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

    34.205.163.103

    Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions

    crypto industry rejects

    The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi transactions and retail payments at the recent OECD meeting.

    The meeting organised in Paris on Monday by the Organisation for Economic Co-operation and Development (OECD) unveiled that the crypto industry representatives have rejected the attempts to make reports about the non-fungible tokens (NFTs), decentralized finance (DeFi) and retail payments to tax officials. 

    International tax authorities want to implement new rules in the existing financial sectors to deploy the foreign bitcoin (BTC) holdings to prevent them from hiding from revenue services. 

    According to the Common Reporting Standard (CRS), banks need to identify any account holders as per the existing rules who are tax residents in foreign countries and acquire details regarding them to ensure that they are not evading tax. 

    The industry has contradicted this statement as these requirements are a lot harder to fulfil as mostly NFTs price is not entirely known at a given time. Non-digital assets such as paintings are included in these current rules. 

    Speaking on the behalf of the lobby group the Chamber of Digital Commerce. a partner at law firm Steptoe & Johnson, Lisa Zarlenga said that only those crypto assets should be considered that are “actively traded on an established market.”

    Zarlenga further stated that this may constitute determining whether the prices are accessible and published or not and would ultimately expose anything traded on a major exchange.

    Exceeding further in dealing with the traditional banking assets could be a breach of the “technology neutrality” principle since it deals with digital assets more strictly, as made evident by Zarlenga “Just because they’re digital doesn’t mean they should be included.”

    The OECD’s Philip Kerfs claimed, “A number of delegates found it a very difficult criterion to apply in practice for binary reporting”. Moreover, OECD thinks that merely applying existing anti-money laundering (AML) laws would put wallet providers in an impossible situation of whether or not to report a transaction. 

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

    Related Posts

    News

    FATF Finalizes Key Working Areas in its Fifth Plenary Meeting

    FATF’s fifth plenary meeting consisting of 206 members of the Global Network and Observer organiz...

    FATF Finalizes Key Working Areas in its Fifth Plenary Meeting Explore More

    News

    Regulators Express Concerns on TD Bank’s AML Practices Leading to Merger Termination to Acquire First Horizon Bank

    TD Bank was being examined by the Office of the Federal Reserve and the Comptroller of the Curren...

    Regulators Express Concerns on TD Bank’s AML Practices Leading to Merger Termination to Acquire First Horizon Bank Explore More

    News

    Indiana Witnesses a Spike in Identity Theft and Data Breaches

    Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...

    Indiana Witnesses a Spike in Identity Theft and Data Breaches Explore More

    News

    US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme

    The US Attorney’s office has accused the two of New York’s oldest mafia clans for laundering mone...

    US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme Explore More

    News

    European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering

    The parliament members adopted a comprehensive set of regulations stemming from the previous reco...

    European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering Explore More

    News

    FBI Seizes $1.7M During 3-Month Crypto Operation

    During a 3-month operation from March to May, the FBI seized $1.7m worth of cryptocurrencies, inc...

    FBI Seizes $1.7M During 3-Month Crypto Operation Explore More

    News

    Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches

    Pilatus Bank failed on various accounts, including identity verification of customer businesses, ...

    Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches Explore More

    News

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City

    The money laundering gang was able to conceal its fraudulent activities for a while by using 500 ...

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City Explore More

    News

    Leading Japanese Crypto Exchange Loses $100 Million to Hackers

    Liquid Global, a leading cryptocurrency exchange in Japan was hit by a hacking attack and the exc...

    Leading Japanese Crypto Exchange Loses $100 Million to Hackers 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

    “Cryptocurrency Could Become Worthless in Future”, Warns Bank of England

    Due to anonymity and the potential risks associated with cryptocurrency, the Bank of England warn...

    “Cryptocurrency Could Become Worthless in Future”, Warns Bank of England Explore More

    News

    California to Legislate Stronger Children’s Online Safety Bill

    Assembly Bill 2273 for children’s online safety and privacy was approved by lawmakers in Ca...

    California to Legislate Stronger Children’s Online Safety Bill Explore More

    News

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns

    Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to ...

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns Explore More

    News

    SMS Phishing Scams are Impersonating State Agencies – FTC Warns

    FTC issues warning against SMS phishing attacks that are impersonating state workforce agencies t...

    SMS Phishing Scams are Impersonating State Agencies – FTC Warns Explore More

    News

    SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures

    The Solicitors Regulation Authority (SRA) has fined Scarborough law firm Pinkney Grunwells Lawyer...

    SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures Explore More

    News

    ICAEW and B20 Task Force to Introduce Recommendations For Combating Financial Crimes

    Policies for anti-money laundering and terrorist financing compliance will be introduced to comba...

    ICAEW and B20 Task Force to Introduce Recommendations For Combating Financial Crimes Explore More

    News

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022

    Business advisors RSM UK has revealed West Midlands as a hotspot for employee fraud. The region h...

