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

    216.73.216.68

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

    n-img-aud-10

    AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the Australian Federal Police (AFP). It was discovered that law enforcement officials had confiscated real estate, cash, and other luxury items worth hundreds of millions of dollars, alongside arresting nine individuals for money laundering and other criminal charges. 

    Police in Sydney have broken up a suspected AUD 10 billion ($6.5 billion) money-laundering ring. It has highlighted Australia’s position as a destination of choice in the Asia-Pacific region for laundering money. This issue is particularly evident yearly in the real estate and gambling sectors, with untold billions flowing through the country’s economy. 

    It is estimated that in 2020, Chinese-linked criminals laundered more than AUD 1 billion through the real estate market alone, according to the Australian Transaction Reports and Analysis Centre (Austrac), the national financial intelligence agency. Moreover, corruption and organised crime groups from the region are buying and selling property throughout the country, according to research conducted by Transparency International. 

    CEO of Transparency International Australia, Clancy Moore, stated “Australia is the go-to destination for illicit financial flows in Asia-Pacific,” continued, “We know that billions of dollars are being laundered into our real estate sector and other parts of the economy every year.”

    Due to the weak anti-money laundering and counter-terrorism financing (AML/CFT) framework of the country, it has become the money laundering hub of the region. Although successive Australian governments have implemented AML/CFT controls since 2007, they have not conducted measures to compel “gatekeeper professions” – companies or professions not involved in financial transactions – to comply with the laws. Various companies provide real estate, planning, litigation, accounting, and trust services. Instead, attempts from all political parties have failed. The Australian AML/CFT Regulations, referred to as “Tranche 2”, have been adopted by only three jurisdictions in the world. When carrying out a real estate transaction, these professionals don’t need to verify funds or report suspicious activity. 

    Having failed to implement Tranche 2 reforms, Australia’s government and law enforcement agencies, positively viewed by anti-money laundering and counterterrorism officials, cannot combat money laundering effectively. 

    Nathan Lynch, a Thomson Reuters analyst in the Asia-Pacific region for regulatory intelligence, said, “A financial intelligence unit can only work within the laws it is handed. That’s where the Australian paradox lies: other countries look at Austrac as a strong partner and a leader, but at the same time, they look at the political system, and they wonder how these things sit together? It doesn’t make any sense.” 

    However, there is hope for change in the near future. The Australian government launched a public consultation in April of this year regarding Tranche 2 reforms. There will be an acceptance of submissions until June 16, 2023, by the attorney general’s department. The Treasury consulted upon an overdue public beneficial ownership register at the end of last year.

    The country’s AML/CFT community has welcomed these developments. There is, however, a race against time for Australia. The Financial Action Task Force (FATF), the anti-money laundering watchdog, is expected to evaluate it between 2025 and 2026. 

    The FATF could greylist the bank if it doesn’t update its AML/CFT rules by then. Taking this step would worsen Australia’s already lousy reputation and subject it to enhanced international monitoring. 

    “Australia’s fourth round mutual evaluation [by the FATF], which took place in 2015, excoriated the country and its political masters for not acting on the gatekeeper professions,” says Mr Lynch. “Now Australia is facing its fifth round of mutual evaluation. If there hasn’t been progress by then, the country will get pummelled on the international stage.”  

    In the midst of horrific money-laundering scandals, the FATF will conduct its upcoming evaluation. Austrac filed a complaint in March 2022 against casino operator Crown Resorts, alleging that it allowed just 60 individuals to handle about AUD 70 billion through its premises, in which “high money-laundering and/or terrorist financing risks were indicated.” 

    Another casino operator, Star, has been sued by Austrac for fraud and money laundering. Charles Littrell, a former Australian prudential regulator and senior adviser to the Bahamas Central Bank, said, “What happened at places like the Star and Crown casinos is not complicated. When you’re facilitating international gangsters and junkets, much dubious business will happen. But it’s difficult to give up that profit stream.” 

    “The key to stopping big-ticket money-laundering is wanting to stop it. It’s that simple. If you look at Australia, it has decided that it’s more profitable to do business with gangsters than it is to refuse to do business with them,” Mr Littrell adds. Now it’s up to the political class in Australia to act.

    Suggested Read:

    65,000 AUSTRALIAN CREDIT CARDS DISCOVERED ON DARK WEB

    Related Posts

    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

    EU Removes Iraq From List of High-Risk Money Laundering Countries

    Iraq has been de-listed from the EU’s list of high-risk countries for money laundering and terror...

    EU Removes Iraq From List of High-Risk Money Laundering Countries Explore More

    News

    Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams

    The Action Fraud Fund report exposes the extent of cryptocurrency fraud and Ponzi schemes circula...

    Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams Explore More

    News

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months

    Hong Kong police have rounded up 11 men in a crackdown on a cross-border syndicate with a suspect...

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months Explore More

    News

    France to Implement Stringent Regulations on Cryptocurrency

    France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

    France to Implement Stringent Regulations on Cryptocurrency Explore More

    News

    Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

    Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...

    Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams Explore More

    News

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams

    Amazon has cautioned UK customers about the rising threat of impersonation scams via phone calls,...

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams Explore More

    News

    Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance

    A webinar organised by ICC Qatar emphasised the efforts of Qatar to strengthen its AML/CFT and sa...

    Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance Explore More

    News

    The SEC Uncovers a Pyramid Scheme and Charges Multiple Individuals

    The U.S. regulatory authority SEC uncovered a crypto pyramid scheme that stole approximately US$2...

    The SEC Uncovers a Pyramid Scheme and Charges Multiple Individuals Explore More

    News

    New RBI Guideline: Must Perform Due Diligence for Crypto Transactions

    In the latest banking news in India, notable banks were found to have cautioned their customers a...

    New RBI Guideline: Must Perform Due Diligence for Crypto Transactions Explore More

    News

    CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime

    UAE and China have signed an MoU on August 03, 2021 to combat money laundering and terror financi...

    CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime Explore More

    News

    A Three-fold Rise in AML Penalties in China in 2020

    China’s banks and financial institutions have faced an increase in penalties in the year 2020 due...

    A Three-fold Rise in AML Penalties in China in 2020 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

    Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years

    60 HSBC accounts were used to launder USD 4.2 billion in Hong Kong.  An investigation carried out...

    Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years Explore More

    News

    US Sanctions Russian Crypto Firm Over Ransomware Payments

    Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...

    US Sanctions Russian Crypto Firm Over Ransomware Payments Explore More

    News

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs

    The PBOC has issued guidance on Oct 14, 2021, for SMEs to adopt a Risk-Based Approach (RBA) when ...

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs Explore More

    News

    Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering

    Seven people, three GSC officers and four other individuals from Guam Shrine Club, a nonprofit or...

    Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering Explore More

    News

    Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection

    It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...

    Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection 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

    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

    Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe

    Financial authorities in the US obtained a legal mandate to acquire information about wealthy cit...

    Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe Explore More

    News

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns

    The liquidation of Satabank has affected prominent names with a massive due amount. The infirm se...

    SataBank is Set to be Formally Liquidated Over Money Laundering Concerns Explore More

    News

    European parliament imposes ban on facial recognition technology

    Following a public outcry after the leak of an internal memorandum discussing the utilization of ...

    European parliament imposes ban on facial recognition technology Explore More

    News

    Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders

    Domestic account holders of Nigeria will be able to access the funds in their accounts without hi...

    Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders Explore More

    News

    US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering

    The US Treasury officials stated Iraq’s central bank should design new measures to combat the mis...

    US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering Explore More

    News

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia

    In an attempt to streamline customer verification and correspondent banking, AUSTRAC has issued r...

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia Explore More

    News

    Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money

    Two co-founders of the cryptocurrency firm Tornado Cash, Roman Semenov and Roman Storm, were char...

    Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money 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

    Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities

    The US Congress presented comprehensive legislation for the crypto market to redefine workflows a...

    Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities Explore More

    News

    Guyana Joins Sister Caribbean Countries to Stop Money Laundering

    “Guyana has joined the Caribbean network to counter money laundering and introduced a global fina...

    Guyana Joins Sister Caribbean Countries to Stop Money Laundering Explore More

    News

    British Government Prepares Task Force to Halt Financial Crimes

    After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...

    British Government Prepares Task Force to Halt Financial Crimes Explore More

    News

    Prevailing Financial Crimes Make London a Safe Haven for Money Launderer

    The UK’s capital is exposed to multiple financial crimes including money laundering and thefts wi...

    Prevailing Financial Crimes Make London a Safe Haven for Money Launderer Explore More

    News

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor

    The European Union should contemplate creating an independent agency to supervise anti-money laun...

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor Explore More

    News

    Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push

    As part of the US government’s AML reform plan, an ultimate beneficiary ownership register will b...

    Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push Explore More

    News

    London’s Mayor Assures of the Strong Regulations Despite Brexit

    Bankers in the UK are looking towards the leniency in regulations and tax cuts due to Brexit. How...

    London’s Mayor Assures of the Strong Regulations Despite Brexit Explore More

    News

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

    Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

    News

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator

    The Top British regulator FCA reported that the US and UK are strengthening ties on crypto regula...

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator Explore More

    News

    US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders

    The US Financial Crimes Enforcement Network (FinCEN) threatened offshore lenders with Anti-Money ...

