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

    3.15.226.5

    UK’s Revised Fraud Policy Criticised for Ineffectiveness Against Rising Crimes

    n-img-uk

    On Wednesday, Britain announced its strategy for reducing fraud by 10% by the end of the current parliament to protect the public from scammers, a move which has been criticised by experts as ineffective in the face of rising crime rates.

    In an attempt to rectify the growing rate of crime and instil effective mitigation, further actions have been taken with the introduction of an investigative body consisting of 400 people. Furthermore, the UK government announced the ban on cold calls to prevent promoting financial products, sham cryptocurrency schemes and “SIM farms.”

    “The publication of this strategy marks a fundamental shift in our approach to tackling fraud,” said home secretary, Suella Braverman. “This strategy sets out a plan to stop fraud at source and pursue those responsible wherever they are in the world,” she added. 

    Experts have indicated that the measures lack ambition and will not be sufficient to reduce fraud, which resulted in more than 40% of crime in England and Wales as of December and cost the United Kingdom at least £6.8 billion in 2019-2020. 

    A proposal that would have required tech companies to compensate victims of online financial scams, for example, has been dropped in favour of a voluntary “online fraud charter” that the government plans to announce at the beginning of the summer.

    The watered-down measures did not meet the needs of Helena Wood, co-head of RUSI’s UK economic crime program. “Unless you start doing something a bit more hard-line to bring these companies to the table, they won’t take any action,” she added, “We’d be hoping to see the strategy consider a mandatory levy on social media and tech companies to pay for the police response to fraud — what I’d liken to a ‘polluter pays’ principle.”

    However, she cautioned that adding 400 specialist fraud roles within police forces and the National Crime Agency would not be sufficient to combat domestic crime. “There are fraudsters who operate within the UK, and we could do much more to bring these people to justice,” said Wood. “Four hundred extra officers is not enough.”

    Earlier this year, Matt Hammerstein, chief executive of Barclays UK, warned that Britain was “losing the war” against scams and that online platforms must be better regulated to combat criminal activity online. “Our data shows that 77% of scams originate on tech platforms, including social media sites and online marketplaces,” he said. “Without a legislative or regulatory framework for this sector — as we rightly have for banks — we risk continuing to not treat fraud and scams with the seriousness they require.”

    The firm of Stokoe Partnership Solicitors, led by Richard Cannon, said that the enforced measures are insufficient to prevent illicit financial crimes and frauds associated with digital assets such as bitcoins, which are largely unregulated. “Outlawing cold calls peddling fraudulent crypto schemes is a drop in the ocean compared with the fraudulent investment schemes that proliferate online, which crypto fraudsters favour for attracting victims,” Cannon added to the statement.

    Furthermore, dissatisfaction was expressed by experts that the government has not created a single agency to coordinate the resources used to combat fraud currently being handled by 19 government departments and 42 police departments.

    “This needs focus. Creating a single scam authority with effective powers of direction will make the difference and enable us all to get ahead of the scammers,” according to Simon Miller, director of policy and communications for Stop Scams UK. This group includes significant technology companies, banks and telecommunications companies.

    Suggested Reads:

    UK CONVICTS 11 COURIERS FOR CONSPIRING TO LAUNDER $124 MILLION IN CASH TO DUBAI

    UK GOVERNMENT AIMS TO RECOVER £1 BILLION LOST FUNDS OVER THE NEXT DECADE

    Related Posts

    News

    Ghost Coin deployed as payment for vending machines in Hong Kong

    Ghost Coin, the privacy coin headed by John McAfee, can now be installed in vending machines in H...

    Ghost Coin deployed as payment for vending machines in Hong Kong Explore More

    News

    Digital IDs Becoming Useful for Fighting Financial Crimes

    The use of digital IDs has proved to be advantageous for fighting financial crimes. Research has ...

    Digital IDs Becoming Useful for Fighting Financial Crimes Explore More

    News

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance.

    As per the new UK government requirements, anti-money laundering and counter-terrorist financing ...