    West Midlands Lose Approximately £8 Million to Employee Fraud in 2022 Explore More

    News

    Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate

    Ireland seized over €1m in cryptocurrency as a part of an investigation against national and inte...

    Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate Explore More

    News

    Japan to Form Specialized AML/CFT Team in Response to FATF Review

    Japan has been advised by the FATF to enhance cross-agency coordination and overcome barriers of ...

    Japan to Form Specialized AML/CFT Team in Response to FATF Review Explore More

    News

    New European Legislative Proposals to Transform the Digital Platforms

    A new act is proposed by the European Commission to enhance digital spaces. A new set of rules ha...

    New European Legislative Proposals to Transform the Digital Platforms Explore More

    News

    Are Educational Institutes Becoming the Next Target for Money Laundering?

    According to an investigation by The Times, higher-educational institutes have been unintentional...

    Are Educational Institutes Becoming the Next Target for Money Laundering? Explore More

    News

    New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI

    As per the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI),...

    New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI Explore More

    News

    SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money

    The current scenario of the Sri Lankan currency’s downfall has become a reason for money la...

    SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money Explore More

    News

    NYDFS States Signature Bank’s Closure Was Not Linked to Crypto

    According to the head of NYDFS, the decision to close Signature Bank last month had nothing to do...

    NYDFS States Signature Bank’s Closure Was Not Linked to Crypto 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

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

    The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

    News

    UAE adopts digital identity and blockchain to fight COVID-19

    Taking into account the recent Coronavirus outbreak, UAE’s Ministry of Community Development (MOC...

    UAE adopts digital identity and blockchain to fight COVID-19 Explore More

    News

    Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft

    Three of the most prominent brokers in the country have come under scrutiny from numerous regulat...

    Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft Explore More

    News

    FCA Bans Crypto-Related Investments in the UK

    Financial Conduct Authority- FCA had proposed a ban on crypto-related investments in October 2020...

    FCA Bans Crypto-Related Investments in the UK Explore More

    News

    Gamers Must Be Aware of long-Scale Click Fraud Campaign- Says Microsoft

    Microsoft alerted gamers regarding wide-spreading click fraud. Cybersecurity personals said that ...

    Gamers Must Be Aware of long-Scale  Click Fraud Campaign- Says Microsoft 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

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

    LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

    News

    South Africa Issues Stricter Guidelines for Crypto Traders

    To prevent the surging cases of financial crime, South Africa has introduced rigid regulations fo...

    South Africa Issues Stricter Guidelines for Crypto Traders Explore More

    News

    Dubai Court Sentences Gang of 18 for Charges of Money Laundering

    The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...

    Dubai Court Sentences Gang of 18 for Charges of Money Laundering Explore More

    News

    EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks

    The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...

    EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks Explore More

    News

    Japan Crypto Regulator States Easing of Restrictions Must Wait

    The Japanese financial regulator FSA is reluctant about easing regulatory requirements for the cr...

    Japan Crypto Regulator States Easing of Restrictions Must Wait Explore More

    News

    E-krona – Rising Cashless Sweden Sights Virtual Currency

    Less than 10% of all transactions are done with cash in Sweden, according to an analysis by its c...

    E-krona – Rising Cashless Sweden Sights Virtual Currency Explore More

    News

    Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction

    Based on the Council of Europe’s MONEYVAL review report, published on June 21st, Albania ha...

    Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction Explore More

    News

    UAE’s SCA Works on Virtual Asset Investment Regulations

    The United Arab Emirates’ Securities and Commodities Authority (SCA) has said that it is ab...

    UAE’s SCA Works on Virtual Asset Investment Regulations Explore More

    News

    FINRA Issues its Examination and Risk Monitoring Program Report 2023

    FINRA published its 2023 report on its Examination and Risk Monitoring Program, covering all the ...

    FINRA Issues its Examination and Risk Monitoring Program Report 2023 Explore More

    News

    US Seizes 18 Crypto ATMs Bought With Fraudulent Loans

    US law enforcement has seized 18 cryptocurrency automated teller machines previously purchased vi...

    US Seizes 18 Crypto ATMs Bought With Fraudulent Loans Explore More

    News

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns

    Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to ...

    Natwest Caps Transfer Limit to Binance Over Fraud Concerns Explore More

    News

    Kansas Reports Highest Number of Identity Theft Cases in 2020

    New research conducted reveals that Kansas State has been ranked at number one for having the mos...

    Kansas Reports Highest Number of Identity Theft Cases in 2020 Explore More

    News

    Investment Scams Rising Through Fake Celebrity Endorsements

    Financial fraud through celebrity endorsement is becoming a primary concern as one in six firms o...

    Investment Scams Rising Through Fake Celebrity Endorsements Explore More

    News

    International Student Sues Commonwealth Bank for Money Laundering Scam

    An Indonesian student and her family sued the Commonwealth Bank as they lost millions of dollars ...

