The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology

image 2

EU’s banking watchdog has recognized the need for RegTech solutions and proper regulatory standards to encourage its mass adoption. 

On Tuesday, the European Union’s banking watchdog highlighted the need for having proper rules in place to encourage the use of RegTech solutions in the financial space. 

The increasing reliance of banks on RegTech solutions leads to the automation of fraud checks and better reporting of data to regulators, as stated by the watchdog. 

Some other reasons why RegTech solutions have become a necessity in finance and banking include compliance with Anti-Money Laundering (AML) regulations, automated monitoring of customers and their transactions, sending data to regulators, and assessing whether the customers can afford loans. 

The EBA (European Banking Authority) also stated that such solutions expedite routine tasks and reduce human error. 

However, the lack of regulatory standards for this growing sector could lead to barriers in the mass adoption of the RegTech market, the EBA said. 

Adding to this, the EBA stated:

“There is a need to have an efficient knowledge exchange and to continue to improve the knowledge and skills of regulators and supervisors on RegTech,” 

“In the longer term, additional actions, such as the creation of a centralized EU database of RegTech solutions or a potential certification of RegTech … could be further explored and considered at the EU,” it said.

However, major obstacles in the mass adoption of RegTech solutions are located within banks and RegTech firms, making them responsible for taking action, said the watchdog. 

Such actions include sufficient data, internal control policies and processes, and adequate knowledge about RegTech. 

The EBA also added it was committed to imparting “neutrality towards the use of technology by banks, meaning that no specific technology is preferred or discriminated against when it comes to setting rules for lending bodies. 

To present the findings of this report, the Paris-based regulator has scheduled a webinar in the fourth quarter of this year. 

Suggested Read: RegTech facilitates effortless AML Compliance

Related Posts

News

Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings

The Dutch Central Bank (DeNederlandscheBank) has charged Coinbase for having ineffective anti-mon...

Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings Explore More

News

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance 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

The UAE and Malta Organise a Joint Workshop to Share AML/CFT Knowledge & Experience

The UAE and Malta organised training workshops between 12-15 June to strengthen cooperation and c...

The UAE and Malta Organise a Joint Workshop to Share AML/CFT Knowledge & Experience Explore More

News

IMF Joins Hands with Philippines on Wholesale CBDC Project

IMF has announced the collaboration with BSP (Bangko Sentral ng Pilipinas) for the development of...

IMF Joins Hands with Philippines on Wholesale CBDC Project Explore More

News

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months Explore More

News

EU Plans for New Anti-Money Laundering Agency

European Union’s anti-money laundering agency plans are being developed in detail. A memo dated M...

EU Plans for New Anti-Money Laundering Agency Explore More

News

Bitcoin scam exposes thousands to a data breach

Fraud websites have successfully stolen the personal records of a number of individuals from the ...

Bitcoin scam exposes thousands to a data breach Explore More

News

Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions

Financial institutions faced trade-based money laundering as a new threat since the digitalisatio...

Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions 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

US State joins international task force targeting COVID-19 investment scams

The Oregon Division of Financial Regulation has recently joined an international enforcement task...

US State joins international task force targeting COVID-19 investment scams 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

Pakistan’s State Bank unveils new AML/CFT regulations for Forex Firms

State Bank of Pakistan on Tuesday amended Anti-money laundering (AML) and Counter Financing of te...

Pakistan’s State Bank unveils new AML/CFT regulations for Forex Firms Explore More

News

Singapore Introduces Face Verification for National ID Service

Not just authentication, but facial verification is mandatory for anyone who is using the nationa...

Singapore Introduces Face Verification for National ID Service Explore More

News

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority 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

Google plans to conduct identity verification of advertisers

Google stated in a blog post on Thursday that it will soon require all advertisers to verify thei...

Google plans to conduct identity verification of advertisers 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

Kenya Takes First Step to Regulate Virtual Asset Market

The Kenyan government is all set to take the first step to regulate a vast $20 Billion crypto mar...

Kenya Takes First Step to Regulate Virtual Asset Market Explore More

News

G20 Summit Agrees to Establish a Unified Global Crypto Framework to Prevent Digital Money Laundering

The G20 Summit signed to establish a global unified regulations framework to regulate digital tra...

