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

    18.220.129.249

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

    image-14-1

    FATF is set to grey list Turkey over AML shortcomings, a move that is likely to affect the country’s ability to attract foreign financing. 

    According to reports from the Financial Times, Turkey is set to face FATF’s grey list of jurisdictions under increased monitoring due to failings in its anti-money laundering and terrorism financing controls. 

    The global financial watchdog, Financial Action Task Force, is likely to approve the grey listing decision tomorrow during discussions in Paris. Countries that are placed under the FATF’s grey list are required to swiftly resolve strategic deficiencies within a given timeframe and are subject to increased monitoring. 

    According to two sources, a FATF review had advised that Turkey should be subject to increased monitoring by the taskforce’s International Co-operation Review Group, as subjected to 22 other grey listed countries including Albania, Morocco, Syria, South Sudan, and Yemen.

    The news will put a dent on foreign investment in Turkey, which has already reached the lowest level under the nearly 20-year leadership of President Recep Tayyip Erdoğan. Political instability and concerns over political involvement in monetary policy and rule of law have pushed away foreign investments, which are vital for financing the country’s persistent trade deficit and fuelling economic growth.

    The grey listing of Turkey will also impact the European Union, as the bloc will add the country to its own money-laundering list, which identifies high-risk non-EU jurisdictions that threaten the EU’s financial system. According to a study by the IMF, FATF grey listing has “a large, significant negative effect” on a country’s capital inflows. 

    Commenting on Thursday’s vote, a Turkish official has stated “Despite full lockdown measures taken due to the [Covid-19] pandemic, Turkey has achieved significant progress in terms of compliance with FATF standards, and fulfilled its responsibilities regarding legislation.”

    The FATF said that its plenary meeting, which began on Tuesday this week, were underway but that the discussions were confidential.

    Suggested Read: FATF warns Turkey over Lapses in Money Laundering and Terror Financing

    Related Posts

    News

    BitMEX Founders Admit Violating Anti-Money Laundering Regulations

    Two of the co-founders of crypto exchange BitMEX Arthur Hayes and Benjamin Delo have pleaded guil...

    BitMEX Founders Admit Violating Anti-Money Laundering Regulations Explore More

    News

    South Korea to Penalize the Non-Compliant Crypto Companies

    Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

    South Korea to Penalize the Non-Compliant Crypto Companies Explore More

    News

    FCA Says Bankman-Fried FTX Cryptocurrency Exchange Not Regulated in the UK

    FCA warned crypto exchange FTX due to their unauthorized operations. The financial regulator clea...

    FCA Says Bankman-Fried FTX Cryptocurrency Exchange Not Regulated in the UK Explore More

    News

    Deepfakes on TikTok raise new security concerns

    Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...

    Deepfakes on TikTok raise new security concerns Explore More

    News

    Members of Spalding Club Charged for Money Laundering Through Investment Scheme

    Lincolnshire police reported suspected fraud cases in connection with a trading-based investment ...

    Members of Spalding Club Charged for Money Laundering Through Investment Scheme Explore More

    News

    Bitcoin ATMs face stricter regulations over money laundering

    According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

    Bitcoin ATMs face stricter regulations over money laundering Explore More

    News

    FATF Removes Cayman Islands and Panama From Increased AML Monitoring List

    In the last plenary meeting of the Financial Action Task Force (FATF) on October 27th, the Cayman...

    FATF Removes Cayman Islands and Panama From Increased AML Monitoring List Explore More

    News

    Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion

    A group of 22 individuals were arrested by authorities in Macau and HK for suspicions of being in...

    Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion Explore More

    News

    US Crypto Firms Reluctant Towards New KYC/AML Proposal by FinCEN

    The US crypto firm, Coinbase, sent a letter to FinCEN with a clear message, “There is no emergenc...

    US Crypto Firms Reluctant Towards New KYC/AML Proposal by FinCEN Explore More

    News

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

    The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

    News

    Money Laundering in Ireland Skyrockets as Criminals Move Online

    The cases of money laundering in Ireland has more than doubled last year and now it has spiked si...

    Money Laundering in Ireland Skyrockets as Criminals Move Online Explore More

    News

    EU to Investigate Google and Facebook’s Data Collection Practices

    The European Union has begun preliminary investigations into the data collection practices of Goo...