    International Student Sues Commonwealth Bank for Money Laundering Scam Explore More

    News

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code

    The members of parliament of Simcoe North, including the deputy minister of finance, have introdu...

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code Explore More

    News

    “Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses

    The United Arab Emirates central bank sees increased risks of illicit financial flows emerging fr...

    “Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses Explore More

    News

    Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act

    Court of Appeal dismisses an appeal on 1st July against New Zealand’s first criminal prosecution ...

    Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act Explore More

    News

    Kenya Accuses Two Leading African FinTech Firms of Operating Without Licenses

    Two of Africa’s top FinTech companies have been accused by the Kenyan central bank of alleg...

    Kenya Accuses Two Leading African FinTech Firms of Operating Without Licenses Explore More

    News

    New KYC and AML Compliance May Violate Privacy Laws in South Korea

    The South Korean government is considering implementing KYC and AML compliance in the region, but...

    New KYC and AML Compliance May Violate Privacy Laws in South Korea Explore More

    News

    Coronavirus affects challenger banks as app downloads decline

    According to Finbold, top challenger banks in the United Kingdom have noticed a sudden decline in...

    Coronavirus affects challenger banks as app downloads decline Explore More

    News

    Study Reveals Alabama to be the Center for Identity Theft and Fraud

    According to the latest study, Alabama has become the state with one of the highest rates of iden...

    Study Reveals Alabama to be the Center for Identity Theft and Fraud Explore More

    News

    Financial Intelligence Center Says SA Car Dealers Are at High Risk of Money Laundering

    The Financial Intelligence Centre (FIC) has said that SA’s motor vehicle dealers are at a high ri...

    Financial Intelligence Center Says SA Car Dealers Are at High Risk of Money Laundering Explore More

    News

    India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill

    India’s financial watchdog has proposed a new crypto bill to impose a $2.65M fine and jail for vi...

    India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill Explore More

    News

    Zipmex Crypto Trading Platform Suspends All Activities in Thailand

    Zipmex cryptocurrency exchange firm withdrew all activities in Thailand until 31st January 2024 t...

    Zipmex Crypto Trading Platform Suspends All Activities in Thailand Explore More

    News

    MAS Finalises New Data-sharing Platforms for the Banking Sector

    MAS has developed a new platform that will allow banks to securely share information and warn eac...

    MAS Finalises New Data-sharing Platforms for the Banking Sector Explore More

    News

    Dark Web Becomes a Haven for Insurance Fraud

    Dark Web has recently become a growing market for unemployment insurance fraud and fraudsters can...

    Dark Web Becomes a Haven for Insurance Fraud Explore More

    News

    Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams

    Bank of Ireland has warned clients of a surge in phone calls and text message scams. As per the f...

    Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams Explore More

    News

    FATF Issues New BO Requirements to Address Pandora Papers

    While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

    FATF Issues New BO Requirements to Address Pandora Papers Explore More

    News

    Peru’s Former and Current President under Investigation for Alleged Money Laundering

    Peru’s former and current presidents are under investigation for alleged money laundering a...

    Peru’s Former and Current President under Investigation for Alleged Money Laundering Explore More

    News

    UN Warns of Increased Money Laundering Risk from Mekong Casinos

    The UN officials claimed transnational criminal gangs are exploiting Southeast Asia’s gaming and ...

    UN Warns of Increased Money Laundering Risk from Mekong Casinos Explore More

    News

    OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe

    The chairperson of the OSCE for North Macedonia addressed issues of corruption, money laundering,...

    OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe Explore More

    News

    Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud

    Technology experts raise questions about the lack of transparency of the municipality in dealing ...

    Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud Explore More

    News

    Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M

    Investigators suspect that the criminal gang laundered part of the cash through casinos in Macau....

    Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M Explore More

    News

    FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List

    Despite ongoing financial crime, the US and several other Western countries have paid no heed to ...

    FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List Explore More

    News

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

    The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

    News

    EU’s decision to ban Facial Recognition for five years divides the tech giants

    Facial recognition is emerging as a conflicting technology causing key disagreement among the wor...

    EU’s decision to ban Facial Recognition for five years divides the tech giants Explore More

    News

    US Imposes First-Ever Sanctions on Bitcoin Mixer for Money Laundering

    The US Treasury recently announced that it has imposed the first-ever sanctions on a bitcoin mixe...

    US Imposes First-Ever Sanctions on Bitcoin Mixer for Money Laundering Explore More

    News

    UAE Judges Discuss Steps Taken by Authorities to Strengthen AML Controls

    UAE’s senior judges outline the legal actions taken by authorities to strengthen anti-money laund...

    UAE Judges Discuss Steps Taken by Authorities to Strengthen AML Controls 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 Central Bank Issues AML/CFT Guidance For Exchange Houses

    The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses 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

    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