecoin and bitcoin gaming platform Chopcoin...

    Two More Crypto Firms to Shut Down Over EU Money Laundering Regulations 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

    Ransomware gang failed to deploy an attack against 30 US firms

    A ransomware attack was blocked by a group by the Cybersecurity firm Symantec known for demanding...

    Ransomware gang failed to deploy an attack against 30 US firms Explore More

    News

    Bank of Ghana Issues New Guidelines for AML and CTF

    The Bank of Ghana (BOG) has introduced new directives on Anti Money Laundering/Combating the Fina...

    Bank of Ghana Issues New Guidelines for AML and CTF Explore More

    News

    $8M seized, Four Arrested for Money Laundering Activities Across Sydney

    The Sydney law enforcement authorities seized more than $8 million in cash and arrested four crim...

    $8M seized, Four Arrested for Money Laundering Activities Across Sydney Explore More

    News

    EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals

    Brussels plans to pursue the strengthening of powers of the EU agencies to combat money launderin...

    EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals Explore More

    News

    US Regulates Art Market as it is at High Risk of Money Laundering

    Law enforcement agencies across the globe have turned their attention to the use of high-value ar...

    US Regulates Art Market as it is at High Risk of Money Laundering Explore More

    News

    Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report

    The Swiss Federal Audit Office investigated Switzerland’s meager protocols against white-co...

    Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report Explore More

    News

    FMA Sues Tiger Brokers for AML/CTF Breaches

    The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...

    FMA Sues Tiger Brokers for AML/CTF Breaches Explore More

    News

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms

    FATF has published a report to call on the countries to the implementation of travel rules to und...

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms Explore More

    News

    Turkey to Face FATF’s Gray List Over Inadequate AML Practices

    FATF is set to grey list Turkey over AML shortcomings, a move that is likely to affect the countr...

    Turkey to Face FATF’s Gray List Over Inadequate AML Practices Explore More

    News

    Google Pay Transactions Just Got More Secure

    Previously, when you used Google Pay for transactions, it would only ask you to enter your PIN. A...

    Google Pay Transactions Just Got More Secure Explore More

    News

    Filipino crypto scammers are impersonating government officials for profit

    A Filipino finance entity warns against the supposed crypto Ponzi scheme Bitcoin Revolution, blam...

    Filipino crypto scammers are impersonating government officials for profit Explore More

    News

    IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies

    IRS highlights Non-Fungible Token (NFTs) and crypto as the potential risk of financial crimes, in...

    IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies Explore More

    News

    Facebook’s Calibra rebrands to Novi wallet

    Facebook subsidiary and Libra wallet provider Calibra, has recently been rebranded to Novi. The n...

    Facebook’s Calibra rebrands to Novi wallet Explore More

    News

    UAE Delegation to Visit the US to Discuss AML Initiatives

    The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...

    UAE Delegation to Visit the US to Discuss AML Initiatives Explore More

    News

    MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes

    Bank Negara Malaysia announced additional security measures for financial institutions to strengt...

    MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes 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

    Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss

    According to the boss of New York based investment banking company, Goldman Sachs, Cryptocurrenci...

    Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss Explore More

    News

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers

    The financial services minister, Andrew Griffith, commented on July 4th that banks should be requ...

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers 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

    FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS)

    The report has highlighted key areas of improvement, including effective implementation of a risk...

    FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS) Explore More

    News

    Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million

    Credit Suisse accepted a settlement of 238 million euros to resolve a tax scam and money launderi...

    Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million 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

    FATF Issues New BO Requirements to Address Pandora Papers

    While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

    FATF Issues New BO Requirements to Address Pandora Papers Explore More

    News

    BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports

    As people around the world are increasingly becoming vaccinated, the concern about the vaccine pa...

    BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports Explore More

    News

    Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’

    A ransomware gang stole about 1TB of legal secrets from the most important names in the entertain...

    Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’ Explore More

    News

    SRA Fines Oxfordshire Law Firm over Weak AML Controls

    The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

    SRA Fines Oxfordshire Law Firm over Weak AML Controls Explore More

    News

    Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme

    According to Federal prosecutors, a money-laundering scheme has been successful in funneling $11 ...

    Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme Explore More

    News

    AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

    The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

    AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines Explore More

    News

    Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

    CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

    Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

    News

    FinCEN to Expand GTOs on All-cash Real Estate Purchases to Stop Money Laundering

    The Financial Crimes Enforcement Network (FinCEN) has announced the expansion of its GTOs. The ne...

    FinCEN to Expand GTOs on All-cash Real Estate Purchases to Stop Money Laundering Explore More

    News

    European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding

    The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...

    European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding Explore More

    News

    Cyprus Adopts Transparency in Registration of Company Owners

    Cyprus has planned to introduce a register in the coming weeks to unveil the identity of thousand...

    Cyprus Adopts Transparency in Registration of Company Owners Explore More

    News

    China’s Law Enforcement Authorities Issue Warning Against NFTs to Curb Financial Crimes

    China’s three major banking regulators have issued a warning against non-fungible tokens (NFTs) w...

    China’s Law Enforcement Authorities Issue Warning Against NFTs to Curb Financial Crimes Explore More

    News

    Largest Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations

    Banco de Occidente, Columbia’s largest banking cooperation Grupo Aval owned by one of the richest...

    Largest  Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations Explore More

    News

    $8.6 Million Worth of Syrian Sanctions Settled by a French Bank

    A French bank, Union de Banques Arabes et Françaises has paid the 8.6 million USD for violating o...

    $8.6 Million Worth of Syrian Sanctions Settled by a French Bank Explore More

    News

    FATF puts Morocco on the Gray List for Pervasive Money laundering

    Financial Action Task Force, the global regulatory watchdog for money laundering, has placed Moro...

    FATF puts Morocco on the Gray List for Pervasive Money laundering Explore More

    News

    Court Filing Reveals that Hundreds of Roblox users Are Laundering Money Using In-Game Currency

    Roblox, one of the popular video game platforms having over 58 million users, is being used to la...

    Court Filing Reveals that Hundreds of Roblox users Are Laundering Money Using In-Game Currency Explore More

    News

    Australian Gold Company, The Perth Mint, Accepts Voluntary Undertaking to Avoid AML Fines

    The Australian gold corporation, the Perth Mint, escaped penalties for inadequate compliance syst...

    Australian Gold Company, The Perth Mint, Accepts Voluntary Undertaking to Avoid AML Fines 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

    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

    “The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme

    A sixth member of “The Community” was sentenced to 10-month imprisonment and over $120,000 fine f...

    “The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme Explore More

    News

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities

    Senator Estrada filed a bill to protect senior citizens unfamiliar with modern technology from cy...

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities 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

    N1m Fine Imposed on Financial Institutions for Suspicious Transactions Reporting Failing

    A fine of N1m is directed by the Nigerian Government on any financial or non-financial institutio...

    N1m Fine Imposed on Financial Institutions for Suspicious Transactions Reporting Failing Explore More

    News

    UK watchdog allows credit card and loan payment holidays to customers

    The Financial Conduct Authority (FCA) has instructed top banks to offer three-month payment holid...

    UK watchdog allows credit card and loan payment holidays to customers 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

    Reports Reveal NAB Contract Workers Received Little to No AML Training

    The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...

    Reports Reveal NAB Contract Workers Received Little to No AML Training 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

    Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme

    A Georgian billionaire, Bidzina Ivanishvili, has sued the Swiss bank, Credit Suisse over a Fraud ...

    Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme Explore More

    News

    UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe

    The UK’s NCA has recovered 5.6 million pounds ($7.5 million) from bank accounts in the country wh...

    UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe 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

    E-krona – Rising Cashless Sweden Sights Virtual Currency

    Less than 10% of all transactions are done with cash in Sweden, according to an analysis by its c...

    E-krona – Rising Cashless Sweden Sights Virtual Currency Explore More

    News

    ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE

    The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...

    ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE Explore More

    News

    FATF Issues New BO Requirements to Address Pandora Papers

    While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

    FATF Issues New BO Requirements to Address Pandora Papers Explore More

    News

    HKMA imposed a HK$6 million fine on Commerzbank for AML Failure

    HKMA imposed a HK$6 million fine on Commerzbank for anti-money laundering failure. The bank has b...

    HKMA imposed a HK$6 million fine on Commerzbank for AML Failure 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