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

    216.73.216.113

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates]

    blog-singa

    Financial crimes are an ever-increasing threat to the global economic climate. As a financial hub, Singapore is also getting prone to suspicious activities. There have been recent financial crime cases, including the shutdown along with a $30 million fine against BSI Bank and the Singapore branch of Falcon Private Bank. Moreover, according to the highlights of recent data published by the Monetary Authority of Singapore (MAS) reports that between 1 July 2017 and 31 December 2018, one criminal conviction, $16.8 million in financial sanctions, and $698,000 civil penalties were imposed. This was in addition to the 19 prohibition orders, 444 supervisory reminders, 223 warnings, and 37 reprimands that were issued.

    However, with the increase in the volume, complexity, and growth of cross-border financial transactions, the Singaporean financial watchdogs have been under stress, who aim to overcome financial crimes from getting widespread. Therefore, keeping in mind the consequences of crimes, the Singapore government has come up with new digital payment token regulations along with standards to enhance the country’s AML control systems.

    Singapore’s Financial Market and Digital Payment Tokens [Brief Overview]

    While there are heaps of digital tokens available in the financial market, from a Singapore legal perspective, it is crucial to look out of the box, considering the structure and characteristics of virtual tokens, as regulatory requirements vary depending on the struct and characteristics that fall under the category of legal payment token. The Singaporean government has legalized four different types of digital tokens that are circulating in the country’s financial market, namely security, payment, asset-backed, and utility tokens. However, these terms are not specifically defined as legal, yet they are only used for ease of discussion.

    The term payment tokens refer to digital tokens that constitute either Digital Payment Tokens (DPTs) or e-money under the Payment Services Act (PSA), which came into effect on 28 January 2020. The PSA aims to streamline the payment gateways and services under unified legislation by combining the Money-Changing and Remittance Businesses Act along with Payment Systems Act. In addition to this, it also enhances the scope of regulated activities to take into account developments in payment services.

    Under the PSA, all the payment activities that are regulated are required to get a license including account issuance services, cross-border and domestic financial transfer services, DT services, e-money issuance, and acquisition services.

    A digital payment token, defined under Section 2 of the PSA, is a digital representation of value that;

    • Is expressed as a unit
    • Is not denominated in any currency and is not pegged by its issuer to any currency
    • Is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of debt
    • Can be transferred, stored, or traded electronically
    • Satisfies such other characteristics as MAS may prescribe
    news-digital

    Monetary Authority of Singapore (MAS) Guidelines on Digital Payment Token

    In Singapore, virtual assets and currencies are generally regulated as digital payment tokens. As per PSA, there is no prohibition on the DPTs trading by the public. However, any entity that is running a business providing DPTs trading services is obliged to get an operational license. DPT service is also considered any means of service dealing in DPTs or facilitating the exchanges.

    In addition to this, the new guidelines also apply to DPTs service providers that have been granted legal licenses to provide services under the PSA and other financial firms including banks that are operating in Singapore. Furthermore, these guidelines also restrict the business to promote DPT services in public areas in Singapore or through digital media that can be directed at the general public in the country. Other restriction includes;

    1. Placing any kind of advertisements or promotional content in public areas such as newspapers, third-party websites, social media sites, transport venues, or public events
    2. No engagement of social media influencers or third party entities to promote DPT services of businesses
    3. No provision of in-person access to DPT services in public areas through automated teller machines
    4. Mandating DPT service providers to promote services only on their own business websites, mobile applications, or social media accounts
    5. Promoting payment token derivatives as a convenient, unregulated alternative to DPTs trading or misleading the public that these are less risky is strictly prohibited

    Licensing Requirements

    According to the payment service act, any business that intends to provide digital payment token services in Singapore is required to obtain licenses. However, there are three types of licenses, that is developed according to the business type

    1. Money-changing Licenses: Companies that solely provide money-changing services are required to get this license. However, this is not applicable for DPT services
    2. Standard Payment Institution Licenses: Businesses that provide any of the seven specific types of payment services including DPT is need to apply for standard payment institution licenses as long as they don’t exceed the threshold value
    3. Major Payment Licenses:  This license allows the businesses that intend to exceed the thresholds for standard payment institutions to prove any of the seven types of financial services including DPT services

    In addition to this, in case any exception is applied, all the businesses, that offers or issues digital payment tokens can further apply for other three types of licenses;