G20 Summit Agrees to Establish a Unified Global Crypto Framework to Prevent Digital Money Laundering Explore More

News

Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud

Ex NFL player has been found guilty to one count of unauthorized access device fraud and one coun...

Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud Explore More

News

FATF Issues Guidance for AML/CFT Digitization of FIUs

FATF published a report in collaboration with the Egmont group discussing why and how FIUs should...

FATF Issues Guidance for AML/CFT Digitization of FIUs Explore More

News

House Bill Passed in Philippine to Enforce AML LAW

House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

House Bill Passed in Philippine to Enforce AML LAW Explore More

News

Singaporean Banks Enhance Security to Combat Financial Crime

The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...

Singaporean Banks Enhance Security to Combat Financial Crime Explore More

News

Australia Risks Damage To Economy Unless Money Laundering Laws are Improved

A Senate committee says that Australia is at risk of damaging its economy if money laundering law...

Australia Risks Damage To Economy Unless Money Laundering Laws are Improved Explore More

News

Paramount and Forever 21 Data Breach Exposes Thousands of Customer’s Personal Details

The significant media house Paramount Global and the renowned fashion supplier, Forever 21, have ...

Paramount and Forever 21 Data Breach Exposes Thousands of Customer’s Personal Details Explore More

News

Beware of Puppy Scams This Holiday Season – BBB

The Better Business Bureau (BBB) has warned people to be cautious of online puppy scams, especial...

Beware of Puppy Scams This Holiday Season – BBB Explore More

News

The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator

According to the US bank regulator, banks and the fintech alliance for a seamless customer experi...

The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator Explore More

News

Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill

Morocco’s Central Bank is drafting a set of comprehensive cryptocurrency laws as the digital asse...

Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill Explore More

News

RSA Revamps Digital Payments with Industry-centric Regulations

The federal bank in South Africa re-regulated guidelines for performing card transactions between...

RSA Revamps Digital Payments with Industry-centric Regulations Explore More

News

Cyprus to Test UBO Registration System for AML Compliance

The government of Cyprus has indicated it will test a system for registering ultimate beneficial ...

Cyprus to Test UBO Registration System for AML Compliance Explore More

News

Fraudulent crypto exchange shut down by UK High Court

The UK High Court has designated the Official Receiver as liquidator of GPay Ltd, the cryptocurre...

Fraudulent crypto exchange shut down by UK High Court Explore More

News

Customers warned of scams by the UK banking lobby amid COVID-19

Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

Customers warned of scams by the UK banking lobby amid COVID-19 Explore More

News

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List

The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List Explore More

News

KYC Alliance between Dubai Economy and six banks

As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...

KYC Alliance between Dubai Economy and six banks Explore More

News

First Canadian bank introduces digital ID verification

Digital Identity is progressing in Canada, with a new bank account opening process backed by digi...

First Canadian bank introduces digital ID verification Explore More

News

Malta Should Remain Vigilant Against Money Laundering, Says FATF President

FATF President Marcus Pleyer says that Malta must prioritise its fight against  illicit financial...

Malta Should Remain Vigilant Against Money Laundering, Says FATF President Explore More

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

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols

The Central Bank of Nigeria (CBN) has intensified pressure on financial institutions (FIs) to imp...

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols Explore More

News

Egypt to Enact Updated AML Legislations and Develop Action Mechanisms to Curb Financial Crimes

Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) is all set to enact revi...

Egypt to Enact Updated AML Legislations and Develop Action Mechanisms to Curb Financial Crimes Explore More

News

WhatsApp Introduces Fingerprint Authentication For Android

WhatsApp has recently announced that its app can be locked with a fingerprint, now available on A...

WhatsApp Introduces Fingerprint Authentication For Android 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

Cloudflare Discloses Another huge DDoS Attack

Amid the COVID-19 outbreak, a surf in internet traffic can be seen and thus, an increase in cyber...

Cloudflare Discloses Another huge DDoS Attack Explore More

News

Roll-out of vital banking fraud check postponed again due to Coronavirus

A crucial banking security check that could avert the loss of millions of pounds to internet frau...

