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

    216.73.217.6

    The UAE Has Taken ‘Significant Steps’ in Fighting Financial Crime

    n-img-uae-taken

    UAE authorities have taken “significant steps” to prevent money laundering and other financial crimes, and their efforts are “providing fruitful results”, says the Islamic Central Bank’s Governor.

    Khaled Balama, chairman of the Abu Dhabi-based National Commission on Counter-Terrorism Financing and Illegal Organisation Financing, stated at the opening of the Egmont Group Plenary in Abu Dhabi that the country had taken steps to combat financial crime.

    The committee places “great importance on leveraging modern technology to facilitate the reporting of suspicious transactions, enable efficient communication, expedite procedures and make informed decisions regarding issuing fines”, Mr Balama said.

    “This stems from our awareness of the negative repercussions of financial crimes on the financial system and society, requiring us to work closely and enhance international co-operation to fight against these issues. We are pleased with the tangible progress achieved in this regard, which has been regarded by several relevant international bodies, namely the Financial Action Task Force [FATF] and the Middle East and North Africa Financial Action Task Force [MENAFATF]. The regulator is also developing new systems and standards, such as supervisory and regulatory technology, to fortify our operations and bolster the resilience of our financial system”, he further added.

    In order to supplement its regulatory oversight functions, the UAE Central Bank has issued new guidelines. Xolisile Khanyile, chairwoman of the Egmont Group, stated, “The annual Egmont Group Plenary is a pivotal event to promote international co-operation and intelligence sharing in the fight against money laundering and the financing of terrorism.” This year’s event highlighted “the need to adopt and integrate digital technologies to increase information sharing between financial intelligence units around the world”, she said.

    According to a statement issued by the central bank of the UAE, hosting the Egmont Group Plenary is part of a nationwide effort to prevent fund laundering, terrorist financing, and financial crimes. The department is enhancing cooperation, exchanging information, and expertise through its international counterparts.

    MENAFATF upgraded three FATF recommendation ratings in May as a result of UAE efforts amid terrorism financing and money laundering concerns.

    Following the steps taken by the Arab world’s second-largest economy, the FATF has upgraded recommendations 1, 19 and 29 to “compliant” or “largely compliant.”

    Mr Balama said the UAE now complies with 39 of the 40 FATF recommendations. “Rapid technological advancements present formidable challenges, including diverse financial crime methods. Overcoming these challenges necessitates close cooperation, continuous communication with international partners, diligent implementation of decisions and optimal support to financial information units. They serve as the bedrock for achieving desired progress among member countries,” he stated.

    Suggested Reads:

    THE UAE HOSTS THE EGMONT PLENARY TO PROMOTE GLOBAL ANTI-MONEY LAUNDERING EFFORTS

    UAE LEVIES CHARGES OVER DH115 MILLION TO COMBAT MONEY LAUNDERING

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

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

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks 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

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations 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

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

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

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks 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

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations 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

    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