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance. Explore More

    News

    Standard Chartered Is Fined $13.6 Million by India’s AML agency

    Standard Chartered Bank is fined $13.6 million by India’s anti-money laundering agency for 2007 d...

    Standard Chartered Is Fined $13.6 Million by India’s AML agency Explore More

    News

    FBI Seizes $1.7M During 3-Month Crypto Operation

    During a 3-month operation from March to May, the FBI seized $1.7m worth of cryptocurrencies, inc...

    FBI Seizes $1.7M During 3-Month Crypto Operation Explore More

    News

    UK Government to Introduce Age Verification Laws For Adult Websites

    To restrict minors’ access to adult-oriented content, the UK government is working on impos...

    UK Government to Introduce Age Verification Laws For Adult Websites Explore More

    News

    Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds

    Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...

    Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds Explore More

    News

    Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses

    The bank underreported 8000 corporate transactions made overseas between July 2018 and February 2...

    Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses 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

    FinCEN Proposes the Designation of Eligible Customers as Exempt Person

    As a part of the Paperwork Reduction Act of 1995, the Financial Crime Enforcement Network (FinCEN...

    FinCEN Proposes the Designation of Eligible Customers as Exempt Person Explore More

    News

    FATF Issues Guidance Paper For Incorporating Digital ID

    The Financial Action Task Force (FATF) has issued a guidance paper, last week, that outlines a ri...

    FATF Issues Guidance Paper For Incorporating Digital ID Explore More

    News

    California to Legislate Stronger Children’s Online Safety Bill

    Assembly Bill 2273 for children’s online safety and privacy was approved by lawmakers in Ca...

    California to Legislate Stronger Children’s Online Safety Bill Explore More

    News

    US Treasury Department Issues AML Study for the Art Market

    The US Treasury Department Issues anti-money laundering (AML) study for the art market, aiming to...

    US Treasury Department Issues AML Study for the Art Market Explore More

    News

    Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

    During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

    Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

    News

    FATF Points Out Jurisdictions with Inadequate AML/CFT Measures

    After the Financial Action Task Force issued public statements regarding updates to its lists of ...

    FATF Points Out Jurisdictions with Inadequate AML/CFT Measures Explore More

    News

    Global AML Watchdog FATF Puts UAE on the Grey List

    The Paris-based Financial Action Task Force placed the UAE on the grey list for “strategic defici...

    Global AML Watchdog FATF Puts UAE on the Grey List 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

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns

    The liquidation of Satabank has affected prominent names with a massive due amount. The infirm se...

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns Explore More

    News

    European Union Drafts Crypto Transfer Legislation to Curb Money Laundering

    The European Union has introduced legislation to identify crypto transfers as part of wider anti-...

    European Union Drafts Crypto Transfer Legislation to Curb Money Laundering Explore More

    News

    Action Fraud alerts shoppers about COVID-19 scams

    Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...

    Action Fraud alerts shoppers about COVID-19 scams Explore More

    News

    Roll-out of vital banking fraud check postponed again due to Coronavirus

    A crucial banking security check that could avert the loss of millions of pounds to internet frau...

    Roll-out of vital banking fraud check postponed again due to Coronavirus Explore More

    News

    EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs

    Members of the European Parliament have proposed a new bill to increase scrutiny of the NFT and D...

    EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs Explore More

    News

    Qatar’s new AML laws leave no room for Cryptocurrencies

    A number of countries across the globe are coming with up stringent policies to inhibit the illeg...

    Qatar’s new AML laws leave no room for Cryptocurrencies Explore More

    News

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art

    South Florida federal court received a complaint accusing art dealer Daniel Elie Bouaziz of wire ...

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art 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

    Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing

    The Nigerian House of Representatives Committee on Financial Crimes stated they would design stri...

    Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing Explore More

    News

    14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized

    Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...

    14 Arrested in  Money-Laundering Crackdown, Over HK$300 Million Seized Explore More

    News

    UK to End “Golden Visa” Regime to Tackle Money Laundering

    The UK is looking to scrap its so-called “Golden Visa” regime in a short period as Russian action...

