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

    51.8.155.52

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

    n-img-uae

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

    The central bank of UAE has imposed a penalty of $490,000 with additional compliance requirements on a financial firm that infringed the laws of anti-money laundering and counter-terrorism.

    The sanctions follow a thorough review by a third-party consultant. The examination is performed by the banking regulator revealed the high risk and repeated AML/CFT breaches from the company and operational failings from the board of directors.

    The central bank did not reveal the identity of the concerned company. According to the regulator, “The findings illustrate that the finance company engaged in high-risk, repeated violations and had an overall weak compliance culture relating to policies and procedures designed for AML/CFT.”

    UAE, the world’s second-largest economy,  has recently introduced several initiatives to regulate the financial sector. The government and the authorities have passed strict laws to prevent money laundering and terrorism financing and also have imposed regulations over the years to clamp down on financial crimes.  

    Last month, the bank issued multiple guidance for licenced FIs, including banks, exchange houses, finance firms, insurance organisations, brokers and agents, to counter financing of terrorism and money laundering.  

    The guidelines focus on using digital identification systems by licenced financial institutions to address CDD (Customer Due Diligence) responsibilities.

    In 2021, UAE established the Executive Office for AML/CFT, an agency that deals with fraudsters and organisations suspected of financing terrorists and organised crime.

    Also in 2020, the Ministry of Economy set up an Anti-Money Laundering department, ensuring all non-financial businesses and professionals comply with the laws.

    The banking regulator instructed the finance company to address its compliance failures, directing the BODs to meet and rectify the issues related to the composition. UAE Central Bank works to ensure all finance organisations, their owners and staff follow the country’s laws, standards and global regulations to protect the transparency of concerned businesses and the financial system of the Emirates.

    Suggested Read:

    CBUAE CANCELS REGISTRATION OF INSURANCE BROKER FOR AML NON-COMPLIANCE

    Related Posts

    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

    FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

    The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

    FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

    News

    The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws

    Lawyers in Nigeria are being instructed to follow anti-money laundering and terrorist financing l...

    The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws Explore More

    News

    N26 Fined $5M by German Watchdog for Delayed SAR

    German regulator BaFin imposes a hefty $5 million penalty on digital banking company, N26, for un...

    N26 Fined $5M by German Watchdog for Delayed SAR Explore More

    News

    Wellington Real Estate Company Fails to Report Suspicious Activity on Properties

    Mills Gibbon and Co, a Wellington-based real estate company, has been warned by the Department of...

    Wellington Real Estate Company Fails to Report Suspicious Activity on Properties Explore More

    News

    Large Korean bank to pay a huge fine for violating AML law

    NEW YORK, April 20 (Reuters) – Industrial Bank of Korea 024110.KS, one of South Korea’...

    Large Korean bank to pay a huge fine for violating AML law Explore More

    News

    New Zealand to Introduce Digital IDs to Foster Trust in Online Transactions

    New Zealand is working towards a national law that would bring consistency to the country’s effor...

    New Zealand to Introduce Digital IDs to Foster Trust in Online Transactions 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

    FinCEN Implements Stringent KYC Regulations For Digital Wallet

    The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...

    FinCEN Implements Stringent KYC Regulations For Digital Wallet 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

    Egypt Government to Establish Central Bank Unit for AML and CFT

    On Wednesday the cabinet approved a draft law amending some regulations within the Anti-Money Lau...

    Egypt Government to Establish Central Bank Unit for AML and CFT 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

    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

    Singapore Taking New Actions Against Terror Financing and Money Laundering

    Singapore’s Parliament took improved measures against the financing of terrorism and money launde...

    Singapore Taking New Actions Against Terror Financing and Money Laundering Explore More

    News

    FIU in Sri Lanka Penalises Financial Firms over AML/CFT Non-Compliance

    Sri Lanka’s Financial Intelligence Unit (FIU) has recently penalised two financial institutions i...

    FIU in Sri Lanka Penalises Financial Firms over AML/CFT Non-Compliance 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

    Scottish Firm Blacklisted by the World Bank for Fraudulent Practices

    An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...

    Scottish Firm Blacklisted by the World Bank for Fraudulent Practices Explore More

    News

    Europol Releases First Financial and Economic Crime Report

    Europol has published its first-ever threat assessment report on financial and economic crimes, h...

    Europol Releases First Financial and Economic Crime Report Explore More

    News

    Malta Should Remain Vigilant Against Money Laundering, Says FATF President

    FATF President Marcus Pleyer says that Malta must prioritise its fight against  illicit financial...

    Malta Should Remain Vigilant Against Money Laundering, Says FATF President Explore More

    News

    Binance Tightens KYC Verification to Meet Regulatory Compliance

    Customers that fail to meet the new requirements will only be allowed to withdraw funds, close po...