    EU to Investigate Google and Facebook’s Data Collection Practices 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

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

    The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering Explore More

    News

    International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks

    Discussion by renowned experts of major due diligence agencies in the PWM virtual panel highlight...

    International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks Explore More

    News

    Money Laundering to Remain a Significant Challenge with Spike in Online Crime

    Senior officers of Garda have indicated the rapidly rising problem of money laundering as the big...

    Money Laundering to Remain a Significant Challenge with Spike in Online Crime Explore More

    News

    Australian Banks Ban High-Risk Digital Currency Transactions

    Australian banks, Bendigo and Adelaide, have banned high-risk digital transactions to protect the...

    Australian Banks Ban High-Risk Digital Currency Transactions 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

    FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail

    The FinCEN (Financial Crime Enforcement Network) issues an alert to all the FIs (Financial Instit...

    FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail Explore More

    News

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures

    Reports have revealed that Japan’s FSA and BOJ are seeking to better understand whether the curre...

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures Explore More

    News

    Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime

    The Monetary Authority of Singapore (MAS) is creating a digital platform named Cosmic that will a...

    Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime Explore More

    News

    Money Laundering Becomes Another Cause of Poverty, Says UN

    According to the latest UN’s report, over 10% of the world’s wealth could be hidden in overseas b...

    Money Laundering Becomes Another Cause of Poverty, Says UN Explore More

    News

    6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam

    Six alleged members of Plustokem scam were prosecuted according to the court filing submitted on ...

    6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam Explore More

    News

    FinCEN Warns Banks of Potential Russian Sanctions Evasion

    The Financial Crimes Enforcement Network (FinCEN) has warned banks of possible suspicious practic...

    FinCEN Warns Banks of Potential Russian Sanctions Evasion Explore More

    News

    Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities

    The Central Bank of Bangladesh has raised concerns over licensed bank dealers for late submission...

    Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities Explore More

    News

    “Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion

    RUSI has called out the FATF for not actively promoting financial inclusion as part of its primar...

    “Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion Explore More

    News

    NAB, CBA Under Money Laundering Probe Yet Again

    Australia’s CBA and NAB are under regulatory scrutiny for providing correspondent banking service...

    NAB, CBA Under Money Laundering Probe Yet Again Explore More

    News

    FinCEN Says Russia Cannot Evade Sanctions with Crypto

    Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

    FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

    News

    Hong Kong Launches Meta Verse to Combat Crypto Crime

    CyberDefender Metaverse is the first metaverse platform launched by Hong Kong Police to combat cr...

    Hong Kong Launches Meta Verse to Combat Crypto Crime Explore More

    News

    Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps

    With threats of financial fraud emerging across the globe, the Compliance Institute of Nigeria (C...

    Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps Explore More

    News

    Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy

    Denmark promises to crackdown on money laundering activities across the nation with a new AML str...

    Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy Explore More

    News

    FCIU Uncovers Money Laundering Patterns Through Social Media Scams

    South Yorkshire law enforcement authority has seized EUR 70,000 placed in the illicit gambling ac...

    FCIU Uncovers Money Laundering Patterns Through Social Media Scams Explore More

    News

    UK’s financial system claims to survive Coronavirus hit

    Britain’s banks inform investors that they are optimistic that their balance sheets are strong en...

    UK’s financial system claims to survive Coronavirus hit Explore More

    News

    Coinbase Attorney Urges SEC to Announce Crypto Rules

    Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

    Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

    News

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

    The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

    News

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    News

    EU Court of Justice Passes Judgement Against Provision of AMLD5

    EU Court of Justice has passed a judgment against the provision of the AMLD5, concluding that pub...

    EU Court of Justice Passes Judgement Against Provision of AMLD5 Explore More

    News

    Deepfakes on TikTok raise new security concerns

    Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...

    Deepfakes on TikTok raise new security concerns Explore More

    News

    Australian Government to Extend AML and CTF Regime

    The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...

    Australian Government to Extend AML and CTF Regime Explore More

    News

    Norway to Revive Travel by Introducing Vaccine Passports

    By the Summer of 2021, Norway plans to revive travel to and from the country as it joins the list...

    Norway to Revive Travel by Introducing Vaccine Passports Explore More

    News

    SA Banks at High Risk of Money Laundering & Terrorist Financing, Says Prudential Authority Report

    South African banks have moved up into the high-risk category in the new report from the Prudenti...

