Egypt – Know Your Customer (KYC) Rules

  Egypt is not considered a regional financial center or a major hub for money laundering. Egypt has a large informal cash economy, and many financial transactions are undocumented or do not enter the banking system. Cash remains by far the preferred means of payment in Egypt and, despite efforts […] Continue Reading »

Afghanistan – Know Your Customer (KYC) Rules

  Afghanistan is not a regional or offshore center. Terrorist and insurgent financing, money laundering, cash smuggling, abuse of informal value transfer systems, and other illicit activities designed to finance organized criminal activity continue to pose serious threats to the security and development of Afghanistan. Afghanistan remains a major drug […] Continue Reading »

Tajikistan – Know Your Customer (KYC) Rules

  Tajikistan operates largely on a cash economy and with decentralized accounting systems, which makes money laundering difficult to detect. Furthermore, deficiencies in Tajikistan‘s recently enacted AML/CFT law increase Tajikistan‘s vulnerability to money laundering and terrorism financing. Criminal proceeds laundered in Tajikistan derive from both foreign and domestic criminal activities […] Continue Reading »

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 »