    1. Capital Markets Services Licenses: Entity that operates the primary platform in Singapore in relation to digital tokens which constitute any type of financial market and carrying on business in one or more regulated activities under the Securities and Futures Act  can apply for this license
    2. Financial adviser’s licenses: A person who intends to provide financial advice in Singapore associated with digital token investment can also apply
    3. Approved Exchange (AE) Licenses: A person who has established or runs a DPT trading platform in Singapore can apply for this license

    Singapore’s AML/CFT Laws With Respect to DPT Services

    The Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)  regime in Singapore largely follows (FATF) Financial Action Task Force guidelines. Thus, the country is an active member of FATF and a founding member of Asia Group on Money Laundering. In addition to this, MAS  also requires financial firms to have AML/CFT regulations, including identifying the real identities of customers including the beneficial owners, conducting the account reviews, monitoring the customers’ transactions, and reporting suspicious transactions to the financial watchdogs. 

    However, on 5 December 2019, the Monetary Authority of Singapore (MAS) published an AML/CFT notice in relation to DPT services. Under this notice, the DPT service providers are obliged to put in place rigid controls to determine and eliminate the flow of black money through Singapore’s financial system. As listed in Section I.ii, DPT services including the dealing (buying and selling) in digital tokens or operating DPT exchanges, one needs to comply with the AML/CFT regulations. Therefore, under the anti-money laundering and counter-terrorist financing regulations every DPT service provider is subject to include risk assessment, customer due diligence, enhanced due diligence, record keeping, suspicious transaction monitoring, reporting, compliance, and training, in order to make a rigid AML/CFT control.

    How Shufti Can Help

    Shufti’s state-of-the-art anti-money laundering screening services are an optimum solution for the digital token service providers that can allow them to stay put with the AML/CFT regulations. AI-powered background screening services can screen customers against 1700+ financial watchlists in less than a second with 98.67% accuracy.

    Want to know more about AML screening services for financial firms?

    Related Posts

    Blog

    AML Verification Services: Fighting Back Financial Crimes in 2023

    The Covid-19 outbreak has increased reliance on eCommerce and digital banking — cultivating a lus...

    AML Verification Services: Fighting Back Financial Crimes in 2023 Explore More

    Blog

    KYCC – Going an Extra Mile to Prevent Financial Crimes

    As cases of money laundering and terror financing are increasing globally, the concerns to overco...

    KYCC – Going an Extra Mile to Prevent Financial Crimes Explore More

    Blog

    Combating Money Laundering Threats in the Art and Antiquities Sector Through AML Screening Solutions

    With transforming technologies and growing digitization, the global art industry has also embrace...

    Combating Money Laundering Threats in the Art and Antiquities Sector Through AML Screening Solutions Explore More

    Blog

    5 Best Practices to Combat Identity Fraud on Social Media Platforms

    Social media has demonstrated extraordinary growth in the past decade as a result of improvements...

    5 Best Practices to Combat Identity Fraud on Social Media Platforms Explore More

    Blog

    Securing Identities with Photo ID Verification

    ID verification has seen unprecedented growth not only in the processes but also in the crime com...

    Securing Identities with Photo ID Verification Explore More

    Blog, Online Marketplace

    How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace?

    The affliction of cybercrimes and online frauds has reached such high proportions that the cost o...

    How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace? Explore More

    Blog

    The Complete Guide | Transaction Monitoring for Financial Institutions

    With technological advancement, financial criminals have also been given a wider range of tools a...

    The Complete  Guide | Transaction Monitoring for Financial Institutions Explore More

    Blog

    Securing Digital Landscape with Electronic Identity Verification Services in 2023

    With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

    Securing Digital Landscape with Electronic Identity Verification Services in 2023 Explore More

    Blog

    The New Face of Authentication (*hint: you’ve seen it before!) 

    Companies face the daunting tasks of securing their data against the evolving threat of fraud whi...

    The New Face of Authentication (*hint: you’ve seen it before!)  Explore More

    Blog

    The Top Customer Onboarding Tips for Businesses

    Today every business is competing to boost their retention rate and offer their audience a secure...

    The Top Customer Onboarding Tips for Businesses Explore More

    Blog

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes

    Emerging technologies and digitization are transforming the investment sector, creating opportuni...

