Uzbekistan – Know Your Customer (KYC) Rules

  Uzbekistan operates largely on a cash economy and with decentralized accounting systems, which makes money laundering difficult to detect. Furthermore, deficiencies in Uzbekistan‘s recently-enacted AML/CFT law pose significant risks of money laundering and terrorism financing. Uzbekistan is not an important regional financial center and does not have a well-developed […] Continue Reading »

Turkmenistan – Know Your Customer (KYC) Rules

  Turkmenistan is not an important regional financial center. There are only five international banks and a small, underdeveloped domestic financial sector. Foreign companies operate three casinos in Turkmenistan, which under certain conditions could become vulnerable to financial fraud and money laundering. Given Turkmenistan‘s shared border with Afghanistan, money laundering […] Continue Reading »

Brunei – Know Your Customer (KYC) Rules

  Brunei is not a regional financial center and does not have free trade zones. Brunei has a small offshore financial center and its proximity to high crime regions, along with its large foreign worker population and limited anti-money laundering/counter-terrorist financing (AML/CFT) institutional capacity, make it vulnerable to cross-border criminal […] Continue Reading »

Malaysia – Know Your Customer (KYC) Rules

  Malaysia is a growing regional financial center and has a well-developed anti-money laundering/counter-terrorist financing (AML/CFT) framework. Malaysia‘s long porous land and sea borders and its strategic geographic position increase its vulnerability to transnational criminal activity, including money laundering and terrorist financing. Malaysia is primarily used as a transit country […] Continue Reading »

Iraq – Know Your Customer (KYC) Rules

  Iraq‘s economy is primarily cash-based, and there is little data available on the extent of money laundering in the country. Smuggling is endemic, often involving consumer goods, cigarettes, and petroleum products. Bulk cash smuggling, counterfeit currency, trafficking in persons, and intellectual property rights violations are major problems. Ransoms from […] Continue Reading »

Iran – Know Your Customer (KYC) Rules

  Although not considered a financial hub, Iran has a large underground economy, spurred by restrictive taxation, widespread smuggling, currency exchange controls, capital flight, and a large Iranian expatriate community. Iran is a major transit route for opiates smuggled from Afghanistan through Pakistan to the Persian Gulf, Turkey, Russia, and […] Continue Reading »

Azerbaijan – Know Your Customer (KYC) Rules

  Throughout the past decade, Azerbaijan has undergone rapid economic development and implemented notable economic reforms. While Azerbaijan is focused on the need for economic diversification, the energy sector generated almost half of Azerbaijan‘s gross domestic product in 2011. All other sectors lag energy in growth and sophistication, including the […] Continue Reading »

Armenia – Know Your Customer (KYC) Rules

  Armenia is not a regional financial center and is not believed to be at major risk for money laundering and terrorist financing. However, governmental corruption, an organized crime presence and a large shadow economy make the country vulnerable. The major sources of laundered proceeds stem from theft, tax evasion […] Continue Reading »

Georgia – Know Your Customer (KYC) Rules

  Illegal income in Georgia derives from tax evasion, falsification of documents, embezzlement, misappropriation of funds, corruption, illegal entrepreneurship, intellectual property rights violations, customs fraud, environmental crimes, and theft. According to the Georgian Ministry of Justice, the bulk of criminal proceeds laundered in Georgia are derived from domestic criminal activity […] Continue Reading »

Kuwait – Know Your Customer (KYC) Rules

  Financial crimes, such as money laundering and terrorist financing, remain concerns in Kuwait primarily due to lack of adequate legislation. As of December 2010, the Central Bank of Kuwait reported total banking sector assets of $142 billion. Currently 21 banks operate in Kuwait: five commercial banks, five Islamic banks, ten […] Continue Reading »