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

    52.167.144.158

    A Trust Company Penalised for Opening a Doorway to Money Laundering

    Trust Company

    A team of accountants and economists have been fined by a court in Channel Island for neglecting obvious risks related to corruption and embezzlement. They were involved in providing services to a company working with the government of Angola. The company is an investment management firm. 

    Jersey’s Royal Court took a decision this week to penalise the LGL Trustees Ltd.  A sum of $835,000 has been fined to the firm for violating two of the island’s anti-money laundering compliances. The company has already pleaded guilty in December 2020. 

    The judgement analysed that, from 2010 to 2016, LGL firm took more than $1 million for providing their services to Angola’s management sovereign wealth fund. These investments were reviewed by Jean-Claude Bastos de Morais. According to the prosecutors, a questionable and huge amount of fees was paid to Bastos. The banks were reluctant to work with Bastos but the trust company accepted the work and opened a doorway for the possibility of money laundering. 

    Bastos is known to have close relations with José Filomeno Zénu dos Santos, who was appointed by the President of Angola to manage the sovereign wealth funds of the Country. Both Bastos and dos Santos were previously charged with embezzlement in 2018. Bastos denied the charges and settled the case with the authorities. Zénu was, however, sentenced to some time in prison for a fraud case.

    A BBC journalist revealed the Bastos’ personal windfall being part of the Paradise Paper investigation. The leaked financial records also revealed that Bastos was given a total amount of $41 million in 20 months. Experts called this very unusual arrangement for the sovereign wealth fund of Angola.

    Bastos’ lawyers said that the “Jersey case involved no findings that any crime had been committed, by anyone including Bastos and his company, Quantum Global.” 

    The lawyers also pointed out the previous allegations made by Angola’s sovereign wealth fund against Bastos and his firm Quantum Global were dismissed by the court. The company was subjected to due diligence

    Jersey’s Royal Court said that “While Angola’s wealth fund and investments were not in themselves suspicious, LGL’s “ineffective” approach missed red flags.” 

    The prosecutors said, “The firm took the risk of being involved in the diversion of tens of millions of dollars of public funds of one of the poorest countries in the world to its corrupt rulers, and their relatives and associates.”

    Related Posts

    News

    UAE Imposes Strict Penalties for AML and CFT Failings

    The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...

    UAE Imposes Strict Penalties for AML and CFT Failings Explore More

    News

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

    The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

    News

    UAE talks about developments in combatting the financing of terrorism

    The NAMLCFTC inaugurated its second discussion on March 4 2021 and approved countermeasures that ...

    UAE talks about developments in combatting the financing of terrorism Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Shufti Bagged “Product Leader” Award with 92% Customer Satisfaction

    Shufti, an AI-powered identity verification services provider has won the Product Leader 2020...

    Shufti Bagged “Product Leader” Award with 92% Customer Satisfaction Explore More

    News

    Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures

    The Australian Law Council revealed a report that shows loopholes in attorneys’ compliance ...

    Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures Explore More

    News

    EU Court of Justice Passes Judgement Against Provision of AMLD5

    EU Court of Justice has passed a judgment against the provision of the AMLD5, concluding that pub...

    EU Court of Justice Passes Judgement Against Provision of AMLD5 Explore More

    News

    FinTech in Malaysia is Improving Due to Friendly Regulations

    Malaysia has taken a user-friendly approach to adapt to financial regulations as it is working to...

    FinTech in Malaysia is Improving Due to Friendly Regulations Explore More

    News

    Research for Implications of CBDC on the Rise in Australia

    As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

    Research for Implications of CBDC on the Rise in Australia Explore More

    News

    Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million

    Ransomware attacks are on the rise, and Garmin is the latest big name to take a hit. A hacker gro...

    Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million Explore More

    News

    Singapore replaces passwords and ID documents with facial recognition systems

    As reported by Strait Times, Singapore plans to replace passwords and identity documents with bio...

    Singapore replaces passwords and ID documents with facial recognition systems Explore More

    News

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report

    The report has highlighted areas of high priority that need further study and the risks associate...

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report Explore More

    News

    UAE to Revolutionize the Financial Regulatory Requirements

    A new set of measures are being taken by the Ministry of Justice in the UAE to curb the money lau...

    UAE to Revolutionize the Financial Regulatory Requirements Explore More

    News

    Shufti Crosses One More Milestone With Its New Ukraine Office

    May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...

    Shufti Crosses One More Milestone With Its New Ukraine Office Explore More

    News

    The UK Law Firms Approve the Use of AI in AML Armoury

    The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...

    The UK Law Firms Approve the Use of AI in AML Armoury Explore More

    News

    A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met

    MEPs have ordered Brussels to black-list the city of London if it does not comply with the EU’s D...

    A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met Explore More

    News

    Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules

    After Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, 14th February, the Dep...

    Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules Explore More

    News

    FinTech Market Gaining Traction in Asia, Slowing Down in US

    The Financial Technology (FinTech) market is booming in Asia, especially in China according to a ...

