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

    18.97.14.85

    FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed

    n-img-FCA

    The FCA (Financial Conduct Authority) suspects many sites around Leeds of hosting illegally operated crypto cash machines. 

    The action is said to be national first with the West Yorkshire Police.

    Users can easily sell and purchase crypto assets such as Bitcoin by putting cash on the dedicated terminals that resemble regular cash machines. But no such cash machine is registered with the FCA, as reported by the authority. This makes operating these terminals illegal in the UK.

    One similar service is registered with FCA, but its users can trade in crypto assets through an application or bank transfer and then withdraw the proceeds of transactions from these conventional cash machines. 

    The UK’s financial watchdog mentions that it is in discussions with multiple law-enforcement partners, such as local police to disrupt the supply from illegal cash crypto terminals located in shopping malls, pubs, restaurants, newsagents and post offices.  

    “Money Mules” were using these cash ATMs to launder illicit cash, also highlighted in the government report of 2020.

    Det Sgt Lindsey Brants, of the West Yorkshire Police Force Cyber Team, said: “Having conducted intelligence-gathering work across West Yorkshire, we soon established the locations of several live crypto ATMs.”

    The officers issued the letters to stop the operation of crypto machines several times, warning that any breach of AML regulation would result in an inquiry, she added, and then shared these measures with the Financial Conduct Authority.

    The FCA issued a similar warning in March 2022.

    “We are pleased to be able to work in partnership with the FCA in what we believe is a national first here in West Yorkshire,” Det Sgt Brants added.

    Crypto-asset activity which is not registered with legal authorities falls under money-laundering regulations and carries a maximum sentence of two years in prison.

    The FCA’s Mark Steward said, “it would continue to identify and disrupt unregistered crypto businesses.”

    Cryptocurrency products were “unregulated and high risk”, he warned, and investors should be prepared to lose all their money.

    Suggested Read:

    FCA FINES NIGERIA’S GUARANTY TRUST BANK OVER AML CONTROL FAILURES

    Related Posts

    News

    Guyana plans Amending Anti-Money Laundering Legislation

    The government of Guyana is looking to amend the AML/CFT legislation in the National Assembly to ...

    Guyana plans Amending Anti-Money Laundering Legislation Explore More

    News

    Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering

    On October 15, Europol announced its successful operation against a renowned criminal group calle...

    Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering Explore More

    News

    Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal

    The US Federal Reserve rule cemented the Central bank’s caution about crypto asset activities, pr...

    Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal 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

    European Union to Propose Amendments in AML Package for Corporate Transparency

    The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) pa...

    European Union to Propose Amendments in AML Package for Corporate Transparency Explore More

    News

    Bank of Spain Issues New Cryptocurrency Regulations

    Virtual asset service providers, banks, and other financial institutions are now required to regi...

    Bank of Spain Issues New Cryptocurrency Regulations Explore More

    News

    Scammers Set to Defraud this Holiday Season, FBI Warns!

    This holiday season, New Mexican shoppers are at risk of facing scammers. Criminals are all set t...

    Scammers Set to Defraud this Holiday Season, FBI Warns! Explore More

    News

    Wellington Real Estate Company Fails to Report Suspicious Activity on Properties

    Mills Gibbon and Co, a Wellington-based real estate company, has been warned by the Department of...

    Wellington Real Estate Company Fails to Report Suspicious Activity on Properties 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

    HKMA Fines Four Banks with $5.7 Million for AML Failings

    Hong Kong’s financial regulator has imposed fines on four banks with a combined amount of $5.7 mi...

    HKMA Fines Four Banks with $5.7 Million for AML Failings Explore More

    News

    German Authorities Shut Down ChipMixer on Suspicion of Laundering $2.9B Worth of Bitcoins

    Law enforcement authorities bring down German-based server ChipMix alleged of laundering $2.9 bil...

    German Authorities Shut Down ChipMixer on Suspicion of Laundering $2.9B Worth of Bitcoins Explore More

    News

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches

    China’s Central bank has fined Zhongtian Securities Co. Ltd. 1.37 million yuan ($216,000) for AML...

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches Explore More

    News

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

    The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

    News

    Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN)

    Financial institutions and banks have been given a 30 days notice period by the Central Bank of N...

    Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN) Explore More

    News

    FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance

    FCA is reviewing UK’s small trade finance lenders to assess their due diligence, risk assessment,...

    FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance Explore More

    News

    Uber joins lawsuits to exempt itself from California law

    California law effective from today, i.e. Jan 1 is all set to give equal protection to independen...

    Uber joins lawsuits to exempt itself from California law Explore More

    News

    Landry’s Inc. warns customers of the potential data breach

    Landry’s Inc., a parent company of more than 60 restaurant chains, installed a payment processing...

    Landry’s Inc. warns customers of the potential data breach Explore More

    News

    UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021

    London incurred the highest amount of losses to cybercrime and fraud in the first half of 2021, a...

    UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021 Explore More

    News

    Swiss Regulator FINMA Issues DLT Act for Digital Securities Market

    The Financial Market Supervisory Authority (FINMA) introduced regulatory amendments for digital s...

    Swiss Regulator FINMA Issues DLT Act for Digital Securities Market 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

    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

    Russians Approach UAE’s Crypto Firms in Search of Safe Havens

    The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

    Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

    News

    Taiwan FSC to Ease Authentication Rules through Biometric Verification

    According to new rules, banks will be using biometric authentication methods to fulfil ID authent...

    Taiwan FSC to Ease Authentication Rules through Biometric Verification 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

    $8.6 Million Worth of Syrian Sanctions Settled by a French Bank

    A French bank, Union de Banques Arabes et Françaises has paid the 8.6 million USD for violating o...

    $8.6 Million Worth of Syrian Sanctions Settled by a French Bank Explore More

    News

    New York Financial Department Releases Guidelines On Dollar-Backed Stable Coins

    The New York Financial Department has released “Guidance on the Issuance of U.S. Dollar-Backed St...

    New York Financial Department Releases Guidelines On Dollar-Backed Stable Coins Explore More

    News

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter

    A team was established in the Department of Finance by the Irish government to campaign for Dubli...

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

    News

    RBI Allows Multinational Banks to Retain Limited Data Abroad for AML Screening

    KYC data can be retained in offshore bank branches for the purpose of sanctions and AML screening...

    News

    Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures

    Anti-fraud experts are reporting concerns regarding the Liberals’ newly announced Canada Financia...

    Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures Explore More

    News

    Money Laundering in Ireland Skyrockets as Criminals Move Online

    The cases of money laundering in Ireland has more than doubled last year and now it has spiked si...

    Money Laundering in Ireland Skyrockets as Criminals Move Online Explore More

    News

    UAE Issues Deadline for Businesses to Register for AML System

    The Ministry of Economy has highlighted the businesses that must register for the AML system. All...

    UAE Issues Deadline for Businesses to Register for AML System 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

    Victor Fredung Warns Businesses about the Rising Cybercrimes During Halloween

    Halloween is one of the most awaited festivals throughout the year. While people plan different t...

    Victor Fredung Warns Businesses about the Rising Cybercrimes During Halloween 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

    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

    The United Kingdom implements new Anti-Money Laundering regulations

    The United Kingdom’s finance and economics department has announced the incorporation of new Anti...

    The United Kingdom implements new Anti-Money Laundering regulations Explore More

    News

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities

    Senator Estrada filed a bill to protect senior citizens unfamiliar with modern technology from cy...

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities Explore More

    News

    New Zealand to Update AML/CFT Regulation ​​from 9 July 2021

    Among other changes, reporting entities have been directed to conduct customer due diligence on n...

    New Zealand to Update AML/CFT Regulation ​​from 9 July 2021 Explore More

    News

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

    UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

    News

    Binance Resorts to Shady Crypto Firms as Authorised Options Run Short

    Binance, the global crypto exchange leader, retract to shady asset companies as authorised option...

    Binance Resorts to Shady Crypto Firms as Authorised Options Run Short Explore More

    News

    Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time

    The actor was arrested on account of wire fraud, identity theft, securities fraud, and executing ...

    Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time 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

    The FATF Gives The Philippines 2-3 Months to Address Remaining Deficiencies

    Chuchi G. Fonacier, Deputy Governor of the BSP, said 4 of the 8 remaining Financial Action Task F...

    The FATF Gives The Philippines 2-3 Months to Address Remaining Deficiencies Explore More

    News

    Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims

    Manchester police have confiscated over $25 million worth of crypto that were stolen globally in ...

    Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims Explore More

    News

    Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

    Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

    Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

    News

    FINTRAC Warns of Online Gambling Platforms Being Utilized for Money Laundering

    Canada’s financial intelligence unit warns that illicit cash is being laundered through online ga...

