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

    2a03:2880:f800:10::

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

    Frame 967

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Money Laundering (AML) laws to curb money laundering and terrorist financing activities.

    The US Senate is seeking votes on the country’s AML Act 2020 as a significant change in its National Defence Appropriation Act. This is a great step towards limiting money laundering in the US. If this Act is passed, shell companies will be eliminated.  Multiple researchers suggest that the US is one of the safest countries in the world to open a shell company. Surprisingly, this proposed amendment will see an advocacy coalition from multiple groups, including law enforcement, religious leaders, and the Trump Administration. In the US, the last money laundering bill was legislated in 2001, right after the World Trade Center attack. After the incident, US Congress passed Title III of its USA Patriot Act to determine and close shell banks. Afterwards, in 2008, after the financial crisis, US Senator Carl Levin came up with the first iteration of the AML bill titled the Incorporation Transparency Act. To stay put in the fight against financial crimes, the United Arab Emirates government has issued a Federal Decree to bring significant changes in its Anti-money Laundering, Financing of Terrorism, and Financing of Illegal Organization laws. Instead of just improving the effectiveness of the legislative and legal system, this Decree-law aims to support local financial regulators in enforcing the law to curb money laundering and terrorist financing. The Federal Decree is backed by the national strategy formulated to secure the local financial institutions by enforcing top-tier standards to counter financial crimes, particularly money laundering and terrorist financing. This Decree includes developing a National committee; however, a cabinet decision will be required. The committee will be responsible for overseeing, studying, and assessing the potency of national strategies and measures taken by the committee for curbing financial crimes. Moreover, the Decree also addresses the importance of fostering coordination between the UAE’s regulatory authorities and the National Committee. This move makes it easier for the National Committee to oversee the development of the Mutual Evaluation Report, which assesses the country’s efforts in meeting international AML and CFT regulations. Like the US and UAE, new anti-money laundering laws are set to be enforced in Spain after the Spanish Ministry of Economic Affairs and Digital Transformation published a draft law that will implement the EU’s Fifth Anti-Money Laundering Directive. The main elements of the proposed legislation include significant changes to crowdfunding platforms while imposing registration of cryptocurrencies with the regulatory authorities. The new Spanish legislation proposes the inclusion of crowdfunding platforms and crowdlending, Real Estate Investment Trusts (REITs), cryptocurrency platforms, management companies of security funds, and independent external experts. As per the new law, real estate developers will only be subject to this regulation if their annual income exceeds €120,000 or have a monthly income of more than €10,000. Additionally, a unified register will be created in the Ministry of Justice, which will be responsible for centralizing information of Ultimate Beneficial Owners (UBOs). Lastly, the new will establish the obligation for legal persons as well as entities without legal personality to obtain, retain, and update UBO information for 10 years.

    Suggested Reads:
    UK Parliament Legislates New Digital Identity Verification Services Bill

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

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

    Related Posts

    News

    Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK

    The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 ...

    Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK Explore More

    News

    Michigan Man Convicted for COVID-19 Relief Fraud

    The criminal has been sentenced to 32 months in prison for fraudulently acquiring PPP loans.  On ...

    Michigan Man Convicted for COVID-19 Relief Fraud Explore More

    News

    One in Three Western Australians Experience Financial Frauds – Bankwest

    Based on reports, every one in three residents of Western Australia has experienced financial abu...

    One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

    News

    Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs

    The Australian Senate’s inquiry will be examining the impact of bringing DNFBPs under the AML/CFT...

    Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs Explore More

    News

    WhatsApp Introduces Fingerprint Authentication For Android

    WhatsApp has recently announced that its app can be locked with a fingerprint, now available on A...

    WhatsApp Introduces Fingerprint Authentication For Android Explore More

    News

    Financial Crimes Surged Amid COVID-19, Says FATF

    Financial Action Task Force (FATF) speaks up about the adverse effects of COVID-19 on financial r...

    Financial Crimes Surged Amid COVID-19, Says FATF Explore More

    News

    US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions

    The infrastructure bill proposed in the US Congress aims at revamping how crypto exchanges perfor...

    US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions Explore More

    News

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs

    The PBOC has issued guidance on Oct 14, 2021, for SMEs to adopt a Risk-Based Approach (RBA) when ...

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs Explore More

    News

    FATF Urges Japan to Implement Stronger AML Measures

    The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...

    FATF Urges Japan to Implement Stronger AML Measures Explore More

    News

    Beware of Puppy Scams This Holiday Season – BBB

    The Better Business Bureau (BBB) has warned people to be cautious of online puppy scams, especial...

    Beware of Puppy Scams This Holiday Season – BBB Explore More

    News

    Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash

    Assets worth over $10 million have been seized after an international investigation into money la...

    Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash Explore More

    News

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering

    Uganda is still under the scrutiny of AML/CFT agencies after failing to enforce regulations in NG...