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes Explore More

    Blog

    AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering

    Recent inquiries and cases against major Australian casinos have raised questions about the measu...

    AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering Explore More

    Blog, Online Marketplace

    Social Media and Identity Theft Frauds

    Imagine this: You get up in the morning and like most people; check your email. There you have an...

    Social Media and Identity Theft Frauds Explore More

    Blog

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

    A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution Explore More

    Blog

    AML & KYC Compliance – 5 Ways AI is Supporting the Fight Against Financial Crimes

      Reforming AML & KYC Compliance Structures for Financial Institutions The capabilities ...

    AML & KYC Compliance – 5 Ways AI is Supporting the Fight Against Financial Crimes Explore More

    Blog, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Data Breaches – Types, Sources, and Preventive Measures

    A large number of well-renowned companies are under the threat of high-scale data breaches. After...

    Data Breaches – Types, Sources, and Preventive Measures Explore More

    Blog

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs)

    Identifying UBOs and their control over a business is crucial for financial firms to meet regulat...

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs) Explore More

    Blog

    Identity Verification Isn’t Just for Compliance Anymore

    Identity verification solutions are well-known in regulatory compliance environments, particularl...

    Identity Verification Isn’t Just for Compliance Anymore Explore More

    Blog, Identity & KYC

    How Brexit Impacts UK-based Identity Verification Companies?

    Brexit and its ramifications for the UK seem to be the only topic that anyone is interested in Br...

    How Brexit Impacts UK-based Identity Verification Companies? Explore More

    Blog

    Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering?

    As regulatory authorities are seizing the yachts and real estate belonging to Russian oligarchs, ...

    Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering? Explore More

    Blog

    11 Common Mistakes End-Users Commit During KYC – Shufti

    KYC identity verification is one big challenge for end-users. Your customers might be making a lo...

    11 Common Mistakes End-Users Commit During KYC – Shufti Explore More

    Blog

    A 2024 Overview of Identity Document Forgery

    As technologies like artificial intelligence and machine learning have advanced, they have signif...

    A 2024 Overview of Identity Document Forgery Explore More

    Blog

    AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps

    Money laundering has spread like a virus in today’s globalized society. Banks and other fin...

    AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps Explore More

    Blog

    Age Verification Service – How Businesses can Identify Underage Visitors in Real Time?

    When it comes online retail, one has to know that in such an age of fast-moving technology and in...

    Age Verification Service – How Businesses can Identify Underage Visitors in Real Time? Explore More

    Blog, Identity & KYC

    10 Quick Tips Regarding Identity Theft Protection

    Identity fraud has grown substantially in the past two decades, and unfortunately, it is here to ...

    10 Quick Tips Regarding Identity Theft Protection Explore More

    Blog

    On-Premises Identity Verification – A Solution to Prevent Data Breaches

    From virtual modes of communication to digitised solutions for operating efficiently, the perks o...

    On-Premises Identity Verification – A Solution to Prevent Data Breaches Explore More

    Blog

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates]

    Financial crimes are an ever-increasing threat to the global economic climate. As a financial hub...

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates] Explore More

    Blog

    Know Your Patient (KYP) | Significance in Fighting Patient Identity Theft & Scams

    The global medicare industry is a common target for fraudsters looking to gain access to patients...

    Know Your Patient (KYP) |  Significance in Fighting Patient Identity Theft & Scams Explore More

    Blog

    China’s AML Framework and Regulatory Highlights of 2022

    China has been fighting against money laundering and terrorism financing for a number of years. A...

    China’s AML Framework and Regulatory Highlights of 2022 Explore More

    Blog

    5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti

    Last year, Shufti’s AI-powered identity verification system captured a 3.36% increase in iden...

    5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti Explore More

    Blog

    NFC Verification – Securing Large-scale Events from Frauds

    Large-scale events are a great way for imposters to execute their illicit plans. Data breaches, m...

    NFC Verification – Securing Large-scale Events from Frauds Explore More

    Blog, Financial Crime / AML

    Global AML Regimes – Tightening Reins on Money Launderers

    Money laundering is a global menace. Money laundering and terrorist financing are the major targe...

    Global AML Regimes – Tightening Reins on Money Launderers Explore More

    Blog

    KYC in 2021 – Shaking Things Up in the Financial World

    Despite the considerable investments made by industry leaders, KYC is still a challenge in the fi...

