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

    216.73.216.219

    “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President

    news2

    After his statement in May that declared cryptocurrencies as a risky investment, the Vice President of ECB has now called for crypto to be subject to the same rules as other assets. 

    Luis de Guindos, the European Central Bank’s (ECB) Vice President, has stated that he is not looking to ban cryptocurrencies but instead wants to highlight the significance of establishing rules within the emergent industry to combat financial crimes.

    As reported by myconomy, the ECB believes strict measures should be introduced to prevent the use of cryptocurrencies in suspicious and illicit activities.

    De Guindos stated, “I would not prohibit them, but issuers must be required to follow the same conditions as those of other financial assets and avoid everything that has to do with money laundering or terrorist financing.”

    He further added that cryptocurrencies will “have no impact on financial stability.”

    The ECB’s statement follows the footsteps of the new AML proposal introduced by the European Commission. According to this proposal, all types of crypto-assets must fall under the EU’s AML/CFT standards. This includes the implementation of Know Your Customer procedures, similar to what traditional financial institutions follow.  

    “The aim of this package is to improve the detection of suspicious transactions and activities, and to close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.”, says the European Commission. 

    Additionally, the traceability of cryptocurrency transactions would be strengthened, as crypto would be treated the same way as bank transfers. The proposal has also suggested banning anonymous cryptocurrency wallets and the formation of a new Anti-Money Laundering Authority (AMLA) within the EU for the close monitoring of the cryptocurrency sector.

    Suggested Read: The EU’s New AML Proposal, What’s in Store?

    Related Posts

    News

    Crypto-Supporting Digital Cards to be Launched Soon in China and Korea

    UnionPay, an analogue for Visa and Mastercard service providers, has partnered with Danal, a Kore...

    Crypto-Supporting Digital Cards to be Launched Soon in China and Korea Explore More

    News

    Deepfakes on TikTok raise new security concerns

    Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...

    Deepfakes on TikTok raise new security concerns Explore More

    News

    FATF Member, Saudi Arabia, Winning the World Money Laundering Race

    During a virtual meeting on Monday, the FATF supported Saudi Arabia to combat money laundering an...

    FATF Member, Saudi Arabia, Winning the World Money Laundering Race Explore More

    News

    Founders of BitMEX Penalised for Their Inefficacy in Preventing Money Laundering

    Arthur Hayes, Benjamin, Delo, and Samuel Reed – the co-founders of BitMEX charged for viola...

    Founders of BitMEX Penalised for Their Inefficacy in Preventing Money Laundering Explore More

    News

    Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel

    Intel has confirmed the findings of CISC’s report saying that Canadian real estate is a safe have...

    Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel Explore More

    News

    Coinbase Attorney Urges SEC to Announce Crypto Rules

    Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

    Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

    News

    Action Fraud alerts shoppers about COVID-19 scams

    Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...

    Action Fraud alerts shoppers about COVID-19 scams 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

    New Jersey Hospital System Hit By a Ransomware Attack

    One of the largest hospital systems of New Jersey has reported that it was hit by a ransomware at...

    New Jersey Hospital System Hit By a Ransomware Attack 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

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    News

    The US Treasury Department OFAC Enforces Whistleblower Programmes

    According to the US Treasury’s Department Office of Foreign Assets Control (OFAC), companies must...

    The US Treasury Department OFAC Enforces Whistleblower Programmes Explore More

    News

    US Accuses Crypto Firms for Serving as Money Laundering Hub

    The US Treasury’s department targeted the crypto mixers to combat internationally operated financ...

    US Accuses Crypto Firms for Serving as Money Laundering Hub Explore More

    News

    FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes

    Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...

    FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes Explore More

    News

    German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas

    Hengeler Mueller, a German law firm, investigated the loopholes in the Anti-Money Laundering (AML...

    German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas Explore More

    News

    Money Laundering Scheme by Crime Gangs Focuses on Ireland

    International criminal organisations are using millions of euros in legitimate products to mask s...