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering Explore More

    News

    MALACAÑANG Orders Relevant Government Agencies to Implement Anti-Money Laundering Plans and Programs

    Aiming to exit the Financial Action Task Force’s (FATF) grey list by January 2024, MALACAÑANG Pal...

    MALACAÑANG Orders Relevant Government Agencies to Implement Anti-Money Laundering Plans and Programs Explore More

    News

    Georgia’s Voting Infrastructure Becomes the First Ransomware Target in 2020 Elections

    The US voting system was under a ransomware attack earlier in October. The rumours are true and G...

    Georgia’s Voting Infrastructure Becomes the First Ransomware Target in 2020 Elections 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

    SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks

    The South Africa Reserve Bank (SARB)’s Prudential Authority has issued a guidance note to banks f...

    SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks Explore More

    News

    UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing

    The UAE convened an international summit on money laundering and terrorist financing prevention i...

    UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing Explore More

    News

    UK Gambling Commission Fines 888 with £9.4m for AML Failings

    Great Britain’s Gambling Commission has issued 888 with a fine of £9.4 million over a series of s...

    UK Gambling Commission Fines 888 with £9.4m for AML Failings Explore More

    News

    UAE Central Bank Issues New Anti-Money Laundering Guidelines

    The Central Bank stated that all financial institutions have a month to comply with the new AML g...

    UAE Central Bank Issues New Anti-Money Laundering Guidelines 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

    Jamaica Shows Significant Progress in Anti-Money Laundering Compliance

    Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task...

    Jamaica Shows Significant Progress in Anti-Money Laundering Compliance Explore More

    News

    Better Business Bureau of North America Warns of Increased Scams & Fraud

    On April 11, Marilyn Mott, director of the Better Business Bureau’s Prescott office, addressed a ...

    Better Business Bureau of North America Warns of Increased Scams & Fraud Explore More

    News

    UAE’s AML Body Adopts Regulatory Framework for Virtual Assets

    The new rule for virtual assets has been devised in accordance with the crypto travel rule issued...

    UAE’s AML Body Adopts Regulatory Framework for Virtual Assets 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

    Swedish Biggest Bank Hosts Active Account for PKK Terrorist Group

    According to a local media source, the most prominent Swedish bank, SEB (Skandinaviska Enskilda B...

    Swedish Biggest Bank Hosts Active Account for PKK Terrorist Group Explore More

    News

    US Regulates Art Market as it is at High Risk of Money Laundering

    Law enforcement agencies across the globe have turned their attention to the use of high-value ar...

    US Regulates Art Market as it is at High Risk of Money Laundering Explore More

    News

    Department of Finance Announces Commencement of South Africa’s New AML/CTF Laws

    Department of Finance has announced the start date for South Africa’s new Anti Money Laundering a...

    Department of Finance Announces Commencement of South Africa’s New AML/CTF Laws Explore More

    News

    RBI to Strengthen KYC Guidelines for the Crypto Industry

    IndiaTech has suggested enhancing the KYC guidelines and obligating the cryptocurrency industry t...

    RBI to Strengthen KYC Guidelines for the Crypto Industry 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

    Landry’s Inc. warns customers of the potential data breach

    Landry’s Inc., a parent company of more than 60 restaurant chains, installed a payment processing...

    Landry’s Inc. warns customers of the potential data breach 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

    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

    Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

    One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

    Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto 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

    Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering

    A group of 2,468 Nigerian nationals accused Flutterwave Payments Technology of defrauding them of...

    Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering Explore More

    News

    Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors

    Digital currency exchanges in Hong Kong will be obliged to apply for a license prior to offering ...

    Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors Explore More

    News

    Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms

    Since May 2023, Estonia’s updated crypto AML/CFT regulations have resulted in an 80% reduction in...

    Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms Explore More

    News

    5 Billion Unique Credentials Circulating on Darknet

    According to the report released by security firm Digital Shadows, a total of 15 billion user cre...

    5 Billion Unique Credentials Circulating on Darknet Explore More

    News

    U.S States Open up to the Idea of Digital IDs in Post Pandemic World

    The ID cards that were used by millions of people as proof of their identity may soon become a th...

    U.S States Open up to the Idea of Digital IDs in Post Pandemic World Explore More

    News

    Credit Cards are Risky for Crypto Transactions, Says Taiwan’s Financial Watchdog

    Credit cards should not be used for crypto-related transactions, as stated by Taiwan’s financial ...

    Credit Cards are Risky for Crypto Transactions, Says Taiwan’s Financial Watchdog Explore More

    News

    Deutsche Bank Pays $130M to Avoid Corrupt Payment Charges

    Deutsche Bank, a German investment bank, has agreed to pay the fine of $130 million to settle the...

    Deutsche Bank Pays $130M to Avoid Corrupt Payment Charges Explore More

    News

    Legal Challenges Against TikTok for Breaching Child Privacy Policy

    TikTok, the most trending social media application in the present times is facing legal actions f...

