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

    3.133.123.140

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering

    n-img-uganda

    Uganda is still under the scrutiny of AML/CFT agencies after failing to enforce regulations in NGOs (Non-Government Organisations) and for a lack of progression in dealing with money laundering cases.

    The efforts made by Uganda to exit the global money laundering greylist have failed over the past three years. According to financial experts, “The global Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) grey list maintained by the Financial Action Task Force (FATF) based in Paris, consists of countries with significantly weak anti-money laundering and terrorist financing enforcement regimes; that are prone to be blacklisted in the international financial system in case of persistent compliance shortcomings,” 

    Being on a greylist usually results in high costs on electronic and financial transfers of commercial banks, large costs on processing letters of credit, and an increase in transaction fees and overseas remittances with reduced dollar inflows. 

    A new deadline of June 2023 was issued to Uganda last month after it failed to fulfil the FATF requirements. The Deputy Executive Director of Uganda’s FIA (Financial Intelligence Authority) stated, “We are optimistic to exit by year-end. The items remaining are very few, though the language/wording FATF used on a statement for Uganda has become much stronger.”

    “The FATF expresses concern that Uganda failed to complete its action plan, which expired in May 2022. It strongly urges Uganda to swiftly demonstrate significant progress in completing its action plan by June 2023 or it will consider next steps if there is insufficient progress,” reads a FATF country assessment brief.

    South Africa and Nigeria were added to the greylist including other African nations such as Tanzania, South Sudan, Burkina Faso, Mali, Mozambique, and Senegal. Recently Morocco and Cambodia were removed from the greylist after they successfully implemented new compliance measures.

    Suggested Read:

    SOUTH AFRICA MUST FIX HOLES IN MONEY LAUNDERING REGULATION BY 2025, WARNS FATF

    Related Posts

    News

    FCA Puts its Foot Down Against Money laundering in Banking Sector

    Financial Conduct Authority, FCA, is taking action against money laundering in the banking and fi...

    FCA Puts its Foot Down Against Money laundering in Banking Sector Explore More

    News

    Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

    The Crypto industry was rated high-risk in the latest sector risk assessment (SRA) of the FMA, wh...

    Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA Explore More

    News

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance

    Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance Explore More

    News

    455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

    455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

    455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

    News

    Georgia Ramps Up AML Measures to Combat Financial Crime

    A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

    Georgia Ramps Up AML Measures to Combat Financial Crime 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

    AFP Investigates Money Laundering Tactics Employed by Criminals in 2021

    The Australian Federal Police is highlighting the hidden channels used by money launderers in 202...

    AFP Investigates Money Laundering Tactics Employed by Criminals in 2021 Explore More

    News

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches

    The Financial Services Analysis Unit (FIAU) FIAU has fined Triton Capital Markets Limited  €227,0...

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches Explore More

    News

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US

    A small bureau of the U.S Treasury Department will take a lead, over the next year, in filling ou...

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US Explore More

    News

    AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk

    The brokers knowingly allowed the loans to be repaid with illicit funds, states the report.  AUST...

    AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk Explore More

    News

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering

    EU regulators have proposed that the licenses of crypto exchanges should be revoked in case of se...

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering Explore More

    News

    FinCEN Extends the Comment Period of Virtual Currency Regulations

    FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

    FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

    News

    Guyana Joins Sister Caribbean Countries to Stop Money Laundering

    “Guyana has joined the Caribbean network to counter money laundering and introduced a global fina...

    Guyana Joins Sister Caribbean Countries to Stop Money Laundering Explore More

    News

    Amendments to ‘Trust Property Control Act’ May Still Require Revisions

    FISA (Fiduciary Institute of Southern Africa) and other notable trust law experts have expressed ...

    Amendments to ‘Trust Property Control Act’ May Still Require Revisions Explore More

    News

    U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

    U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...

    U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism Explore More

    News

    The United Kingdom implements new Anti-Money Laundering regulations

    The United Kingdom’s finance and economics department has announced the incorporation of new Anti...

    The United Kingdom implements new Anti-Money Laundering regulations Explore More

    News

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report

    The Canadian gambling sector is on its toes after Commissioner Austin Cullen’s report revealed in...

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report Explore More

    News

    Personal Privacy Concerns Raised over FinCEN’s Proposed Crypto Rules

    The advocacy group in their latest comment has disregarded the proposed regulatory requirements b...

    Personal Privacy Concerns Raised over FinCEN’s Proposed Crypto Rules Explore More

    News

    Cybercriminals Targeting Bitcoin ATMs to Launder Money – Says FBI

    The Federal Investigation Bureau (FBI) revealed gaps in financial regulations as money laundering...

