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

    52.167.144.216

    BaFin Demands Deutsche Bank to Tighten its AML Controls

    bafin

    The financial regulatory authority in Germany, BaFin (Federal Financial Supervisory Authority) has required Deutsche Bank to tighten its AML (Anti-Money Laundering) controls.

    This was demanded in the recent announcement by the agency and it stated that “to prevent money laundering and terrorist financing, adopt further appropriate internal safeguards and comply with due diligence obligations, in particular with regard to regular customer reviews.”

    The requirement also covers correspondent relationships and transaction monitoring. 

    This order has been made in reference to the installation of a regulator at Deutsche Bank in 2018 to monitor the bank’s progress against financial crimes. 

    “The order is the result of a constructive supervisory dialogue with the BaFin and reflects that the bank continues to attach the highest priority to detecting and remedying possible weaknesses in control processes. We are working intensively to also comply with the new requirements within the given timeframe,” Deutsche Bank said about the latest announcement in a statement. 

    The bank was penalised up to $700 million 4 years ago for failing to curb money laundering, especially a scheme that laundered up to $10 billion out of Russia. The Department of Justice (DOJ) is still investigating the matter.

    A number of famous and significant financial regulators like Financial Crimes Enforcement Network (FinCEN), the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), has warned the financial institutions to be extra cautious regarding the possibility of money laundering. 

    A key factor in the rising threat of money laundering is that the financial pressure across the globe can ruin profits of financial institutions and the cost of running an operation regarding the anti-fraud might be too much. 

    On a separate account, the German bank has announced that the approval for its China unit has been acquired and it will now be able to open market lending in China. 

    The company stated that the Deutsche Bank has become the first European bank to acquire this qualification. Along with the People’s Bank of China, Deutsche Bank will now carry out open market businesses in China. The open market businesses include the repurchase of treasury bonds, transactions of spot bong, policy financial bonds, bill issuance of the central bank and other trading catalysts. 

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates 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

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates 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

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings 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