The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Argentina Proposes VASP Registry as Part of Updated AML Law

argentina new

Argentina is preparing to update its AML and CTF law and has proposed to include a registry for virtual asset services providers (VASPs).

The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated to do on the subject next year. The discussion of a proposed revamp of the anti-money laundering and terrorism financing law in Argentina might include the creation of a unified VASP registry. 

The proposal, which is being made by several institutions in the country, including the Argentine tax authority (AFIP), and also the national securities regulator (CNV), would bring the legislation up to modern standards.

This would be the first modification that legislators press on a law that has been untouched for 11 years. The institutions presented the changes to the Deputy chamber of the nation in a meeting that took place on Nov 25. 

One of the objectives of this move would be to prepare the country for the review that the FATF is slated to conduct about Argentina’s controls next year. The reform would also allow the AFIP to build a database of unique beneficiaries, with the CNV being at the head of the proposed VASP registry.

The proponents of these modifications explain that these are inspired by similar changes that have been implemented by other countries already reviewed by the FATF, and are part of the steps that must be taken before embarking on preparing cryptocurrency-specific regulation in Argentina.

Sebastian Negri, head of the anti-money laundering organization in the country (UIF) expanded on the need for these modifications to be approved and implemented. 

He stated: “We have to be able to create a registry that meets international standards for the prevention of money laundering and terrorist financing.”

Furthermore, Negri also stated that these modifications would be useful to protect users’ funds in these platforms from potential failures and even bankruptcy, taking cues from the situation that FTX, one of the top three cryptocurrency exchanges, is currently facing.

Suggested read: President of Argentina Open to CBDC Adoption but Central Bank Says No

Related Posts

News

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures

Turkey’s Regulatory Authorities stated they will develop rigid regulations for crypto service pla...

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures Explore More

News

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

News

Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry

Legislators in Sweden will consider increasing penalties for gambling operators who violate the n...

Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry Explore More

News

Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US

The Blockchain Association has raised concerns about the recently proposed Digital Asset Anti-Mon...

Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US Explore More

News

William Hill to Pay £19M for Social Responsibility and AML Failings

The Gambling Commission has fined William Hill Group Businesses £19 million for failing to uphold...

William Hill to Pay £19M for Social Responsibility and AML Failings Explore More

News

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022

UAE’s AML task force has imposed fines of over Dh41 million ($11m) in the first six months of 202...

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022 Explore More

News

£78 Million Stolen in Investment Scams, Warns FCA

FCA- Financial Conductive Authority has given out a warning as the investment scams regarding ‘cl...

£78 Million Stolen in Investment Scams, Warns FCA 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

Financial Regulators in Uganda Demands Government to Set Crypto Regulations

Uganda’s financia regulators, Financial Intelligence Authority (FIA), want the government to take...

Financial Regulators in Uganda Demands Government to Set Crypto Regulations Explore More

News

Monetary Authority of Singapore to Support G20 TechSprint Initiative

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, rec...

Monetary Authority of Singapore to Support G20 TechSprint Initiative Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

Uganda Remains Greylisted by FATF for Money Laundering

There will be no change to Uganda’s status on the “grey list” due to the countr...

Uganda Remains Greylisted by FATF for Money Laundering Explore More

News

DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme

The Department of Justice arrested three men on Tuesday, December 10, on charges of running an el...

DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme Explore More

News

Cayman Island Businesses Urged to Maintain Beneficial Ownership Information

Cayman companies are urged to maintain beneficial ownership information in accordance with intern...

Cayman Island Businesses Urged to Maintain Beneficial Ownership Information Explore More

News

Nexo to Sue Bulgarian State over Money Laundering Allegations

The Bulgarian crypto lending bank, Nexo, revealed that it would file legal action against the Bul...

Nexo to Sue Bulgarian State over Money Laundering Allegations Explore More

News

Low-orbit internet banking fraud claim supposed to be a bunch of space junk

A case of supposed low-orbit digital banking fraud has taken a turn, with the US Attorney’s...

Low-orbit internet banking fraud claim supposed to be a bunch of space junk Explore More

News

Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report

The Swiss Federal Audit Office investigated Switzerland’s meager protocols against white-co...

Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report Explore More

News

After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD

Roseanna Russell, who the police call ‘mega player’, got caught by the Mobile police. The reports...

After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD Explore More

News

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

News

Prosecutors Raise Questions About KYC/AML Against Cryptocurrency Mixers

According to the prosecutors and financial regulators, cryptocurrency mixers are reportedly being...

Prosecutors Raise Questions About KYC/AML Against Cryptocurrency Mixers Explore More

News

US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout

Elizabeth Warren, US Senator and a longtime bitcoin skeptic has shared her views about the upside...

US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout Explore More

News

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering

Taiwan’s top financial regulator is set to become the primary oversight body to monitor the...

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering 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

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud

Bank employees and tax preparers fraudulently applied for $3M+ in pandemic relief loans through f...

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud Explore More

News

FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures

The (FCA) Financial Conduct Authority has charged 7.6 million pounds ($9.3 million) to the UK sub...

FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures Explore More

News

FinCEN Says Russia Cannot Evade Sanctions with Crypto

Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

News

FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations

FINRA has issued its first-ever guidance to its member broker-dealers about the penalties that wi...

FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations Explore More

News

UAE Banks Asked to Strengthen their AML/CFT Measures

UAE financial institutions and the banks are required to prioritize eliminating money laundering ...

UAE Banks Asked to Strengthen their AML/CFT Measures Explore More

News

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority

Social media platforms approached the I&B ministry citing apprehension that they may face par...

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority Explore More

News

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate

Son of “wanted for defrauding 60,000 investors” Chinese parents laundered millions of dollars int...

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate Explore More

News

AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks

AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...

AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks Explore More

News

Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals

Liberia, one of the poorest countries in the world, is said to spend an enormous and highly suspi...

Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals Explore More

News

Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports

‘Grandparent scam’ cost Ontario residents more than $118 million. Scammers call elderly people an...

Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports 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

IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime

IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...

IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime Explore More

News

Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries

A data breach in May 2023 exposed the personal information of 612,000 Medicare beneficiaries, inc...

Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries Explore More

News

Ransomware attacks rise as criminals target remote working

Ransomware attacks are getting bigger and bolder at a time where many organisations are implement...

Ransomware attacks rise as criminals target remote working Explore More

News

FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations

FINRA has issued its first-ever guidance to its member broker-dealers about the penalties that wi...

FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations Explore More

News

UK Regulatory Authorities Warns Crypto Firms to Comply with Latest AML Obligations

The UK regulatory department, Financial Conduct Authority (FCA), has warned cryptocurrency platfo...

UK Regulatory Authorities Warns Crypto Firms to Comply with Latest AML Obligations Explore More

News

Facebook Launches a New Payment System Following Libra

Facebook Pay is a new payment system launched by Facebook for all the apps under the Facebook umb...

Facebook Launches a New Payment System Following Libra Explore More

News

U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines

The Biden Administration released a new fact sheet highlighting the administration’s progre...

U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines Explore More

News

US Attorney General Warns about the Identity Theft this Holiday Season

The Federal Trade Commission states that more than 650,000 citizens’ identities have been comprom...

US Attorney General Warns about the Identity Theft this Holiday Season Explore More

News

Over a Million T-Mobile Customers Affected By a Data Breach

T-mobile suffered a data breach earlier this month, the company confirmed this on their website t...

Over a Million T-Mobile Customers Affected By a Data Breach Explore More

News

59 Arrested in Vietnam Crackdown on Illegal Crypto Gambling Group

Law enforcement bodies arrested 59 Vietnamese in illicit gambling schemes and were suspected of $...

59 Arrested in Vietnam Crackdown on Illegal Crypto Gambling Group Explore More

News

Guyana plans Amending Anti-Money Laundering Legislation

The government of Guyana is looking to amend the AML/CFT legislation in the National Assembly to ...

Guyana plans Amending Anti-Money Laundering Legislation Explore More

News

The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws

Naivas, one of Kenya’s largest supermarkets, recently suffered a data breach, highlighting ...

The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws Explore More

News

FATF to Reassess Morocco’s AML Measures for Possible Removal from Gray List

The Financial Action Task Force (FATF) is all ready to reevaluate Morocco’s Anti Money Laundering...