    UK to End “Golden Visa” Regime to Tackle Money Laundering Explore More

    News

    New KYC and AML Compliance May Violate Privacy Laws in South Korea

    The South Korean government is considering implementing KYC and AML compliance in the region, but...

    New KYC and AML Compliance May Violate Privacy Laws in South Korea 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

    A Ponzi Scheme of $2.7 Million Unleashed

    According to the U.S Department of Justice, a former attorney from Allentown was sentenced to six...

    A Ponzi Scheme of $2.7 Million Unleashed Explore More

    News

    The Bahamas to Launch a Payment Card for Central Bank Digital Currency

    Bahamas’ Central Bank has joined hands with Mastercard and digital payment startup Island Pay to ...

    The Bahamas to Launch a Payment Card for Central Bank Digital Currency Explore More

    News

    Bank of Spain Issues New Cryptocurrency Regulations

    Virtual asset service providers, banks, and other financial institutions are now required to regi...

    Bank of Spain Issues New Cryptocurrency Regulations Explore More

    News

    Garantex Sanctioned by the US for Laundering Over $100 Million

    The US Treasury Department has sanctioned the virtual currency exchange Garantex for facilitating...

    Garantex Sanctioned by the US for Laundering Over $100 Million Explore More

    News

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations

    The House of Representatives of Morocco has unanimously agreed to pass the bill to amend the anti...

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations Explore More

    News

    Congress to Pass Urgently Needed AML & Whistleblower Protections Against Russian Oligarchs

    Congress is close to passing urgently required AML and whistleblower protections targeting Russia...

    Congress to Pass Urgently Needed AML & Whistleblower Protections Against Russian Oligarchs Explore More

    News

    Florida House Speaker Votes to Restrict Minors’ Access to Social Media Platforms Via Age Verification Checks

    Florida House votes to mandate social media platforms to implement rigid age verification checks,...

    Florida House Speaker Votes to Restrict Minors’ Access to Social Media Platforms Via Age Verification Checks Explore More

    News

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

    The Saudi Ministry of Commerce is reiterating warnings about fake news websites looting people by...

    Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites Explore More

    News

    UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers

    Facial recognition instead of Emirates ID card readers will now verify identity. The Federal Auth...

    UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers Explore More

    News

    EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering

    The EU on Thursday legislates more strict traceability rules for cryptocurrencies transfer, in a ...

    EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering Explore More

    News

    Pakistan Launches Contactless Biometric Verification for Banking

    Pakistan has become one of the first countries in the world to implement biometric verification t...

    Pakistan Launches Contactless Biometric Verification for Banking Explore More

    News

    Philippine Plans to Introduce New Regulations on Beneficial Ownership

    The Securities and Exchange Commission in Philippine has laid out new regulations that require tr...

    Philippine Plans to Introduce New Regulations on Beneficial Ownership Explore More

    News

    SEC Warns Philippines Companies on Lack of AML Compliance

    The Securities Exchange Commission (SEC) warned that it would enforce the Revised Corporation Cod...

    SEC Warns Philippines Companies on Lack of AML Compliance Explore More

    News

    Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower

    The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...

    Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower Explore More

    News

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering

    The High Court of Kenya has frozen more than Sh15 billion over suspected proceeds of Money Launde...

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering Explore More

    News

    Crypto and Forex Scams Cost Belgian Investors $12 Million

    According to the Belgian financial watchdog, fraudsters stole approximately $12 million from the ...

    Crypto and Forex Scams Cost Belgian Investors $12 Million Explore More

    News

    FATF Claims Golden Visa Programs Raise Financial Crimes Activities

    The international regulatory body, Financial Action Task Force (FATF), reported that Citizenship ...

    FATF Claims Golden Visa Programs Raise Financial Crimes Activities Explore More

    News

    Investment Scams Rising Through Fake Celebrity Endorsements

    Financial fraud through celebrity endorsement is becoming a primary concern as one in six firms o...