    KYC in 2021 – Shaking Things Up in the Financial World Explore More

    Blog, Fraud Prevention

    Credit Card Frauds- How Can You Prevent It?

    Ever since credit cards were introduced, credit card fraud has been elevating. One needs to stay ...

    Credit Card Frauds- How Can You Prevent It? Explore More

    Blog

    Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19

    Coronavirus took the world into clutches forcing people to adopt isolation and businesses are com...

    Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19 Explore More

    Blog

    Enhancing Trust in eCommerce with AI-powered Identity Verification

    eCommerce in today’s world involves utilizing evolving technologies to ensure convenience for cus...

    Enhancing Trust in eCommerce with AI-powered Identity Verification Explore More

    Blog

    Healthcare Industry and Prevailing Crimes – What Shufti Can Offer

    Over the recent years, the medicare industry has completely transformed, and emerging innovations...

    Healthcare Industry and Prevailing Crimes – What Shufti Can Offer Explore More

    Blog, Financial Crime / AML

    Challenges of AML Compliance under FinCEN

    AML Compliance for US based Cryptocurrency companies has been tightened by Financial Crimes Enfor...

    Challenges of AML Compliance under FinCEN Explore More

    Blog

    AML Compliance – Mitigating Financial Crime Risks in the Payments Industry

    After the Covid-19 pandemic gave rise to the digital payments trend, the world has seen rapid gro...

    AML Compliance – Mitigating Financial Crime Risks in the Payments Industry Explore More

    Blog

    Digital Document verification – an efficacious method of ID card scanning

    Businesses, banks, airports, social media platforms, e-commerce stores all need to be sure of the...

    Digital Document verification – an efficacious method of ID card scanning Explore More

    Blog

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance

    Money laundering has always remained a huge challenge for global economies, and all the major jur...

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance Explore More

    Blog

    11 Common Mistakes End-Users Commit During KYC – Shufti

    KYC identity verification is one big challenge for end-users. Your customers might be making a lo...

    11 Common Mistakes End-Users Commit During KYC – Shufti Explore More

    Blog

    Crypto KYC: A Growing Need for Industry Regulation

    The recent development of cryptocurrencies has resulted in a new era of financial transactions th...

    Crypto KYC:  A Growing Need for Industry Regulation Explore More

    Blog

    Anti-Money Laundering Screening – Enabling Financial Institutions to Handle Suspicious Activities

    Financial crime is becoming a global concern, yet it’s often tough to spot. That is why gov...

    Anti-Money Laundering Screening – Enabling Financial Institutions to Handle Suspicious Activities Explore More

    Blog

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans

    Shufti Ltd. began operations in 2017 and within three years, the company has onboarded more t...

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans Explore More

    Blog

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes

    Bitcoin, Ethereum, Dogecoin, and Tether along with thousands of other cryptocurrencies are rising...

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes Explore More

    Blog

    Open Banking Trends & the Vitality of Identity Verification

    With rapid digitisation, open banking is becoming the new normal in the banking sector. Open bank...

    Open Banking Trends & the Vitality of Identity Verification Explore More

    Blog

    Identity verification solutions to fight against faces of fraud

    In this digital world, billions of smart devices are circulating, connecting and communicating wi...

    Identity verification solutions to fight against faces of fraud Explore More

    Blog, Identity & KYC

    Digital KYC Streamlines Customer On-boarding Process

    Shufti brings forth digital KYC verification services to perform identity verification proces...

    Digital KYC Streamlines Customer On-boarding Process Explore More

    Blog

    Japan’s Act on Personal Information Protection – What Businesses Must Do

    New and emerging ways to bypass verification checks have allowed fraudulent entities to breach th...

    Japan’s Act on Personal Information Protection – What Businesses Must Do Explore More

    Blog

    Modern Financial Management: The Role of KYI in Safeguarding Businesses

    With our digital ecosystem being full of threats, there is a significant possibility that the qua...

    Modern Financial Management: The Role of KYI in Safeguarding Businesses Explore More

    Blog

    KYC Verification – Ensuring Regulatory Compliance in Sports Betting Platforms

    With the growth in organised crime and its infiltration into the sports betting market, businesse...