FATF to Reassess Morocco’s AML Measures for Possible Removal from Gray List Explore More

News

Korea FSC Confirms Plans for Crypto-focused Bureau at KoFIU

According to the FSC, the crypto-focused bureau will improve the transparency in virtual asset tr...

Korea FSC Confirms Plans for Crypto-focused Bureau at KoFIU Explore More

News

Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions

Despite the Hong Kong government’s encouragement, two banks have rejected crypto activities...

Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions Explore More

News

Betting and Gambling Council Host AML Training for Gambling Industry

During the Gambling Anti-Money Laundering Group (GAMLG) training day on September 6th, the Bettin...

Betting and Gambling Council Host AML Training for Gambling Industry Explore More

News

Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia

BNPL (Buy-Now-Pay-Later) policy in Australia has given a rise to identity theft and has doubled t...

Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia Explore More

News

China Introduces 5-Point Strategy to Enforce Crypto AML Measures

China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...

China Introduces 5-Point Strategy to Enforce Crypto AML Measures Explore More

News

Swedbank Fined And Remains Under Investigation by US Authorities

As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...

Swedbank Fined And Remains Under Investigation by US Authorities Explore More

News

Japan Considers Facial Recognition to Trace Contact at Large Scale Events

According to the Japan Times report, the country is planning to introduce facial recognition at l...

Japan Considers Facial Recognition to Trace Contact at Large Scale Events Explore More

News

Iranian President Calls for National Crypto Mining Strategy

The Iranian President, Rouhani, recently informed the officials from the Central Bank of Iran (CB...

Iranian President Calls for National Crypto Mining Strategy Explore More

News

Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury

The US Treasury Department has released a three-year report on money laundering and terrorist fin...

Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury Explore More

News

Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF

A recent International Monetary Fund (IMF) study shows that counties that have more corruption ha...

Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF Explore More

News

Dubai Sets up Special Court to Tackle Money Laundering

The new court of law has been established to combat money laundering and related financial crimes...

Dubai Sets up Special Court to Tackle Money Laundering Explore More

News

15 Billion Stolen Logins From 100,000 Breaches – Reveals New Dark Web Audit

15 billion – a figure published demonstrates the stolen logins came about through the 18 mo...

15 Billion Stolen Logins From 100,000 Breaches – Reveals New Dark Web Audit Explore More

News

Travel and Leisure Industry is at Peril of Facing Data Breach

The travel and leisure industry is already facing a difficult time right now, they do not need to...

Travel and Leisure Industry is at Peril of Facing Data Breach Explore More

News

Consumers Lost €15.6M to Impersonation, Investment, and Romance Scams

Approximately 70% of Irish consumers have been targeted by some form of identity scam, according ...

Consumers Lost €15.6M to Impersonation, Investment, and Romance Scams Explore More

News

Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow

A specialised court in Abu Dhabi will be developed to oversee the measures to fight financial cri...

Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow Explore More

News

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations

Janet Yellen, incoming Secretary of the US Treasury has announced that AML legislation is the mos...

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations Explore More

News

UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms

The United Arab Emirates (UAE) issued new strict anti-money laundering regulations for unlicensed...

UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms Explore More

News

Cryptocurrencies marked as top AML and CFT Priority by FinCEN

FinCEN will soon be publishing regulations on how financial institutions can incorporate cryptocu...

Cryptocurrencies marked as top AML and CFT Priority by FinCEN Explore More

News

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market Explore More

News

Cyber Attacks are More Frequent During the Holiday Season: CISA

The holiday season is always accompanied by deals, discounts, special offers and countless shoppi...

Cyber Attacks are More Frequent During the Holiday Season: CISA Explore More

News

Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads

Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...

Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads Explore More

News

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws

The  De Nederlandsche Bank (DNB) fined Binance with $3.4 million for failing to get regulatory ap...

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws Explore More

News

FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools

Two federal regulators – the FinCEN and FDIC have called for a ‘tech sprint’ to assess the ...

FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools 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

Delta county bank president guilty of bank fraud

SHERMAN Texas – According to U.S. Attorney Stephen J. Cox, A 57-year-old former bank presid...

Delta county bank president guilty of bank fraud 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