    Money Laundering Scheme by Crime Gangs Focuses on Ireland Explore More

    News

    Australia, Singapore, Malaysia, and RSA Team Up for CBDC Trials

    Central banking entities of Singapore, Australia, Malaysia, and South Africa agree on a mutual ag...

    Australia, Singapore, Malaysia, and RSA Team Up for CBDC Trials Explore More

    News

    Capital One Penalized $390M for ‘Willful’ Violation of the Bank Secrecy Act

    Financial Crimes Enforcement Network (FinCEN) has imposed $390 million as penalty on Capital One ...

    Capital One Penalized $390M for ‘Willful’ Violation of the Bank Secrecy Act Explore More

    News

    Irish Police warns about the latest internet fraud

    The local Irish police (Gardai) is persuading people not to fall prey to the recent online bankin...

    Irish Police warns about the latest internet fraud Explore More

    News

    More Crypto Regulations on Their Way, Says Head of Turkish Central Bank

    A  few days ago, the Turkish Central Bank imposed a complete ban on cryptocurrency payments. Now,...

    More Crypto Regulations on Their Way, Says Head of Turkish Central Bank 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

    COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees

    A 20-year-old man arrested for being a part of Covid-19 certificate fraud. Many GGD employees are...

    COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees Explore More

    News

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024

    The National Assembly of Vietnam passed the new e-Transaction law replacing the previous one, No....

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024 Explore More

    News

    Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering

    The introduction of the best practices for anti-money laundering by leading MSB industry associat...

    Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering Explore More

    News

    FATF issues new guidance on Digital Identity systems

    A guidance paper has been issued by the Financial Action Task Force (FATF) to assist governments,...

    FATF issues new guidance on Digital Identity systems Explore More

    News

    FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings”

    The Isle of Man Financial Services Authority (IOMFSA) has imposed EUR 247,324 fine on Standard Li...

    FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings” 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

    Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank

    Lesetja Kganyago, Governor SARB confirms to the Parliament’s standing committee about the i...

    Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank Explore More

    News

    Hogan and other US Top Official Become the Victim of Identity Theft

    A fraud scheme attacking top government officials of Maryland State has been uncovered. The schem...

    Hogan and other US Top Official Become the Victim of Identity Theft Explore More

    News

    Surging Cryptocurrency Scams Target Lower Mainland Seniors

    CARP of South Surrey/White Rock has found that the surge in cryptocurrency scams are a threat to ...

    Surging Cryptocurrency Scams Target Lower Mainland Seniors Explore More

    News

    FinCEN Proposes Beneficial Ownership Reporting Requirements

    The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...

    FinCEN Proposes Beneficial Ownership Reporting Requirements Explore More

    News

    US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

    The US Court jails the Fintech Executives of Nigeria over a Money Laundering Case comprising $167...

    US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million 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

    Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations

    According to the Netherlands’ second largest money lender, Dutch prosecutors are investigating Ra...

    Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations Explore More

    News

    Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF

    FATF suggests nations and financial service providers should identify potential risks of cryptocu...

    Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF Explore More

    News

    SFMS Reports Blocking Russian Crypto Exchanges

    Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...

    SFMS Reports Blocking Russian Crypto Exchanges 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

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

    The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure 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

    Fintech Requires Tight Controls to Mitigate Data Privacy Risks, Treasury Report

    As per the new report by the U.S. Department of the Treasury, Fintech requires tight controls to ...

    Fintech Requires Tight Controls to Mitigate Data Privacy Risks, Treasury Report 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

    $8.6bn Lost to Cryptocurrency-based Money Laundering in 2021

    ‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...

    $8.6bn Lost to Cryptocurrency-based Money Laundering in 2021 Explore More

    News

    BitMEX Founders Admit Violating Anti-Money Laundering Regulations

    Two of the co-founders of crypto exchange BitMEX Arthur Hayes and Benjamin Delo have pleaded guil...