    US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders Explore More

    News

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance

    EU financial and anti-financial crime regulations are more complicated than before and they reinf...

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance Explore More

    News

    EBA revised its guidelines on ML/FT risk factors

    The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF...

    EBA revised its guidelines on ML/FT risk factors Explore More

    News

    “The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme

    A sixth member of “The Community” was sentenced to 10-month imprisonment and over $120,000 fine f...

    “The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme Explore More

    News

    ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos

    New policies have been introduced by ACMA to prevent SIM-Swapping attack for Telcos to protect us...

    ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos Explore More

    News

    Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online

    The Australian Cyber Security Center (ACSC) revealed that they received one cybercrime report eve...

    Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online 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

    President Biden Takes the Reins with Halting Digital Assets’ Rule Making

    Regulatory proposal regarding digital assets has been frozen by President Joe Biden. Biden took h...

    President Biden Takes the Reins with Halting Digital Assets’ Rule Making Explore More

    News

    FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams

    FBI and the U.S. Marshals Service have warned of prevailing telephone fraud in which callers act ...

    FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams Explore More

    News

    Indonesia Becomes Member of International Watchdog, FATF

    The international money laundering watchdog, FATF, includes Indonesia as its member state, in a g...

    Indonesia Becomes Member of International Watchdog, FATF Explore More

    News

    Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered

    Millions in crypto seized, 300 criminal syndicates raided and arrested.  In today’s financial cri...

    Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered Explore More

    News

    EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon

    France, Germany, and Luxembourg have seized the properties and frozen assets worth $130 million l...

    EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon Explore More

    News

    Amazon patents block chain-based product authenticator

    The U.S. Patent and Trademark Office approved Amazon’s three-year-old “Distributed ledger certifi...

    Amazon patents block chain-based product authenticator Explore More

    News

    Cryptocurrency brought under AML rules in Singapore

    Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

    Cryptocurrency brought under AML rules in Singapore Explore More

    News

    Amazon Sued Over Illegal Storage of Employee Biometric Data

    Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

    Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

    News

    Rapstar Captured for His Role in Wire Fraud Scheme

    A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

    Rapstar Captured for His Role in Wire Fraud Scheme Explore More

    News

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art

    South Florida federal court received a complaint accusing art dealer Daniel Elie Bouaziz of wire ...

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art Explore More

    News

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

    Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other inves...

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt Explore More

    News

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions

    Australia is facing embarrassment on the possibility of being placed on the FATF’s “grey list” fo...

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions Explore More

    News

    Central Banks of UAE and Saudi Arabia Released a Joint Report on CBDC

    A joint report published by the central banks of UAE and Saudi Arabia, two countries with the mos...

    Central Banks of UAE and Saudi Arabia Released a Joint Report on CBDC Explore More

    News

    Crown Resorts Accused of ‘Serious and Systemic’ Money-Laundering Breaches

    AUSTRAC has brought Crown Resorts to court as the casino breached anti-money laundering regulatio...

    Crown Resorts Accused of ‘Serious and Systemic’ Money-Laundering Breaches Explore More

    News

    Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

    A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

    Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

    News

    Banks in the UK Face Customer Frustration for Digital Identity Checks

    The global analytics software service provider FICO has reported that the banks in the United Kin...

    Banks in the UK Face Customer Frustration for Digital Identity Checks 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

    Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering

    The Financial Intelligence Unit of the Pacific region arranged the meeting last week to enhance t...

    Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering 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

    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

    AML Council to Impose Sanctions on Property Dealers for Non-compliance

    The Philippines’s Anti-Money Laundering Council (AMLC) is all set to impose sanctions and fines o...

    AML Council to Impose Sanctions on Property Dealers for Non-compliance Explore More

    News

    Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion

    Kenyan authorities have frozen accounts containing Sh45 million belonging to two Nigerian compani...

    Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion 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

    International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks

    Discussion by renowned experts of major due diligence agencies in the PWM virtual panel highlight...

    International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks Explore More

    News

    U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities

    The U.K plans to crack down on money laundering activities, legislate new laws to register foreig...

    U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities Explore More

    News

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report

    According to the new report generated by the country’s financial intelligence unit (FIU), the ban...

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report Explore More

    News

    SRA Fines Oxfordshire Law Firm over Weak AML Controls

    The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

    SRA Fines Oxfordshire Law Firm over Weak AML Controls Explore More

    News

    FATF Report Highlights Weaknesses in South Africa’s AML Systems

    South Africa has a solid legal framework to combat money laundering and terrorist financing but h...

    FATF Report Highlights Weaknesses in South Africa’s AML Systems 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