    Binance Tightens KYC Verification to Meet Regulatory Compliance Explore More

    News

    Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions

    The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi tr...

    Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions Explore More

    News

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

    The Central Bank has imposed Dhs 19.5 million fine on UAE’s banks for shortcomings in the AML fra...

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings Explore More

    News

    U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines

    The Biden Administration released a new fact sheet highlighting the administration’s progre...

    U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines Explore More

    News

    Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers

    Seychelles, known for being a tax haven, was recently removed from the EU’s blacklist and is purs...

    Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers Explore More

    News

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance

    EU financial and anti-financial crime regulations are more complicated than before and they reinf...

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance Explore More

    News

    A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met

    MEPs have ordered Brussels to black-list the city of London if it does not comply with the EU’s D...

    A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met Explore More

    News

    London’s Bank Sees Rise in Crypto Scams Supposedly Backed By Celebrities

    An alarming surge in reports on crypto scams backed by celebrities is being seen by a major finan...

    London’s Bank Sees Rise in Crypto Scams Supposedly Backed By Celebrities Explore More

    News

    FCA Bans Crypto-Related Investments in the UK

    Financial Conduct Authority- FCA had proposed a ban on crypto-related investments in October 2020...

    FCA Bans Crypto-Related Investments in the UK Explore More

    News

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

    UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

    News

    NDAA Passed to Strengthen the Financial Crime Monitoring in the USA

    The House of Representatives has passed the National Defense Authorization Act to strengthen the ...

    NDAA Passed to Strengthen the Financial Crime Monitoring in the USA Explore More

    News

    “Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses

    The United Arab Emirates central bank sees increased risks of illicit financial flows emerging fr...

    “Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses Explore More

    News

    Massive Cyberattack on Australia Uses Cryptojacking Exploits

    According to the Australian Cyber Security Centre, a group of “state actors” hacked Australian ne...

    Massive Cyberattack on Australia Uses Cryptojacking Exploits Explore More

    News

    Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency

    A stringent set of anti-money laundering measures will be implemented in Japan starting June 1st,...

    Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency 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

    Business Email Compromise Scam Taking a Toll on Businesses

    BEC, Business Email Compromise scams are on the rise and they continue to impact businesses. Ther...

    Business Email Compromise Scam Taking a Toll on Businesses Explore More

    News

    FBI Warns of Tech Support Scammers Compromising Financial Accounts

    The Boston Division of the Federal Bureau of Investigation (FBI) has warned of an increase in num...

    FBI Warns of Tech Support Scammers Compromising Financial Accounts Explore More

    News

    Hawaii introduces facial recognition for COVID-19 airport screening

    Hawaii transportation authorities on Monday revealed the latest element of their attempts against...

    Hawaii introduces facial recognition for COVID-19 airport screening Explore More

    News

    South Korea Unlikely to Legislate Crypto Regulations Before the U.S – Says FSC

    South Korea’s Financial Services Commission focuses the cryptocurrency legislation. According to ...

    South Korea Unlikely to Legislate Crypto Regulations Before the U.S –  Says FSC Explore More

    News

    Japan Calls for Disclosure of Major Company Shareholders

    Japan’s Ministry of Justice will require firms to submit details of their major shareholders, als...

    Japan Calls for Disclosure of Major Company Shareholders Explore More

    News

    The UK Law Firms Approve the Use of AI in AML Armoury

    The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...

    The UK Law Firms Approve the Use of AI in AML Armoury 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

    Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges

    The governor of the Lebanese central bank appeared in the first court hearing on the premise of s...

    Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges Explore More

    News

    Increasing Incidents of Fraud Becoming a Threat to UK’s National Security: UK Finance

    Automated systems prevented approximately 736 million pounds ($1 billion) from being stolen throu...

    Increasing Incidents of Fraud Becoming a Threat to UK’s National Security: UK Finance Explore More

    News

    Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues

    Uganda is facing the risk of being added to a global blacklist for money laundering and terrorism...

    Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues Explore More

    News

    UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs

    The UAE’s Ministry of Community Development and the Financial Intelligence Unit have established ...

    UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs Explore More

    News

    Dutch Money Mule Caught Involved in $3.5M of Money Laundering in Australia

    A 22-year old Dutch national has been arrested by Australian Police for being a money mule in a m...

    Dutch Money Mule Caught Involved in $3.5M of Money Laundering in Australia Explore More

    News

    Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation

    Tesla CEO Elon Musk has accused the SEC of leaking information about a federal investigation as a...

    Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation Explore More

    News

    Cyprus to Test UBO Registration System for AML Compliance

    The government of Cyprus has indicated it will test a system for registering ultimate beneficial ...

    Cyprus to Test UBO Registration System for AML Compliance Explore More

    News

    Facebook Launches a New Payment System Following Libra

    Facebook Pay is a new payment system launched by Facebook for all the apps under the Facebook umb...

    Facebook Launches a New Payment System Following Libra Explore More

    News

    Over $1 Billion Laundered Through Australia’s Pubs and Clubs Annually

    A joint report by media outlets has shown evidence of over AU$1 billion being laundered throughou...

    Over $1 Billion Laundered Through Australia’s Pubs and Clubs Annually 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

    Hogan and other US Top Official Become the Victim of Identity Theft

    A fraud scheme attacking top government officials of Maryland State has been uncovered. The schem...

    Hogan and other US Top Official Become the Victim of Identity Theft Explore More

    News

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions

    Australia is facing embarrassment on the possibility of being placed on the FATF’s “grey list” fo...

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions Explore More

    News

    The US publishes a list of North Korea’s supposed Crypto crimes

    The US government, on Wednesday, outlined an aggressive set of countermeasures it said could hamp...

    The US publishes a list of North Korea’s supposed Crypto crimes Explore More

    News

    Lawyers in Malta Lag Behind in Complying with AML Measures

    Malta obliged the various sectors to comply with risk assessment measures. According to the Finan...

    Lawyers in Malta Lag Behind in Complying with AML Measures Explore More

    News

    Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively

    Singapore, Cyprus, and the US are stepping up their efforts to curb financial crimes while aiming...

    Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively Explore More

    News

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams

    Amazon has cautioned UK customers about the rising threat of impersonation scams via phone calls,...

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams Explore More

    News

    ACRA to Impose Stricter Rules to Combat Money Laundering & Terrorist Financing

    ACRA has proposed stricter rules for professionals and firms that assist businesses with corporat...

    ACRA to Impose Stricter Rules to Combat Money Laundering & Terrorist Financing Explore More

    News

    Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud

    Technology experts raise questions about the lack of transparency of the municipality in dealing ...

    Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud Explore More

    News

    Jamaica Passes a New Bill to Counter Money Laundering

    The Senate has approved the Company (Amendment) Act 2023, which will enable Jamaica to meet inter...

    Jamaica Passes a New Bill to Counter Money Laundering Explore More

    News

    UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes

    In the past 12 months, the United Arab Emirates has seized assets worth Dh4.73 billion ($1.29bn) ...

    UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes Explore More

    News

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

    The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations Explore More

    News

    Money Laundering Crackdown on UK Law Firms

    The regulators at Solicitor Regulators Authority (SRA) asked 400 law firms earlier this year to p...

    Money Laundering Crackdown on UK Law Firms Explore More

    News

    Regulators Express Concerns on TD Bank’s AML Practices Leading to Merger Termination to Acquire First Horizon Bank

    TD Bank was being examined by the Office of the Federal Reserve and the Comptroller of the Curren...

    Regulators Express Concerns on TD Bank’s AML Practices Leading to Merger Termination to Acquire First Horizon Bank Explore More

    News

    U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities

    The US Department of the Treasury recently issued its National Risk Assessment for Money Launderi...

    U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities Explore More

    News

    Taiwan FSC Fines Taishin Int’l Bank For Inadequate Internal Controls

    Taishin Commercial Bank of Taiwan penalised for defrauding NT $347 million from customers and fai...

    Taiwan FSC Fines Taishin Int’l Bank For Inadequate Internal Controls Explore More

    News

    UAE Imposes Strict Penalties for AML and CFT Failings

    The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...

    UAE Imposes Strict Penalties for AML and CFT Failings Explore More

    News

    FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency

    The updated regulation will be designed to provide better protection to Japanese investors. Accor...

    FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency Explore More

    News

    FINTRAC Issues Alert on Money Laundering from Illegal Wildlife Trade

    FINTRAC, in collaboration with the Project Anton team, issues an alert on money laundering procee...

    FINTRAC Issues Alert on Money Laundering from Illegal Wildlife Trade Explore More

    News

    Crypto Under Threat – UK Banks are Blocking Payments

    Due to rising financial crimes related to cryptos, banks in the UK are blocking payments to crypt...

    Crypto Under Threat – UK Banks are Blocking Payments Explore More

    News

    UAE Establishes Anti-Money Laundering Bodies to Enhance Global Monitoring

    The United Arab Emirates is enhancing its money monitoring system to combat illicit cash flows, m...

    UAE Establishes Anti-Money Laundering Bodies to Enhance Global Monitoring 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

    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