    Cybercriminals Targeting Bitcoin ATMs to Launder Money – Says FBI Explore More

    News

    FATF and EU Delist Bahamas from AML Blacklist

    European Union has finally removed Bahamas from its AML blacklist, right after FATF has delisted ...

    FATF and EU Delist Bahamas from AML Blacklist Explore More

    News

    Face Detection Tool to Fight Bots Under Trial by Facebook

    Facebook is currently battling a $35 billion class-action lawsuit for alleged misuse of facial re...

    Face Detection Tool to Fight Bots Under Trial by Facebook Explore More

    News

    Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes

    Mauritius, which was previously known for being a tax haven, might be out of the FATF’s grey list...

    Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes Explore More

    News

    Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model

    According to the AFI model, digital IDs and biometric KYC verification must be deployed by busine...

    Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model 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

    Central Bank Of China Tightens Financial Regulations to Curb Money Laundering

    The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...

    Central Bank Of China Tightens Financial Regulations to Curb Money Laundering Explore More

    News

    FBI Springfield Warns of Growing Fraud Targetting the Elderly

    The FBI has warned people of growing elderly fraud.  As per the Internet Crime Complaint Center&#...

    FBI Springfield Warns of Growing Fraud Targetting the Elderly Explore More

    News

    OCBC Fines Money Laundering Suspect $19.7million

    The Oversea-Chinese Banking Corporation (OCBC) has fined the individuals involved in Singapore’s ...

    OCBC Fines Money Laundering Suspect $19.7million 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

    Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA

    According to the U.S Drug Enforcement Administration’s report, digital currency ATMs are growingl...

    Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA Explore More

    News

    African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing

    The African Federal Government stressed the urgent teamwork needed to combat money laundering, te...

    African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing Explore More

    News

    UAE Issues Updated Targeted Financial Sanctions Guidance

    The UAE has shifted from the multilateral United Nations Security Council (UNSC) sanctions to uni...

    UAE Issues Updated Targeted Financial Sanctions Guidance 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

    Clearview AI will be facing the legal claims after critical NYT report

    Clearview AI is an artificial intelligence firm providing facial recognition technology to US law...

    Clearview AI will be facing the legal claims after critical NYT report Explore More

    News

    Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports

    Japan is planning on introducing a vaccine passport to make travelling easy for people. Internati...

    Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports Explore More

    News

    FATF Discloses Outcomes of October Plenary Meeting

    The international regulatory authority, Financial Action Task Force (FATF), concluded its fourth ...

    FATF Discloses Outcomes of October Plenary Meeting Explore More

    News

    Major US Twitter accounts hacked in Bitcoin scam

    Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

    Major US Twitter accounts hacked in Bitcoin scam Explore More

    News

    Colombia Releases New Regulations For Crypto Firms Operating in the Country

    The Colombian government passed new drafts for the local crypto organisations to continue operati...

    Colombia Releases New Regulations For Crypto Firms Operating in the Country Explore More

    News

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance

    Bithumb, Coinone and Korbit have founded a joint venture to facilitate all efforts for maintainin...

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance Explore More

    News

    FBI Expands its Corruption Unit to Closely Monitor Illicit Activities

    The Federal Bureau of Investigation (FBI) has stepped in, to monitor international corruption by ...

    FBI Expands its Corruption Unit to Closely Monitor Illicit Activities Explore More

    News

    Nigeria Remains on FATF Gray List Due to Compliance Failures

    Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...

    Nigeria Remains on FATF Gray List Due to Compliance Failures Explore More

    News

    The Chinese central bank confirms digital Yuan mobile app trials

    According to a statement, the People’s Bank of China (PBoC) conducts internal tests for the natio...

    The Chinese central bank confirms digital Yuan mobile app trials Explore More

    News

    Belgian financial sector launches campaign to help consumers avoid online fraud

    The financial sector’s federation, Fibelfin, is initiating a campaign to respond to the sense of ...

    Belgian financial sector launches campaign to help consumers avoid online fraud Explore More

    News

    Compliance Specialists Remind Letting Agents to Meet HMRC Deadline

    The real estate industry in the UK is being constantly reminded that the deadline for registering...

    Compliance Specialists Remind Letting Agents to Meet HMRC Deadline Explore More

    News

    Ukraine Passes Anti-Money Laundering Law based on FATF

    The Government of Ukraine has passed the final version of a money laundering law based on the gui...

    Ukraine Passes Anti-Money Laundering Law based on FATF Explore More

    News

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022

    Business advisors RSM UK has revealed West Midlands as a hotspot for employee fraud. The region h...

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022 Explore More

    News

    Luxembourg Updates AML Laws for Verification of Beneficial Ownership

    Luxembourg has amended its Anti-Money Laundering regulation requiring practitioners to identify b...