    Investment Scams Rising Through Fake Celebrity Endorsements 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

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March

    South Korea’s official financial regulatory body, the Financial Services Commission (FSC), announ...

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March Explore More

    News

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches

    China’s Central bank has fined Zhongtian Securities Co. Ltd. 1.37 million yuan ($216,000) for AML...

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches Explore More

    News

    Kuwait Bans Crypto-Related Activities to Combat Money Laundering

    The government of Kuwait banned all crypto-related activities on July 18th, including mining, tra...

    Kuwait Bans Crypto-Related Activities to Combat Money Laundering Explore More

    News

    e-KYC services introduced in Malaysia by InstaREM

    Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

    e-KYC services introduced in Malaysia by InstaREM Explore More

    News

    Equifax Survey shows Britain Prefers Biometric Verification

    Credit reporting agency, Equifax, reports that Brits are much more open to adopting biometric aut...

    Equifax Survey shows Britain Prefers Biometric Verification Explore More

    News

    Mexico: Federal Anti-Money Laundering Agency Freezes 1352 Accounts for Money Laundering

    On Tuesday, the police and federal anti-money laundering agency said that they have frozen 1352 b...

    Mexico: Federal Anti-Money Laundering Agency Freezes 1352 Accounts for Money Laundering Explore More

    News

    EU to Disclose the Names of the Non-Compliant Banks

    EBA, The European Banking Authority is setting up a database to highlight the names of banks and ...

    EU to Disclose the Names of the Non-Compliant Banks Explore More

    News

    IPEC to Collaborate With FIU to Improve AML Framework

    IPEC to collaborate with FIU to identify terrorist financing and money laundering risks that are ...

    IPEC to Collaborate With FIU to Improve AML Framework Explore More

    News

    Updated AML Regulation for Australian Digital Currency Exchange

    The attorney-General proposed changes to AML/CTF frameworks in April 2023. The Australian Governm...

    Updated AML Regulation for Australian Digital Currency Exchange Explore More

    News

    Spanish Regulatory Authorities Take Action Against Illegal Crypto Promotion on Social Media

    The Spanish National Securities Market Commission (CNMV) is preparing rigid measures to prevent i...

    Spanish Regulatory Authorities Take Action Against Illegal Crypto Promotion on Social Media 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

    AML Council to Impose Sanctions on Property Dealers for Non-compliance

    The Philippines’s Anti-Money Laundering Council (AMLC) is all set to impose sanctions and fines o...

    AML Council to Impose Sanctions on Property Dealers for Non-compliance Explore More

    News

    COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees

    A 20-year-old man arrested for being a part of Covid-19 certificate fraud. Many GGD employees are...

    COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees Explore More

    News

    Visa: CBDC is the most important trend in payments

    According to Visa’s Head of Crypto, Central Bank Digital Currencies, or CBDC, seems to be one of ...

    Visa: CBDC is the most important trend in payments Explore More

    News

    Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership

    The Swiss government plans to set up a central registry for beneficial ownership, a step that ind...

    Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership Explore More

    News

    Canada loses millions in online scams

    According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...

    Canada loses millions in online scams Explore More

    News

    FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations

    A Texas community bank was fined by the Financial Crimes Enforcement Network (FinCEN) and the Off...

    FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations Explore More

    News

    Swiss Courts to Return Millions to Sanctioned Russians

    The Swiss courts have decided to pay the stolen millions of dollars back to the sanctioned Russia...

    Swiss Courts to Return Millions to Sanctioned Russians 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

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

    The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

    News

    Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering

    The Finance Ministry of Iran has released its first list of individuals suspected of having links...

    Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering Explore More

    News

    Satabank Penalized with €851,000 for Non-Compliance

    Financial Intelligence Analysis Unit (FIAU) on Statabank has decided to fine the bank the sum of ...

    Satabank Penalized with €851,000 for Non-Compliance 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

    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