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

    216.73.216.62

    FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations

    n-img-fca

    The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1.58 million. The regulator discovered “serious shortcomings” in the lender’s AML rules and processes from June 2014 to July 2017.

    Investors and customers of Gatehouse “primarily originated” from countries that posed a greater risk of money laundering over the three years mentioned by the regulator, and a few of them were “politically exposed persons.”

    According to the FCA, the lender violated four sections of the Money Laundering Act 2007. This included fundamental client due diligence, running checks to prevent money laundering as well as terrorist financing, continuing to monitor the situation for better reflecting levels of monetary risk, and providing resources for compliance.

    The regulator claimed that the bank was “under-resourced” at the time and that the three lines of defense strategy “did not operate effectively” which resulted in staff failing to conduct adequate customer monitoring.

    The FCA highlighted one example in which Gatehouse created an account for a business based in Kuwait so that it could collect funds for some real estate projects. The lender, according to the FCA, depended on the business to perform due diligence on its clients, many of whom were “high risk, high net worth” clients.

    According to the regulator, Gatehouse did not force the Middle Eastern business to gather the data necessary to comply with UK money laundering regulations based on these clients’ wealth. This company provided the bank with $62 million (£55 million).

    The FCA stated that it had considered the fact that the lender was evaluating and enhancing its anti-money laundering procedures at the time otherwise, the penalty would’ve been £2.26 million.

    The FCA did not identify the Kuwait-based company Gatehouse neglected to conduct checks on, but it introduced “many” clients to the bank, as the regulator learned upon further inquiry. This indicated that the lender had no direct dealings with specific clients.

    The FCA stated that Gatehouse devised and put into place “a new suite” of AML and financial crime-related guidelines and processes from the middle of 2016 to the mid- 2017.

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

    Related Posts

    News

    Thousands of NSW driver’s licenses exposed online in a data breach

    Last week, tens of thousands of NSW driver’s licenses were left exposed online. The breach was ac...

    Thousands of NSW driver’s licenses exposed online in a data breach Explore More

    News

    Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS

    Offshore tax loopholes are safe havens for wealthy Americans to cheat the Internal Revenue Servic...

    Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS Explore More

    News

    “Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA

    FCA warns that investment scams are increasing in the UK via online means of trading platforms an...

    “Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA Explore More

    News

    HM Treasury Consults UK Government on AML Supervision Reforms

    HM Treasury announced that a consultation would be conducted concerning AML/CFT supervision refor...

    HM Treasury Consults UK Government on AML Supervision Reforms Explore More

    News

    The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

    The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...

    The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague Explore More

    News

    Gibraltar financial watchdog issues warnings for four crypto sites

    The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to...

    Gibraltar financial watchdog issues warnings for four crypto sites Explore More

    News

    FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern”

    FinCEN recognises Bitzlato Limited, a Hong-kong based virtual crypto exchange network, as a prima...

    FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern” Explore More

    News

    ECB Will Be Launching Digital Euro Project

    An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet...

    ECB Will Be Launching Digital Euro Project Explore More

    News

    Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden

    The Swedish financial supervisory authority (FSA) allowed Binance to operate in the country, whic...

    Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden Explore More

    News

    Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan

    Regulators seized First Republic Bank and sold a portion of its assets to JPMorgan Chase. This is...

    Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan Explore More

    News

    Germany to Implement the 6th AML Directive to Secure Financial Firms

    The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

    Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

    News

    Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports

    Countries across the globe are taking necessary steps to introduce facial recognition at the airp...

    Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports Explore More

    News

    UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe

    The UK’s NCA has recovered 5.6 million pounds ($7.5 million) from bank accounts in the country wh...

    UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe Explore More

    News

    FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms

    A follow-up report from FATF (Financial Action Task Force) reveals that Colombia has significantl...

    FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms Explore More

    News

    UAE to Include Crypto Framework in their 2021 Business Agenda

    The financial watchdogs in the UAE are looking towards developing a detailed crypto framework in ...

    UAE to Include Crypto Framework in their 2021 Business Agenda Explore More

    News

    Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads

    Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...

    Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads Explore More

    News

    Businesses at Risk Due to 6AMLD by the European Union

    The European Union imposed the fifth anti-money laundering directive in January 2020, which enhan...