    Luxembourg Updates AML Laws for Verification of Beneficial Ownership Explore More

    News

    CBN Adds Cameroon, Croatia, Korea, and Vietnam to Money Laundering Watchlist

    A circular issued to Deposit Money Banks (DMBs) states the Central Bank of Nigeria has added Came...

    CBN Adds Cameroon, Croatia, Korea, and Vietnam to Money Laundering Watchlist 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

    Biden’s Administration Announces New Timeline for AML Initiative and Beneficial Ownership Rules

    FACT’s anti-money laundering efforts are updated in the Biden Administration’s Spring 2023 Regula...

    Biden’s Administration Announces New Timeline for AML Initiative and Beneficial Ownership Rules Explore More

    News

    Albanian Financial Supervision Authority Approves Crypto Licensing Regime

    Albanian Financial Supervision Authority has approved a licensing regime for crypto exchanges for...

    Albanian Financial Supervision Authority Approves Crypto Licensing Regime Explore More

    News

    Myanmar Promises Improvements after FATF’s Blacklisting

    Myanmar’s central bank has made promises of reforms and issued a warning against currency m...

    Myanmar Promises Improvements after FATF’s Blacklisting Explore More

    News

    The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases

    The annual conference of the Law Society of Kenya (LSK) was held at the weekend in Diani, the Pre...

    The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases Explore More

    News

    Surging Cryptocurrency Scams Target Lower Mainland Seniors

    CARP of South Surrey/White Rock has found that the surge in cryptocurrency scams are a threat to ...

    Surging Cryptocurrency Scams Target Lower Mainland Seniors Explore More

    News

    India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill

    India’s financial watchdog has proposed a new crypto bill to impose a $2.65M fine and jail for vi...

    India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill Explore More

    News

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence

    Criminals in Saudi Arabia sentenced to 25 years imprisonment after getting caught in money launde...

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence Explore More

    News

    455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

    455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

    455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

    News

    Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case

    A Swiss Prosecutor has identified the trail leading to the Credit Suisse money laundering case wo...

    Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case 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

    ProtonMail added an encrypted calendar to its encrypted Gmail competitor

    Previous year Google faced a hefty fine of $170 million by the Federal Trade Commission following...

    ProtonMail added an encrypted calendar to its encrypted Gmail competitor Explore More

    News

    NGOs Advised on Due Diligence to Tackle Terrorism Financing

    The Financial Crimes Commission’s SCUML has advised Non-Governmental Organizations (NGOs) to cond...

    NGOs Advised on Due Diligence to Tackle Terrorism Financing Explore More

    News

    Pakistan’s State Bank unveils new AML/CFT regulations for Forex Firms

    State Bank of Pakistan on Tuesday amended Anti-money laundering (AML) and Counter Financing of te...

    Pakistan’s State Bank unveils new AML/CFT regulations for Forex Firms Explore More

    News

    US Sanctions Russian Crypto Firm Over Ransomware Payments

    Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...

    US Sanctions Russian Crypto Firm Over Ransomware Payments Explore More

    News

    Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector

    The Economic and Financial Crimes Commission chairman says that the agency is committed to fighti...

    Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector Explore More

    News

    EU Confirms its Firm Stance on All Digital Currencies

    The EU has confirmed its firm stance on all the digital currencies until the associated risks hav...

    EU Confirms its Firm Stance on All Digital Currencies 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

    China plans on introducing digital yuan

    China’s central bank has sent one of its strongest signals yet of a commitment to creating ...

    China plans on introducing digital yuan Explore More

    News

    Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry

    Financial Police of Sweden has revealed a report that highlights more than 700 cases of money lau...

    Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry Explore More

    News

    Coronavirus: UK economy recovering gradually, says Bank of England

    Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

    Coronavirus: UK economy recovering gradually, says Bank of England Explore More

    News

    Blockchain officially becomes part of China’s tech strategy

    According to the National Development and Reform Commission (NDRC), China will use Blockchain to ...

    Blockchain officially becomes part of China’s tech strategy Explore More

    News

    Banks Introduce Confirmation of Payee to Tackle Fraud

    The Confirmation of Payee (CoP) system was launched in October 2018 but implementation was delaye...

    Banks Introduce Confirmation of Payee to Tackle Fraud Explore More

    News

    Cybercriminals demanded $3 million ransom from Travelex

    The hackers behind a cyber attack on a foreign exchange firm Travelex ordered to pay $3 million r...

    Cybercriminals demanded $3 million ransom from Travelex Explore More

    News

    USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines

    Know Your Customer and Anti-money Laundering non-compliance penalties rose 26% this year. Many pr...

    USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines 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