    FinTech Market Gaining Traction in Asia, Slowing Down in US Explore More

    News

    House Bill Passed in Philippine to Enforce AML LAW

    House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

    House Bill Passed in Philippine to Enforce AML LAW Explore More

    News

    Japan’s Airports Run Face Verification Trials for Passenger Onboarding

    Tokyo’s Narita airport is running trials for a face recognition system for international travelle...

    Japan’s Airports Run Face Verification Trials for Passenger Onboarding Explore More

    News

    Singapore Seizes $736m Worth of Assets in Money Laundering Investigation

    Singapore police have arrested 10 foreigners in the money laundering operation and seized $736m w...

    Singapore Seizes $736m Worth of Assets in Money Laundering Investigation Explore More

    News

    Hong Kong regulators looking into possible overcharging by brokers

    HONG KONG – Hong Kong’s financial regulators announced on Monday that they would analyze th...

    Hong Kong regulators looking into possible overcharging by brokers Explore More

    News

    Japanese financial watchdog frowns on gambling dapps

    Regulators in Japan may be more likely to accept new digital currencies for trading if they have ...

    Japanese financial watchdog frowns on gambling dapps Explore More

    News

    Hacker steals $250K by exploiting Bitcoin exchange Bisq

    A hacker identified a significant software flaw on the decentralized Bitcoin exchange, Bisq, to s...

    Hacker steals $250K by exploiting Bitcoin exchange Bisq Explore More

    News

    Coronavirus outbreak exploited by internet scammers

    Americans are advised to stay watchful of cybercriminals’ attempts to misuse the life-threatening...

    Coronavirus outbreak exploited by internet scammers Explore More

    News

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering

    EU regulators have proposed that the licenses of crypto exchanges should be revoked in case of se...

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering Explore More

    News

    Croatian Finance Ministry Proposes New Bill to Combat Money Laundering

    The Croatian Finance Ministry has introduced a new bill for state institutions to monitor the ban...

    Croatian Finance Ministry Proposes New Bill to Combat Money Laundering Explore More

    News

    United Nations Ranks Kenya at Position 24 in the Dirty Money Business

    Every year, the United Nations conducts surveys on how the countries are performing. One of the U...

    United Nations Ranks Kenya at Position 24 in the Dirty Money Business Explore More

    News

    FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021

    FinCEN proposed a new rule that will allow banks to share suspicious activity reports with foreig...

    FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021 Explore More

    News

    Foxconn Becomes the Victim of Ransomware Attack

    A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...

    Foxconn Becomes the Victim of Ransomware Attack Explore More

    News

    FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC

    The FEMA has confirmed the seizure of 288 crores worth of funds of a “Chinese-owned” ...

    FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC Explore More

    News

    Shufti picks up two business awards

    October has been an amazing month for Shufti. In September it was nominated for outstanding p...

    Shufti picks up two business awards Explore More

    News

    UK’s AML Regulations for Art Market Excludes Art Creators

    The UK to implement new Anti-Money Laundering regulation to cover the art market from 10th June 2...

    UK’s AML Regulations for Art Market Excludes Art Creators Explore More

    News

    UK’s National Crime Agency Builds a Specialised Crypto Investigation Team

    The United Kingdom’s National Crime Agency (NCA) is planning to establish a professional team to ...

    UK’s National Crime Agency Builds a Specialised Crypto Investigation Team Explore More

    News

    FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance

    The Financial Action Task Force (FATF) highlighted a regulatory gap in the compliance system for ...

    FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance Explore More

    News

    Libra taps another former FinCEN official as general counsel

    Robert Werner, former director of FinCEN and OFAC regulatory authorities, has recently joined the...

    Libra taps another former FinCEN official as general counsel Explore More

    News

    Homeland Security Wants Facial Recognition For All Entering or Leaving US

    The federal government is considering changing airport security in a major way. Facial recognitio...

    Homeland Security Wants Facial Recognition For All Entering or Leaving US Explore More

    News

    U.S. SEC chair nominated to regulate crypto oversight

    William Barr, United States Attorney General announced that President Trump is likely to task Jay...

    U.S. SEC chair nominated to regulate crypto oversight Explore More

    News

    Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

    Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

    Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

    News

    South Korean merchants open to accepting digital yuan

    According to the South Korean media, the local merchants could accept the upcoming digital yuan a...

    South Korean merchants open to accepting digital yuan Explore More

    News

    Comparitech Report Ranks Biometric Data Use: China Tops the List

    Comparitech, a pro-consumer technology website, conducted a study including 50 countries and thei...

    Comparitech Report Ranks Biometric Data Use: China Tops the List Explore More

    News

    Cabinet Pressurizing BVI to Improve its Financial Laws

    Many international financial regulatory bodies have pointed fingers at BVI’s financial service in...

    Cabinet Pressurizing BVI to Improve its Financial Laws Explore More

    News

    Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues

    Atomic Wallet users have reported losing millions of dollars worth of cryptocurrency. It was anno...

    Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues Explore More

    News

    Netflix users targetted by scammers during COVID-19 outbreak

    According to a security company, Scammers are increasingly using the likeness of online streaming...