    KYC Verification – Ensuring Regulatory Compliance in Sports Betting Platforms Explore More

    Blog

    Rising Concerns of Money Laundering and the Role of Global Financial Sanctions

    Since 9/11, money laundering has become a global issue that has raised alarms for financial watch...

    Rising Concerns of Money Laundering and the Role of Global Financial Sanctions Explore More

    Blog

    5 reasons why passwords are no more safe – What’s next?

    Online platforms are using passwords to secure the privacy and data of their users – but ar...

    5 reasons why passwords are no more safe – What’s next? Explore More

    Blog

    Money Laundering Spikes High in the Gulf Region – What’s Next?

    Given the rapid increase in FinCrime, the Gulf region is now working day in and day out to impose...

    Money Laundering Spikes High in the Gulf Region – What’s Next? Explore More

    Blog

    Identity Verification: A Bulletproof Vest Against Sharing Economy Fraud

    Over the previous year, you might have observed how the world has become increasingly dependent o...

    Identity Verification: A Bulletproof Vest Against Sharing Economy Fraud Explore More

    Blog

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks?

    The eCommerce industry continues to grow rapidly, so are fraudulent activities. According to Stat...

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks? Explore More

    Blog

    Investor Onboarding | Navigating the Challenges of Digitization

    Private market companies are setting their sights on retail investors and exploring technology an...

    Investor Onboarding | Navigating the Challenges of Digitization Explore More

    Blog

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

    Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes Explore More

    Blog

    Digital Age Verification replacing Age Gates for better compliance

    Age verification is one of the trending snd sensitive topics these days, especially in the busine...

    Digital Age Verification replacing Age Gates for better compliance Explore More

    Blog

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience

    Modern gaming is the most recent evolution of online games that has enchanted gamers across the g...

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience Explore More

    Blog

    The Future Of the Financial Sector in the Gulf Region

    Digital transformation, that has undoubtedly disrupted numerous industries worldwide, has reached...

    The Future Of the Financial Sector in the Gulf Region Explore More

    Blog

    KYC Verification – The Significance of Identity Verification in the Telecom Industry

    Increasing smartphone usage throughout the world has accounted for large amounts of data being sh...

    KYC Verification – The Significance of Identity Verification in the Telecom Industry Explore More

    Blog

    Which KYC Solution is Right for Your Business?

    KYC solutions are vital for assessing consumer risk and a legal necessity for complying with Anti...

    Which KYC Solution is Right for Your Business? Explore More

    Blog

    AI-Powered OCR to Combat Challenges During Manual Data Processing

    Every industry has to deal with tons of customer data on a daily basis. Receiving information, ex...

    AI-Powered OCR to Combat Challenges During Manual Data Processing Explore More

    Blog

    The State of Money Laundering in The United States – How Shufti Can Help

    The United States of America is among the first countries that took effective measures to fight f...

    The State of Money Laundering in The United States – How Shufti Can Help Explore More

    Blog

    The Complete Guide | Identifying Fake Documents

    As digital transformation accelerates, many document application processes have become faster and...

    The Complete Guide | Identifying Fake Documents Explore More

    Blog

    Fighting ID Fraud in the Healthcare Industry With Online ID Verification

    While the coronavirus outbreak has emerged with a lot of challenges for the healthcare industry, ...

    Fighting ID Fraud in the Healthcare Industry With Online ID Verification Explore More

    Blog

    e-IDV: Improving Client Onboarding for Banks and FinTech

    Individuals and business owners often face significant time constraints when visiting banks physi...

    e-IDV: Improving Client Onboarding for Banks and FinTech Explore More

    Blog, Identity & KYC

    7 Ways to Protect Your Children from Identity Theft

    Living in the digital world, the word “Identity theft” makes us more than a little nervous. Knowi...

    7 Ways to Protect Your Children from Identity Theft Explore More

    Blog

    Build Trust and Secure Online Dating Platforms with Identity Verification Solutions

    Online dating scams, such as the one filmed in the recent Netflix Original documentary “ The Tind...

    Build Trust and Secure Online Dating Platforms with Identity Verification Solutions Explore More

    Blog

    Addressing the Challenge of Money Laundering Risks for Payment Service Providers (PSPs)

    During the last few decades, the financial industry has altogether revolutionized, and digital tr...

    Addressing the Challenge of Money Laundering Risks for Payment Service Providers (PSPs) 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