    BitMEX Founders Admit Violating Anti-Money Laundering Regulations Explore More

    News

    Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud

    The Australian government will soon ban online gambling with credit cards. The government will in...

    Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud Explore More

    News

    US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit

    A US court dismissed the Security Exchange Commission (SEC) lawsuit against the Uniswap protocols...

    US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit Explore More

    News

    Brazilian Police Block Crypto Assets Due to Suspected Fraud

    Brazilian police have requested the court to block the virtual assets of suspected digital tradin...

    Brazilian Police Block Crypto Assets Due to Suspected Fraud 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

    South Africa links fintech startups with financial regulators

    South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

    South Africa links fintech startups with financial regulators Explore More

    News

    Luxembourg Updates AML Laws for Verification of Beneficial Ownership

    Luxembourg has amended its Anti-Money Laundering regulation requiring practitioners to identify b...

    Luxembourg Updates AML Laws for Verification of Beneficial Ownership 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

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion

    Swedbank Estonia labeled one of its clients a “high-risk” company due to suspicious transactions ...

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion Explore More

    News

    Hong Kong Provides Guidance to Fight Financial Crimes Emerging from COVID-19

    The Monetary Authority in Hong Kong (HKMA) has issued new guidelines for the banks on merging ext...

    Hong Kong Provides Guidance to Fight Financial Crimes Emerging from COVID-19 Explore More

    News

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets

    Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will...

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets 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

    Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations

    Boylesports, an online gambling operation is facing £ 2.8 million in fines for violating the regu...

    Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations 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

    South African Government Passes Key AML and CFT Laws to Fight Financial Crimes

    South African government passes two significant laws to implement Anti Money Laundering and Count...

    South African Government Passes Key AML and CFT Laws to Fight Financial Crimes Explore More

    News

    New Zealand Encounters Spike in Online Identity Theft

    Recent research of New Zealand’s financial market has shown a spike of 86 percent in identity fra...

    New Zealand Encounters Spike in Online Identity Theft Explore More

    News

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance

    Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance Explore More

    News

    Surge in Identity Theft Frauds During Covid-19

    According to new data from the Federal Trade Commission (FTC), identity theft has risen to the nu...

    Surge in Identity Theft Frauds During Covid-19 Explore More

    News

    Kuwait Bans Crypto-Related Activities to Combat Money Laundering

    The government of Kuwait banned all crypto-related activities on July 18th, including mining, tra...

    Kuwait Bans Crypto-Related Activities to Combat Money Laundering 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

    FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions

    After one year of being included in the FATF grey list, the global action committee has voted Mal...

    FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions Explore More

    News

    AUSTRAC Hits Military Bank with Enforcement Action to Ensure AML Compliance

    The financial regulator in Australia has hit the Australian Military Bank with implementation act...

    AUSTRAC Hits Military Bank with Enforcement Action to Ensure AML Compliance Explore More

    News

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse

    The Bahamas’ Central Bank has called for stricter due diligence while moving funds in the w...

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse Explore More

    News

    Ransomware attacks increase as more people work from home

    According to a study published by the cybersecurity firm, Proofpoint, there has been an increase ...

    Ransomware attacks increase as more people work from home 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

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

    The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture Explore More

    News

    Monetary Authority of Singapore to Take Tougher Action Against Data Breaches

    To address the data privacy concern, MAS has recommended that data privacy offences should be mad...

    Monetary Authority of Singapore to Take Tougher Action Against Data Breaches Explore More

    News

    Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

    CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

    Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

    News

    IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns

    The International Monetary Fund (IMF) is tightening the checks to prevent money laundering and wa...

    IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns Explore More

    News

    Irish Police warns about the latest internet fraud

    The local Irish police (Gardai) is persuading people not to fall prey to the recent online bankin...

    Irish Police warns about the latest internet 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