    Netflix users targetted by scammers during COVID-19 outbreak Explore More

    News

    Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment

    Guyana has completed its second money laundering and terrorist financing National Risk Assessment...

    Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment Explore More

    News

    Japan’s Airports Run Face Verification Trials for Passenger Onboarding

    Tokyo’s Narita airport is running trials for a face recognition system for international travelle...

    Japan’s Airports Run Face Verification Trials for Passenger Onboarding Explore More

    News

    Gibraltar financial watchdog issues warnings for four crypto sites

    The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to...

    Gibraltar financial watchdog issues warnings for four crypto sites Explore More

    News

    30 Swiss Banks Failed Money Laundering Regulatory Analysis Test

    The Swiss financial regulatory authorities overviewed the security of the banking sector and noti...

    30 Swiss Banks Failed Money Laundering Regulatory Analysis Test Explore More

    News

    TSA to test self-service facial recognition technology in the pilot program

    The Transportation Security Administration (TSA) is now testing self-service facial recognition t...

    TSA to test self-service facial recognition technology in the pilot program Explore More

    News

    Artist Sues AI Generators for Alleged Industrial-Level Identity Theft

    Artist, Karla Ortiz, has sued two artificial intelligence firms for generating images that mimic ...

    Artist Sues AI Generators for Alleged Industrial-Level Identity Theft Explore More

    News

    Taiwan FSC Fines Taishin Int’l Bank For Inadequate Internal Controls

    Taishin Commercial Bank of Taiwan penalised for defrauding NT $347 million from customers and fai...

    Taiwan FSC Fines Taishin Int’l Bank For Inadequate Internal Controls Explore More

    News

    FATF Discloses Outcomes of October Plenary Meeting

    The international regulatory authority, Financial Action Task Force (FATF), concluded its fourth ...

    FATF Discloses Outcomes of October Plenary Meeting Explore More

    News

    A lawsuit is filed against LifeLabs for a data breach incident

    As reported earlier, the Canadian laboratory testing company, LifeLabs was hit with a cyber-attac...

    A lawsuit is filed against LifeLabs for a data breach incident 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

    Facebook’s Calibra rebrands to Novi wallet

    Facebook subsidiary and Libra wallet provider Calibra, has recently been rebranded to Novi. The n...

    Facebook’s Calibra rebrands to Novi wallet Explore More

    News

    Singapore’s Public Warned Against the Highly Volatile Crypto World

    Singapore’s financial regulators once again warn their public about the risks of the cryptocurren...

    Singapore’s Public Warned Against the Highly Volatile Crypto World Explore More

    News

    Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

    Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

    Danske Bank Revamps Compliance Measures After Money-Laundering Scandal Explore More

    News

    UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions

    CBUAE (Central Bank of UAE) has administered new AML/CFT guidance for Licensed Financial Institut...

    UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions Explore More

    News

    Money Laundering Crackdown on UK Law Firms

    The regulators at Solicitor Regulators Authority (SRA) asked 400 law firms earlier this year to p...

    Money Laundering Crackdown on UK Law Firms Explore More

    News

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela

    A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela Explore More

    News

    Crypto Under Threat – UK Banks are Blocking Payments

    Due to rising financial crimes related to cryptos, banks in the UK are blocking payments to crypt...

    Crypto Under Threat – UK Banks are Blocking Payments Explore More

    News

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

    Over 100 companies were either turned down or had to withdraw their applications for a license to...

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols Explore More

    News

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

    AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures Explore More

    News

    FinCEN Warns Banks of Potential Russian Sanctions Evasion

    The Financial Crimes Enforcement Network (FinCEN) has warned banks of possible suspicious practic...

    FinCEN Warns Banks of Potential Russian Sanctions Evasion Explore More

    News

    Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management

    Bank of Queensland Ltd (BOQ.AX) disclosed that separate agreements had been reached with the coun...

    Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management Explore More

    News

    Labor Party Victim of a Second Cyber-Attack

    Britain’s Labour Party has informed that it had been a victim of a large-scale cyberattack on its...

    Labor Party Victim of a Second Cyber-Attack Explore More

    News

    EU Parliament Proposes Change in AML Bill to Increase Focus on NFTs

    Lawmakers in the EU Parliament have proposed new changes for the upcoming AML bill to increase fo...

    EU Parliament Proposes Change in AML Bill to Increase Focus on NFTs Explore More

    News

    UK Regulators Obligates Crypto Firms to Submit Financial Crime Report

    The UK’s financial watchdog, Financial Conduct Authority (FCA) has expanded financial regulations...

    UK Regulators Obligates Crypto Firms to Submit Financial Crime Report Explore More

    News

    EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions

    The European Banking Authority (EBA) published findings on money laundering and terrorism financi...

    EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions Explore More

    News

    US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

    Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

    US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

    News

    MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

    The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...

    MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports Explore More

    News

    Taiwan FSC to Ease Authentication Rules through Biometric Verification

    According to new rules, banks will be using biometric authentication methods to fulfil ID authent...

    Taiwan FSC to Ease Authentication Rules through Biometric Verification 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