    Businesses at Risk Due to 6AMLD by the European Union Explore More

    News

    IRS Deploys Effective Filters to Detect and Prevent Tax Evasion

    The Treasury Inspector General for Tax Administration released an interim filing season report on...

    IRS Deploys Effective Filters to Detect and Prevent Tax Evasion Explore More

    News

    US Cybersecurity Head Fired by Trump for Discrediting the Voter Fraud.

    Trump has fired the head of cybersecurity, Christopher Kerbs, for beinhg unloyal to the claims of...

    US Cybersecurity Head Fired by Trump for Discrediting the Voter Fraud. Explore More

    News

    Facebook’s New AI Can Help You Circumvent Facial Recognition

    Facial recognition technology is primarily used to detect and identify people but in a turn of ev...

    Facebook’s New AI Can Help You Circumvent Facial Recognition Explore More

    News

    FATF warns Turkey over Lapses in Money Laundering and Terror Financing

    Turkey has been warned by Financial Action Taskforce (FATF) because of its ‘serious shortcomings’...

    FATF warns Turkey over Lapses in Money Laundering and Terror Financing Explore More

    News

    Australian Government to Extend AML and CTF Regime

    The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...

    Australian Government to Extend AML and CTF Regime Explore More

    News

    Europol Releases First Financial and Economic Crime Report

    Europol has published its first-ever threat assessment report on financial and economic crimes, h...

    Europol Releases First Financial and Economic Crime Report Explore More

    News

    Coronavirus: UK economy recovering gradually, says Bank of England

    Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

    Coronavirus: UK economy recovering gradually, says Bank of England Explore More

    News

    BNM Issues New Policy For Remote Corporate Customer Onboarding

    BNM has issued a new policy document that permits MSBs to onboard customers remotely in the corpo...

    BNM Issues New Policy For Remote Corporate Customer Onboarding Explore More

    News

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023

    The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023 Explore More

    News

    Google Warns 12,000 Victims of Government Hacks

    In just three months, from July to September 2019, Google sent out 12,000 warnings to people who ...

    Google Warns 12,000 Victims of Government Hacks Explore More

    News

    Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime

    The Central Bank of Turkey is to ban the use of cryptocurrency payments by 30th April. This initi...

    Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime Explore More

    News

    Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines

    The use of cryptocurrency in money laundering is raising alarm for the Philippine Central Cank. T...

    Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines Explore More

    News

    Fraudsters Seek Fake COVID Test Reports as New Travel Restrictions Roll Out

    As the new travel restrictions are imposed to omit the spread of the coronavirus, the fraudsters ...

    Fraudsters Seek Fake COVID Test Reports as New Travel Restrictions Roll Out 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

    Singapore Monetary Authority to Review Rising Card Scam Cases

    The Monetary Authority of Singapore (MAS) is reviewing the liability framework for card scams, gi...

    Singapore Monetary Authority to Review Rising Card Scam Cases 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

    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

    Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation

    The Bank of Ghana proposed guidelines for banks to enhance the Anti-Money Laundering and Combatin...

    Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation Explore More

    News

    ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos

    New policies have been introduced by ACMA to prevent SIM-Swapping attack for Telcos to protect us...

    ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos Explore More

    News

    WhatsApp accounts hacked to acquire bank card details

    Recently a new scam has emerged in Singapore where hackers are found to take-over WhatsApp accoun...

    WhatsApp accounts hacked to acquire bank card details Explore More

    News

    China Announces Anti-foreign Sanctions Law

    Under the new law, China has introduced countermeasures against senior managers and actual contro...

    China Announces Anti-foreign Sanctions Law Explore More

    News

    Switzerland Falls Behind in the Fight Against Money Laundering

    The Parliament of Switzerland has voted against the requirement of performing due diligence on la...

    Switzerland Falls Behind in the Fight Against Money Laundering Explore More

    News

    UAE Levies Charges Over DH115 Million to Combat Money Laundering

    A total of Dh115 million ($31.3 million) has been fined by the UAE in its efforts to impede money...

    UAE Levies Charges Over DH115 Million to Combat Money Laundering Explore More

    News

    France to Implement Stringent Regulations on Cryptocurrency

    France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

    France to Implement Stringent Regulations on Cryptocurrency Explore More

    News

    Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs

    The Australian Senate’s inquiry will be examining the impact of bringing DNFBPs under the AML/CFT...

    Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs 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

    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

    Financial gain surpasses espionage as a top motivator in cyber attacks

    NEW YORK – According to Verizon’s annual report on cybercrimes, money surpassed spying as t...

    Financial gain surpasses espionage as a top motivator in cyber attacks Explore More

    News

    Global AML Watchdog FATF Puts UAE on the Grey List

    The Paris-based Financial Action Task Force placed the UAE on the grey list for “strategic defici...

    Global AML Watchdog FATF Puts UAE on the Grey List Explore More

    News

    UK court orders crypto exchange to shut down after clients lose $2M

    In a recent statement, the U.K. government stated that 108 of their clients had lost a total of a...

    UK court orders crypto exchange to shut down after clients lose $2M Explore More

    News

    Reserve Bank of Zimbabwe Reveals Most Banks Lose Correspondent Deals Due to AML Non-compliance

    The Reserve Bank of Zimbabwe (RBZ) Deputy Governor disclosed that most banks are losing clients d...

    Reserve Bank of Zimbabwe Reveals Most Banks Lose Correspondent Deals Due to AML Non-compliance Explore More

    News

    Swedish Bank SEB Accused of Money Laundering

    Investigations done by the news agency TT and broadcaster SVT revealed that 25 SEB clients record...

    Swedish Bank SEB Accused of Money Laundering Explore More

    News

    Ramon Abbas, Nigerian Instagram Influencer Pleads Guilty to Million-dollar Fraud

    Nigerian instagram influencer, Ramon Abbas (Hushpuppi), admitted that he was involved in a conspi...

    Ramon Abbas, Nigerian Instagram Influencer Pleads Guilty to Million-dollar Fraud 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

    UK Amends Corporate Act to Combat Economic Crimes

    The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

    UK Amends Corporate Act to Combat Economic Crimes 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 officially recognizes Blockchain jobs as a new occupation

    The ongoing COVID-19 outbreak is modifying blockchain companies, and its effect is not always neg...

    China officially recognizes Blockchain jobs as a new occupation Explore More

    News

    BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit

    BC has released a money laundering report that carries multiple recommendations and includes the ...

    BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit Explore More

    News

    Coincheck customers fall victim to a data breach

    In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

    Coincheck customers fall victim to a data breach Explore More

    News

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report

    Reduced rates of false positives and the resulting decline in operational costs have caused an in...

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report Explore More

    News

    Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases

    Bermuda Island was rated high in the 2020 Money Laundering and Terrorist Financing Risk Assessmen...

    Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases Explore More

    News

    Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds

    Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...

    Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds Explore More

    News

    NY Lawmakers Approve Legislation Against Financial Fraud

    Michael Gianaris, Deputy Leader of the Senate, recently announced his legislative measures to pro...

    NY Lawmakers Approve Legislation Against Financial Fraud Explore More

    News

    The UK plans to levy on banks to prevent money laundering

    According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

    The UK plans to levy on banks to prevent money laundering Explore More

    News

    Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

    Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

    Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

    News

    US Firm Fined with Half a Million Dollars for Violating US Sanctions

    A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

    US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

    News

    Crypto and Forex Scams Cost Belgian Investors $12 Million

    According to the Belgian financial watchdog, fraudsters stole approximately $12 million from the ...

    Crypto and Forex Scams Cost Belgian Investors $12 Million Explore More

    News

    Turkey Mandates NFC-based Identity Verification for Customer Onboarding

    Turkey’s regulatory body, Banking Regulation and Supervision Agency (BRSA) has issued new regulat...

    Turkey Mandates NFC-based Identity Verification for Customer Onboarding Explore More

    News

    UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes

    The Minister of Foreign Affairs said that the UAE is making “strong progress” to prevent illicit ...

    UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes Explore More

    News

    UK Government Proposes New Cybersecurity Laws

    The UK government proposed new laws for cybersecurity last week to increase security standards in...

    UK Government Proposes New Cybersecurity Laws 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

    UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants

    The UAE government is ready to launch a new federal authority to regulate online lottery business...

    UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants Explore More

    News

    Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy

    According to a report by Kaspersky Lab about cybersecurity and antivirus, in the post-COVID-19 wo...

    Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy 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

    Cryptocurrency Fraud Reports to UK Action Fraud More Than Double in 2021

    The study advises financial regulators to place more pressure on cryptocurrency institutions to c...

    Cryptocurrency Fraud Reports to UK Action Fraud More Than Double in 2021 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