    FINTRAC Warns of Online Gambling Platforms Being Utilized for Money Laundering Explore More

    News

    Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

    Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

    Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

    News

    FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency

    The updated regulation will be designed to provide better protection to Japanese investors. Accor...

    FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency Explore More

    News

    Singapore Scammers Launder Money Through Online Gambling

    Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

    Singapore Scammers Launder Money Through Online Gambling Explore More

    News

    8.3 million users affected in ‘Freepik data breach’

    Freepik, a free photo and graphics site, has disclosed a major data breach that affected nearly 8...

    8.3 million users affected in ‘Freepik data breach’ Explore More

    News

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance.

    As per the new UK government requirements, anti-money laundering and counter-terrorist financing ...

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance. Explore More

    News

    EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk

    Financial institutions restricting diamond dealers from banking services to comply with EU’s 2015...

    EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk Explore More

    News

    Croatian Finance Ministry Proposes New Bill to Combat Money Laundering

    The Croatian Finance Ministry has introduced a new bill for state institutions to monitor the ban...

    Croatian Finance Ministry Proposes New Bill to Combat Money Laundering Explore More

    News

    Philippines anti-money laundering council demands strict POGO regulations

    The Philippines Anti-Money Laundering Council (AMLC) has advised of an “increasing level of threa...

    Philippines anti-money laundering council demands strict POGO regulations Explore More

    News

    Ransomware attack exposes 1.5TB of stolen aerospace data

    ST Engineering Aerospace’s US subsidiary experienced a ransomware attack that extracted about 1.5...

    Ransomware attack exposes 1.5TB of stolen aerospace data 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

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

    European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

    News

    FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime

    The FCA unveiled in its new report a three-year anti-money laundering strategy which includes a n...

    FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime Explore More

    News

    BitGo settles with US Treasury; Sanctions Violations will Cost $98,830

    The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...

    BitGo settles with US Treasury; Sanctions Violations will Cost $98,830 Explore More

    News

    ‘EU Has Fragmented Approach to Combat FinCrime’, Says ECA

    The European Court of Auditors (ECA) has identified weaknesses in the Anti-Money Laundering polic...

    ‘EU Has Fragmented Approach to Combat FinCrime’, Says ECA Explore More

    News

    Singapore Scammers Launder Money Through Online Gambling

    Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

    Singapore Scammers Launder Money Through Online Gambling Explore More

    News

    NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises

    NFTs (Non-Fungible Tokens) are certainly becoming popular in the crypto industry. However, they d...

    NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises Explore More

    News

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

    The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

    News

    Sri Lanka’s blockchain KYC platform to initiate ‘Shortly’: Central Bank

    According to Daily Mirror Online, the Monetary Board has now finalized three software development...

    Sri Lanka’s blockchain KYC platform to initiate ‘Shortly’: Central Bank Explore More

    News

    Signature Bank under Criminal Investigation

    US prosecutors are investigating the relation of Signature Bank with crypto clients as regulators...

    Signature Bank under Criminal Investigation Explore More

    News

    US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations

    The U.S financial regulators are to work collectively to develop modalities for explicit crypto r...

    US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations Explore More

    News

    Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns

    Coinbase and other crypto exchanges have been invited to establish operations in Hong Kong; the r...

    Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns Explore More

    News

    Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches

    Australia’s financial intelligence agency, The Australian Transaction Reports and Analysis Centre...

    Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches Explore More

    News

    Consumers Lost €15.6M to Impersonation, Investment, and Romance Scams

    Approximately 70% of Irish consumers have been targeted by some form of identity scam, according ...

    Consumers Lost €15.6M to Impersonation, Investment, and Romance Scams Explore More

    News

    Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case

    The two well-known banks in Singapore, Development Bank Singapore (DBS) and Overseas Chinese Bank...

    Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case Explore More

    News

    UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms

    The United Arab Emirates (UAE) issued new strict anti-money laundering regulations for unlicensed...

    UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms Explore More

    News

    US Crypto Firms Reluctant Towards New KYC/AML Proposal by FinCEN

    The US crypto firm, Coinbase, sent a letter to FinCEN with a clear message, “There is no emergenc...

    US Crypto Firms Reluctant Towards New KYC/AML Proposal by FinCEN 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