Roll-out of vital banking fraud check postponed again due to Coronavirus Explore More

News

Australia DTA Consults on Upcoming “Trusted Digital Identity Bill”

The consultation will facilitate the Trusted Digital Identity Bill, making digital identity syste...

Australia DTA Consults on Upcoming “Trusted Digital Identity Bill” Explore More

News

National Audit Office Plans to Review FCA’s Responsibilities

The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

National Audit Office Plans to Review FCA’s Responsibilities Explore More

News

Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks

Microsoft Security Intelligence notified users of a type of ransomware, called Avaddon, that uses...

Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks Explore More

News

Taiwan’s Ministry of Justice Proposes Amendments in AML Laws to Strengthen Fraud Measures

The Ministry of Justice (MOJ) called for adequate measures in AML compliance and a streamlined sy...

Taiwan’s Ministry of Justice Proposes Amendments in AML Laws to Strengthen Fraud Measures Explore More

News

2 Men & 5 Companies to Face Trial for €20 Million Money Laundering Case

A magistrate has found substantial evidence of two Libyan men and five companies involved in laun...

2 Men & 5 Companies to Face Trial for €20 Million Money Laundering Case Explore More

News

Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity

Canada’s government announces public consultation for creating a federally regulated digital iden...

Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity 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

Artist Sues AI Generators for Alleged Industrial-Level Identity Theft

Artist, Karla Ortiz, has sued two artificial intelligence firms for generating images that mimic ...

Artist Sues AI Generators for Alleged Industrial-Level Identity Theft Explore More

News

UAE to Step Up AML Measures to Avoid FATF’s Gray List

After FATF’s warning to grey list the UAE for AML failures, the region is set to step up complian...

UAE to Step Up AML Measures to Avoid FATF’s Gray List Explore More

News

Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry

Financial Police of Sweden has revealed a report that highlights more than 700 cases of money lau...

Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry Explore More

News

Ripple CEO urges US Regulators to embrace Crypto

Brad Garlinghouse, CEO Ripple has encouraged the US regulator “to step up and lean into digital c...

Ripple CEO urges US Regulators to embrace Crypto 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

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology

EU’s banking watchdog has recognized the need for RegTech solutions and proper regulatory standar...

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology Explore More

News

Google CEO voices his concerns regarding AI and its potential harmful damages in the future

Sundar Pichai, Google CEO gave a statement on Monday regarding Artificial Intelligence and its in...

Google CEO voices his concerns regarding AI and its potential harmful damages in the future 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

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

FCA Declares £147m Fine on Credit Suisse for Due Diligence Failings

Credit Suisse was fined £147,190,200 for breaching FCA’s Principle 2 and 3 for Businesses as it f...

FCA Declares £147m Fine on Credit Suisse for Due Diligence Failings Explore More

News

Investment platforms on target of Criminals to Launder Stolen COVID Relief funds

Sophisticated fraudsters with expert knowledge in tech are stealing the COVID-19 relief funds fro...

Investment platforms on target of Criminals to Launder Stolen COVID Relief funds Explore More

News

Michigan Man Convicted for COVID-19 Relief Fraud

The criminal has been sentenced to 32 months in prison for fraudulently acquiring PPP loans.  On ...

Michigan Man Convicted for COVID-19 Relief Fraud 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

Online fraudsters steal £17m over COVID-19 lockdown

About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

Online fraudsters steal £17m over COVID-19 lockdown Explore More

News

Norway to Revive Travel by Introducing Vaccine Passports

By the Summer of 2021, Norway plans to revive travel to and from the country as it joins the list...

Norway to Revive Travel by Introducing Vaccine Passports Explore More

News

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols

The Central Bank of Nigeria (CBN) has intensified pressure on financial institutions (FIs) to imp...

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols Explore More

News

US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF

Pat Toomey, the US Senator, has requested Treasury Secretary Janet Yellen to “make significant re...

US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF 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

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 Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations

The US Treasury Department has imposed a $53 million fine on Bittrex for violating sanctions and ...

US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations 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

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