    SA Banks at High Risk of Money Laundering & Terrorist Financing, Says Prudential Authority Report 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

    New Jersey Hospital System Hit By a Ransomware Attack

    One of the largest hospital systems of New Jersey has reported that it was hit by a ransomware at...

    New Jersey Hospital System Hit By a Ransomware Attack 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

    Internet fraud complaints went up by 30% last year

    As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...

    Internet fraud complaints went up by 30% last year Explore More

    News

    State Street Bank fined $1.24 million for breaching AML laws

    The US-based State Street bank has been hit with million-dollar money laundering fine. The Austra...

    State Street Bank fined $1.24 million for breaching AML laws Explore More

    News

    Singapore Government Discloses Modified Regulatory Measures for Stablecoins

    Singapore’s Central Bank has disclosed upgraded regulatory guidelines for stablecoins to keep cry...

    Singapore Government Discloses Modified Regulatory Measures for Stablecoins Explore More

    News

    The Next Big Step- Blockchain-Based E-voting

    A Japanese firm, Layer X labs, has decided to work on the development of voting electronically by...

    The Next Big Step- Blockchain-Based E-voting 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

    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

    PayPal is hiring crypto engineers amid rumors of Bitcoin integration

    Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

    PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

    News

    $320 Million Worth of Cryptocurrency Stolen in Wormhole Hack

    A recent hack on one of the most popular blockchain bridges linking Ethereum and Solana led to th...

    $320 Million Worth of Cryptocurrency Stolen in Wormhole Hack Explore More

    News

    The Czech Republic Government Amends Beneficial Ownership Law to Meet AML Obligations

    The Czech Republic government revised Beneficial Ownership Law upon the European Commission’...

    The Czech Republic Government  Amends  Beneficial Ownership Law to Meet AML Obligations Explore More

    News

    Surge in Identity Theft Frauds During Covid-19

    According to new data from the Federal Trade Commission (FTC), identity theft has risen to the nu...

    Surge in Identity Theft Frauds During Covid-19 Explore More

    News

    Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms

    Hong Kong’s Securities and Future Commission has proposed strict rules for digital asset exchange...

    Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms Explore More

    News

    Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts

    The government in Thailand plans to eliminate anonymity in the new crypto account creation by enf...

    Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts Explore More

    News

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report

    According to the new report generated by the country’s financial intelligence unit (FIU), the ban...

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report Explore More

    News

    New European Legislative Proposals to Transform the Digital Platforms

    A new act is proposed by the European Commission to enhance digital spaces. A new set of rules ha...

    New European Legislative Proposals to Transform the Digital Platforms Explore More

    News

    Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA

    FCA has labeled crypto as the top sector for financial scam warnings in the UK.  As of now, there...

    Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA Explore More

    News

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

    The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

    News

    Oman’s OCCI Says ‘Money Laundering in Real Estate Needs Monitoring’

    Oman Chamber of Commerce and Industry (OCCI) has called for a review of the legislation that gove...

    Oman’s OCCI Says ‘Money Laundering in Real Estate Needs Monitoring’ Explore More

    News

    Elon Musk proposes regulations on artificial intelligence

    ”Organizations developing artificial intelligence must be regulated”, says Elon Musk. This is not...

    Elon Musk proposes regulations on artificial intelligence Explore More

    News

    SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money

    The current scenario of the Sri Lankan currency’s downfall has become a reason for money la...

    SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money 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

    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

    Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud

    The biggest bank fraud in China pushed the government to arrest hundreds of suspects. Regulators ...

    Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud 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

    El Salvador Must Address Bitcoin’s Risks, Demands IMF

    The IMF has urged El Salvador to address the risk associated with the adoption of bitcoin as a le...

    El Salvador Must Address Bitcoin’s Risks, Demands IMF Explore More

    News

    Germany to Form a new Anti-Money Laundering Agency

    Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

    Germany to Form a new Anti-Money Laundering Agency 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

    SEC Files Money Laundering Complaint Against Silverlion

    The Security Exchange Commission (SEC) filed a case against Silverlion Livestock Trading Corporat...

    SEC Files Money Laundering Complaint Against Silverlion Explore More

    News

    Internet fraud complaints went up by 30% last year

    As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...

    Internet fraud complaints went up by 30% last year 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