    Legal Challenges Against TikTok for Breaching Child Privacy Policy Explore More

    News

    Money Mule Initiative Results Announced by the US Department of Justice

    As a part of the Money Mule Initiative, the law enforcement depart of the USA has taken action ag...

    Money Mule Initiative Results Announced by the US Department of Justice Explore More

    News

    Cyprus Aligns with EU Regulations by Adopting Strong AML/CFT Measures

    Cyprus has established a new digital registry and requires the businesses to identify their true ...

    Cyprus Aligns with EU Regulations by Adopting Strong AML/CFT Measures Explore More

    News

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit

    Risks related to trade-based money laundering in the UK are expected in the upcoming years, accor...

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit Explore More

    News

    UK Banks and Tech Firms Call on Regulators for Guidance on Tackling Scams

    Banks, tech, and telecom firms in Britain have called on lawmakers and regulators to make it easy...

    UK Banks and Tech Firms Call on Regulators for Guidance on Tackling Scams 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

    Google Warns 12,000 Victims of Government Hacks

    In just three months, from July to September 2019, Google sent out 12,000 warnings to people who ...

    Google Warns 12,000 Victims of Government Hacks Explore More

    News

    Local Election Officials’ Emails Could be at risk for phishing attempts

    Cybersecurity firm Area 1 found 666 of 10,000 election workers used personal email accounts Accor...

    Local Election Officials’ Emails Could be at risk for phishing attempts Explore More

    News

    FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms

    A follow-up report from FATF (Financial Action Task Force) reveals that Colombia has significantl...

    FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms Explore More

    News

    Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring

     Hong Kong police detained 458 people and seized $65 million in connection with an extensive crim...

    Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring 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

    Interpol Launches New Center to Combat Financial Crime

    Interpol has launched a Financial Crime and Anti-Corruption Center (IFCACC) as part of efforts to...

    Interpol Launches New Center to Combat Financial Crime Explore More

    News

    UK Launches New Crypto Asset Promotion Rules

    The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

    UK Launches New Crypto Asset Promotion Rules Explore More

    News

    Swedish Gaming Authority Fines Kindred, ATG, and PinBet for AML Failures

    Swedish gaming authority has fined Kindred, ATG, and PinBet £1.4m, €1.7m, and $1.8m, respectively...

    Swedish Gaming Authority Fines Kindred, ATG, and PinBet for AML Failures Explore More

    News

    London has been Dubbed as a Money Laundering Base

    The UK’s capital has been dubbed as a potential hotbed for organised crime, especially after Brex...

    London has been Dubbed as a Money Laundering Base Explore More

    News

    UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure

    Buzz Bingo has been fined £780,000 by the UK Gambling Commission (UKGC) for social responsibility...

    UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure Explore More

    News

    FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings

    The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...

    FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings Explore More

    News

    Investment Bank Fined by FCA for Failing with Due Diligence Requirements

    An Investment Bank in London, Sapien Captial, has been penalised by the financial regulator, Fina...

    Investment Bank Fined by FCA for Failing with Due Diligence Requirements Explore More

    News

    Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft

    Amazon said on Thursday, that it is going to challenge a $10 billion contract awarded to Microsof...

    Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft Explore More

    News

    Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud

    The Australian government will soon ban online gambling with credit cards. The government will in...

    Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud Explore More

    News

    United Nations Calls for a Pact to Fight Financial Crimes

    United Nations’ panel of experts has called on the governments around the world to take part in e...

    United Nations Calls for a Pact to Fight Financial Crimes Explore More

    News

    Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal

    The US Federal Reserve rule cemented the Central bank’s caution about crypto asset activities, pr...

    Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal Explore More

    News

    Online fraudsters steal £17m over COVID-19 lockdown

    About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

    Online fraudsters steal £17m over COVID-19 lockdown Explore More

    News

    Mishcon de Reya fined £232,500 for AML Failures

    London’s leading firm, Mishcon De Reya has been fined EUR 232,500 over failing Anti-Money Launder...

    Mishcon de Reya fined £232,500  for AML Failures Explore More

    News

    AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule

    While it is understood that the crypto Travel Rule will prove to be a ‘game changer’,...

    AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule Explore More

    News

    Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets

    The Philippines AMLC has officially published the latest study on suspicious transactions linked ...

    Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets Explore More

    News

    Data Breach Exposes 515,000 IDs, More Cases of Synthetic ID Fraud to be Expected?

    Hackers broke into the servers at the International Committee of the Red Cross and accessed perso...

    Data Breach Exposes 515,000 IDs, More Cases of Synthetic ID Fraud to be Expected? 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

    China Strengthens Anti-Money Laundering Rules for Financial Institutions

    China has taken steps to improve financial institutions’ measures to combat money laundering by p...

    China Strengthens Anti-Money Laundering Rules for Financial Institutions Explore More

    News

    13K Affected in Third-Party Data Breach at Anthem MaineHealth

    A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

    13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

    News

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024

    The National Assembly of Vietnam passed the new e-Transaction law replacing the previous one, No....

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024 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